Once you have your own company, it is necessary that you know how to keep it afloat during challenging times. While taking management courses and having years of experience can prepare you for this, you can also get some tips from resilience in business interview podcast that will help you lead your team. Here are some of the things that you may study.
Know your company, the product and your market. You must know how to read and interpret the numbers since these are you most reliable indicator on how the company will do within the next weeks and months. Watch the economic indicators such as the inflation, stock market and foreign currency exchange. It takes some knowledge of the industry to interpret trends and predict outcomes.
You must know how to protect your company in case the economy is not doing well. One of the ways to do this is to invest in your people and product development. There may come a time that the market becomes saturated with similar products, therefore, you will have to make your product stand out from the rest. Train your people well since employees are a big factor to a company's success.
Once you have established the company and found it a suitable market, study possible scenarios that will pose threats to your market share, product or people. Some of these may even affect your output, so you should have a plan on how to manage these risks. Before finalizing your plan, run it by a legal consultant to find loopholes and legal issues.
Know the available entities that can help you during these challenging times. Banks may give you an option to restructure your loans. A government agency may have a program that will support companies and industries such as yours. Do not forget that your employees may also have possible solutions to the problem. Perhaps they could recommend a more efficient process or a new product.
Your employees can make or break you. During lean times, do not make them be the first to feel that the company is in trouble. That can even lead to more problems as they may no longer be motivated to work. As much as possible, reducing the number of your employees or their working hours should be your last resort. If you really need to let some of them go, offer assistance on how they can get another income source faster.
Management skills and understanding of the industry and the economy should tell you how to prioritize your revenue streams and expenses. For example, if you have products that are still under development, you may want to postpone research until the time that the market is stable. Instead, you can focus on your highest earning products. You may also lessen costs by reducing miscellaneous expenses.
Being a CEO of your own company provides you some financial and emotional rewards. At the beginning, you must first invest financially, intellectually and emotionally to prepare yourself and your company for various economic and market threats. While formal education in management is great, books and short courses from reputable sources are also informative.
Know your company, the product and your market. You must know how to read and interpret the numbers since these are you most reliable indicator on how the company will do within the next weeks and months. Watch the economic indicators such as the inflation, stock market and foreign currency exchange. It takes some knowledge of the industry to interpret trends and predict outcomes.
You must know how to protect your company in case the economy is not doing well. One of the ways to do this is to invest in your people and product development. There may come a time that the market becomes saturated with similar products, therefore, you will have to make your product stand out from the rest. Train your people well since employees are a big factor to a company's success.
Once you have established the company and found it a suitable market, study possible scenarios that will pose threats to your market share, product or people. Some of these may even affect your output, so you should have a plan on how to manage these risks. Before finalizing your plan, run it by a legal consultant to find loopholes and legal issues.
Know the available entities that can help you during these challenging times. Banks may give you an option to restructure your loans. A government agency may have a program that will support companies and industries such as yours. Do not forget that your employees may also have possible solutions to the problem. Perhaps they could recommend a more efficient process or a new product.
Your employees can make or break you. During lean times, do not make them be the first to feel that the company is in trouble. That can even lead to more problems as they may no longer be motivated to work. As much as possible, reducing the number of your employees or their working hours should be your last resort. If you really need to let some of them go, offer assistance on how they can get another income source faster.
Management skills and understanding of the industry and the economy should tell you how to prioritize your revenue streams and expenses. For example, if you have products that are still under development, you may want to postpone research until the time that the market is stable. Instead, you can focus on your highest earning products. You may also lessen costs by reducing miscellaneous expenses.
Being a CEO of your own company provides you some financial and emotional rewards. At the beginning, you must first invest financially, intellectually and emotionally to prepare yourself and your company for various economic and market threats. While formal education in management is great, books and short courses from reputable sources are also informative.
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