An old saying goes: “You have to embrace the unpredictability of life instead of fearing it”. This is true in the world of business as well. Everything is changing and evolving to new forms – be it technology, customers’ needs and preferences, competition, and much else. Unpredictability becomes a part of life if you own a business that operates in a highly competitive landscape.
Let’s say you have recently launched a start-up business in India based on an innovative idea and tasted early success. For your business to survive and thrive, it must be capable of facing unpredictable times and have the ability to scale up. In the past, things were different as competition took time to build up. Today you never know which direction a new, unexpected challenge can arrive from, to hit your business adversely.
How can you avoid being overwhelmed by the unpredictabilities around you and your business? The following pieces of advice can provide you with some insights:
Don’t fear the odds of failure, but learn quickly from your failures
One of the most common mistakes that business owners make is to fear the possibility of failure, including beginning to worry when unpredictable times hit the growth graph of their business and cause fluctuations. In the worst cases, a few companies do get wiped out from the market as they can’t withstand the turbulence. However, one of the most significant ways to ensure that your business will survive and grow is to learn from the events that hit you. Every unpredictable event that happens to you comes bundled with a lesson in disguise. If you don’t learn that lesson and innovate from the knowledge gained, the event will most probably hit again to cause you deeper losses. Other events may hit you while you are grappling with the first one. So its best not to fear uncertainties, but learn from them early and use the learning to safeguard your business against similar risks in the future.
Be ready to take calculated risks
What lies ahead in a business is not entirely known to you as a business owner. Business growth can’t be achieved by surrendering to the familiar comfort of well-trodden paths. No worthwhile growth-plan can be achieved without taking risks, though you need to do the required homework and thinking to understand the type of risks involved and their possible impact. So give up on the complacency of knowing how you or your competitors have been doing business in the past. Be willing to embrace change and innovation, to acknowledge that there is something you do not know but which can work wonders for your business. It requires an attitude of always looking for creating new opportunities and expanding the reach of your business towards end consumers.
Manage your time and money wisely
In the fast-paced business environment that we live in, time is precious. There are often things that we know we should have done earlier but delayed for no good reason. Just like money, we all have limited time – the same set of twenty-four hours in a day. If you want to guide your company to bigger successes, time management is one of the key practices you need. Know your priorities and work accordingly. Eliminate things that tend to waste your time.
It is also crucial that you save enough money for hard times. Just like time, don’t waste your money.
Have a loyal team that you can bank upon
Throughout the course of your life as a business owner, you would have realized that no business can grow without a dedicated team. Beating the hard times also becomes easier when you have a loyal group of team members who stays with your company. To ensure you have a loyal team working for your business, rewarding them for their contribution is essential.
Be prepared for the odds
It often happens that when you are dealing with one business problem, you have to face many others coming up at the same time. Take the case of a fire accident in your workplace. While you are involved in dealing with the repairs and the losses, a few employees might file a lawsuit against the company for a lack of safety at the workplace, thus worsening your problems. It is always good to be prepared for the odds, be it by buying employees or Workmens’ Compensation (WC) liability policy, and keeping yourself and your employees insured.