Five Mistakes To Avoid As Business Owner (and What to Do Instead)
The COVID-19 pandemic has caused business all over the world to shift. To be able to stay in operation and make it to the other side of this, it’s imperative to move past the initial shock and into useful action. While it’s an already stressful time, it’s important not to let knee-jerk reactions get in the way of productivity. Here are five common mistakes to avoid as a business owner and alternative actions to pursue:
Mistake 1: Being Resistant to Change
While staying authentic to the company’s mission and brand is important, it’s also necessary to adapt to survive. While most customers crave the comfort of their normal experience, it’s very apparent that nearly every company is going through change right now, so customers are also adapting their expectations. It’s best for owners to recognize the need for change and develop new systems to accommodate so the company doesn’t get left behind.
Mistake 2: Passing Up Opportunities
All owners need to let this moment serve as an opportunity to evolve their businesses and grow from an organizational standpoint. It’s widely understood that every company is being forced to change in some manner, so using this time as an opportunity to shift the business model could be very lucrative in the long run. Offer new services, discontinue things that weren’t working, and let this be a fresh start.
Mistake 3: Putting Sales Before Compassion
While successful business demands good financial standing, prioritizing sales before customers will not help. Failure to acknowledge that customers are also experiencing great difficulty right now could convey indifference or disregard to their situations, putting them off. Whether a company lowers their prices, offers additional services or helpful content, or simply adds more thoughtful language in ads and communications, it’s critical to keep the plight of their customers at the forefront when it’s time to make decisions.
Mistake 4: Forgetting The Company’s Strengths
Time is of the essence in almost every aspect of business, especially now, so focusing on the company’s weaknesses may not be the best use of resources. Take advantage of the company’s strengths where it makes sense, and let that drive planning and production.
Mistake 5: Feigning Knowledge or Complete Control
Nothing decimates trust as quickly as a leader failing to lead. Sticking to areas of expertise, and promising to look into and find solutions for anything unknown will leave customers trusting in the company’s ability to deliver. Letting this moment serve as an opportunity to learn, connect and grow would be wise.