The Coronavirus pandemic has thrown many businesses, families, and organizations into upheaval like nothing before in our lifetime. Many entrepreneurs and companies have suffered, closed their doors, given up on their dreams or even filed for bankruptcy.
How do successful entrepreneurs survive or even thrive during a crisis? If you are Jas Mathur, your strategic business planning anticipates crisis and you design your success even during a pandemic. Since a young age, Jas has been able to deal with unexpected complications because he has had to be a survivor. “Survival is in my blood. From the from the moment I wake in the morning, I am not just thinking about tackling my goals for the day, but my goals for the week, month, year and life.” The ability to always have a strong and caring determination is a key to his success.
“More than ever, appreciate the value of human life and especially those who rely on us. As such, be considerate to all your employees, workers, colleagues, vendors, buyers, and any service providers at all times.”
Most people are in a highly stressed environment right now and unfortunately, they may be unprepared. Times are uncertain, money is tight, and patience can be hard to come by. It is important to remember that every person you interact with is a person, someone with feelings and needs. Just because you are doing business with someone does not mean they have ceased to be a human being; they still need consideration, trust, respect, and decency from you. If you want to make your business works effectively, especially during a high-stress situation such as our national pandemic, focus on treating people like people. All business issues are people issues at the end of the day.
Whether he is trying to satisfy investors, launch a new product or planning how to timely deliver a product, Jas not only keeps the good in mind but always prepares for the rough seas and how to calmly resolve the issues. “Slow and steady wins the race; DO NOT be in a rush to recover losses in haste. Mistakes are often made in a crisis. Do you have a crisis plan? Do you have a financial safety net? Do you have the right team and are they able to adapt? Are you able to properly re-strategize, if necessary? Start with a long-term approach and focus on survival and then growth.”
Now more than ever, a successful entrepreneur must determine how to respond to each obstacle, turn each difficulty into an advantage and determine if you properly planned for the “what if.”. It is important to think strategically and carefully as an entrepreneur or company. Resources are precious and wasted time can be fatal. Knowing what is most important is crucial, because doing a good thing can sometimes eat away at the resources needed to do a great thing. Learning how to delegate and mobilize others to put their best skills to use will help any company run more smoothly and reduce loss. Fight the temptation to simply go for survival wins and quick bucks; focus on building the kind of value and trust with your clients that will keep you thriving long after COVID-19 has ended.
“Focus on expanding your network, which includes buyers, suppliers, workers, service providers, and bankers, as well as an exhaustive inventory of your current strengths. Enter into ‘essential products and services’ industries. Keep a close eye on finances, human resources, stock-in-hand, materials, equipment, accessories, as well as pending orders.”
It is easy to become singularly focused and develop tunnel vision during a national crisis. You must think differently and realize you are playing the game with new rules. As much as you feel like you’re trying to stay above water, continue to put healthy focus on the broader issues your company needs for future success: your network, how to leverage your strengths, supply chain, human resources, and so on. Going into emergency mode and trying to accomplish everything yourself might help a little in the short term, but for the long-term success of your company, you still need to think broadly.