Surviving a Crisis - Tops for Small Business Entrepreneurs - PowerPoint PPT Presentation

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Surviving a Crisis - Tops for Small Business Entrepreneurs

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Surviving a Crisis - Tops for Small Business Entrepreneurs – PowerPoint PPT presentation

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Date added: 27 November 2020
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Title: Surviving a Crisis - Tops for Small Business Entrepreneurs


1
Surviving a Crisis - Tops for Small Business
Entrepreneurs
  • By JBM

2
The Pandemic After
  • A staggering number of businesses are expected to
    close their doors because of the coronavirus
    pandemic.
  • To help mitigate this, the Dubai government has
    promised an economic stimulus package.
  • Whilst this may provide some relief, the question
    of what you can do to beat the odds remains.
  • Here are Tips from business mentoring consultants
    at Jupiter Business Mentors

3
Short term Survival is Important
  • Lowering expenses, cutting down on costs, going
    lean, extending payment terms, and focus on debt
    collections
  • Managers need to take on more responsibility and
    inspire others.
  • Focus on what has worked previously, look at
    strength areas and redeploy to adapt.
  • During a crisis, needs become far more important
    than wants, facilitate solutions, support
    collaborate.

4
Short term Survival is Important
  • Look beyond a traditional one-size-fits-all-approa
    ch
  • Create product value whilst keeping pricing right
  • Develop digitally - be more accessible through
    online programs and e-commerce.
  • Increase your presence online by creating useful
    and valuable digital marketing content.
  • Be self-aware, Reassess, redefine and change
    direction.
  • Foster partnerships based on strengths and
    complimenting skill sets.

5
What to avoid during a pandemic crisis
  • Dont blindly cut down manpower
  • People are a bridge between where your business
    is today and where you want it to be tomorrow.
  • Paying attention to the emotional needs of
    employees.
  • As an alternative, both men suggest cutting
    costs, not overspending and staying clear of
    undue risks.
  • Investing in the growth and development of
    businesses.

6
What to avoid during a pandemic crisis
  • Best time to revamp your systems, operations, and
    processes.
  • Rethink strategies, reviewing targets and budgets
  • Dont take undue risks or take on too many things
    together.
  • Many businesses are industry specific and whilst
    there might not be much movement in the market,
    it doesnt mean you stop.
  • Consider Mentoring and if you can, hire a
    consultant. A financial advisor as a mentor will
    be a definite plus.

7
Jupiterbusinessmentors.com
Mentoring for success.
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