How to run your business when things get rough

Let's face it, running a business is no easy feat, especially right now, with the current economy. One minute you are cashing out left and right, feeling like “Odogwu” (a high performer). The next? You're faced with a situation that makes you consider why you chose to be an entrepreneur.

However, that is the beauty and curse of being your own boss! You enjoy the victories but must make hard decisions when challenges come. So if you are reading this, and you are a business owner, pat yourself on the back while I take you through some tips to help you manage your business when things are rough.

1: Focus on Customer Retention

During uncertain times, customer retention becomes very important.  Remember, retaining existing customers is far easier and more cost-effective than acquiring new ones. So, put exceptional service at the forefront of your strategy.

2: Re-Evaluate your Budget

Finances can be a major source of stress when things are tough. So, examine your budget honestly and thoroughly. Is there anywhere you can cut back on spending? Is it possible to renegotiate supplier contracts? You may be able to postpone buying that new equipment for now.

3: Collaborate with Businesses That Complement Your Own

Strength can sometimes be found in numbers. Think about collaborating with companies that offer complementary goods or services to your own. For both sides, this may result in expanded consumer bases and marketing opportunities.  For example, if you sell hair extensions, consider partnering with a salon brand to offer a discounted package that includes hair service and extensions.

4: Look for New Opportunities and Markets

When one door closes, usually another one opens. So be mindful of the needs of your customers. Could other needs be met with a small modification to your product or service?  Is there a cheaper, yet successful way to promote your product? To put it simply, don't be scared to go out of your comfort zone, you might just find the edge your company needs.

5: Deepen your Audience Engagement

Connecting with your audience is more crucial than ever in times like this. Leverage your social media platforms to engage with your customers by responding to their comments, engaging with their posts, and sharing content they can relate to.

So if you have been thinking of switching careers these past few weeks, we urge you to stop and try these tips first. Remember, that while challenges are unavoidable, they are temporary and simply opportunities to learn, adapt, and emerge even stronger.

You've got this! We are rooting for you always.