Feeling the pinch, SME? As the economy is getting challenging, here’s 6 tips for you to Shake & Spear Your Business extracted from “The Journey” workshop:
Invest in Talents
- It’s important to have a strong team, hence invest in building internal and external relationships and leverage the collective wisdom of their network is essential.
- A good relationship will get you though the tough time even if your business doesn’t.
Look for Opportunities
- Focus on the opportunities that arise
- Change the mindset from “World Economy” to “My Economy”, it is how you react to your environment
- “Think global, act local” is good mindset to have because you observe the general environment and ask yourself how you can thrive in it
- Explore to the gaps as the boundaries are no longer as visible as they used to be.
Be Prepared to Change
- Business is about sustainability and the end game is about staying alive until the next payoff.
- Business should test its boundary and look beyond their present horizons without fear.
- Look at the big corporations as models, and recognize own strengths lie in being small enough to be flexible and adaptable to change
Be Pragmatic and Generate Options
- Don’t be idealistic, but be pragmatic in work and make sure everything done is within the means.
- Be able to see possibilities in everything.
- It’s important to know your options because the more options you have, the better off you are.
- Self aware and constantly question whether you are doing everything the right way.
- Be humble and be curious, your competitors are your best friends when it comes to learning and generating options
Find a Good Partner
- A successful entrepreneur requires trusted partners and a strong web of connections
- Be aware of the wolves in sheep’s clothing.
- To maintain the trust, you have to declare, constantly observe and check on where amendments should be made in the partnership agreements
- Never sleep on any issue, especially the smaller ones but address them as they arise as this will build trust.
- How you do anything is how you do everything.
Contribute to Society
- Look at all aspects of the business, including social contributions that can help maintain the longevity of the business.
- All businesses should be driven by a sense of purpose that goes beyond the facts, figures, reports and etc.
Source: The Edge, Unlisted & Unlimited pullout on 11th January 2016