Let’s be honest: things are changing rapidly, the world is chaotic right now, and struggling entrepreneurs are scrambling to maintain any sense of control during these tough times. I know, because I feel it, too. But with so much up in the air, there’s still a lot of optimism to hold on to. Folks may be divided these days, but what we all have in common is the goal to keep striving for success.

In the midst of today’s whirlwind of change and uncertainty, entrepreneurs, including myself, are grappling to maintain a sense of stability and control. Yet, amidst the chaos, optimism remains steadfast. Despite our differing perspectives, we share a common goal: to persevere and achieve success.

Reflecting on the wisdom of Jim Collins and Morton Hansen in their book “Great by Choice,” I explored the importance of Fanatic Discipline as a key behavior for companies to weather economic storms successfully. This discipline, coupled with the concept of the 20-Mile March, underscores the significance of maintaining focus and pacing oneself through challenges, one step at a time.

Here are some actionable tips to help you stay focused on your objectives during these tumultuous times

Just keep going – This is what I tell myself every day. When things are uncertain, and in the face of great change, your brain wants to tell you to pause. And believe me, a little bit of pause is a good thing. But there’s so much to be said for pushing through difficulties and finding what’s on the other side.
Persevere – Embrace uncertainty and push forward, relying on a solid routine to sustain your momentum.
Promote Strategically – Despite uncertainty, continue to promote your business creatively, ensuring your brand remains visible to customers.
Rethink Operations – Assess what works and what doesn’t, seizing the opportunity to streamline operations and brainstorm innovative ideas with your team.
Manage Stress – Prioritize stress management to maintain focus and mental well-being, incorporating activities that bring joy and relaxation into your daily routine.
Seek Peer Insights – Learn from fellow entrepreneurs and industry peers, leveraging their experiences to navigate common challenges.
Make a Positive Impact – Consider how your business can contribute positively to society, aligning your brand with initiatives that uplift and inspire.
Embrace Change – Regularly revisit and adapt your business plan to evolving market conditions, seizing opportunities for growth and innovation.
Harness Technology – Embrace digital solutions to enhance efficiency and adaptability, exploring automation and online platforms to optimize operations.
Adjust Cost Structures – Evaluate fixed costs and explore opportunities to transition them into variable expenses, increasing flexibility in response to market fluctuations.
Read the Room – Stay attuned to global events and societal shifts, maintaining empathy and awareness
Cash flow and financial management of the broader context in which your business operates – Its high time that every element of working capital is carefully controlled to maximize your free cash flow. Effective credit management and tight control of overdue debts are essential. You may also want to consider raising financing against trade debts.

Related!  Uganda girls’ team draws South Africa, West African opposition | CAF African Schools championship 2024

Good stock control and effective supplier management tend to become increasingly important as businesses grow. Holdings of obsolete stock may become a problem that needs periodic clearing up. You may want to work with suppliers to reduce delivery cycles, or switch to suppliers and systems that can handle just-in-time delivery.

In essence, navigating growth during challenging times will require resilience, adaptability, and a proactive mindset. 

The writer is a Chartered Accountant, and a tax advisor

The post JOSHUA KATO: Growing Business During Challenging Times appeared first on Watchdog Uganda.


0 0 votes
Article Rating