Creating your own company is easy. After all, all you need is just an idea, some funds, and some legal documents, and you can file for the incorporation of your enterprise. While starting is simple, surviving the test of time and economic conditions is another matter. For things such as those, a management degree is quite handy. You can also learn some ideas on resilience in business interview podcast.
Find out what the signs that challenges are about to occur. You may want to look at the stock market fluctuations, economic predictions and even foreign currencies. There are a number of indicators depending on who your clients are, the industry it belongs to, and other industries you deal with.
Even before the hard times hit you, ensure that your company and people are prepared to survive this. Keep doing your research and developing your product even though you have already captured a market. Prepare for a time when strong competition comes in and your product needs to stand out. Your employees should also have strong customer service skills to know how to take care of your niche.
Have a plan on how you can manage risks once your company is hit with a negative scenario. Picture different possibilities to prepare for them. Decide which factors should cause disruption in production or downsizing your company. Always have a legal consultant to ensure that your decisions are within the bounds of the law.
During challenges, know the people or entities that you can ask for assistance. Sometimes, all you need is an external adviser who can take a look at the situation with a fresh pair of eyes and help you come up with a resolution. Banks may also assist to finance loans or liquidate assets. There may also be a government agency that can provide advice and assistance to companies such as yours.
For many companies that try to cut on expenses, their employees are some of the most affected. There are companies that reduce billable hours or the number of their employees. This step can reduce the morale of the remaining employees. As much as possible, do this only as a last resort. If some people must really go, offer to assist them find a new job through recommendations.
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.
Find out what the signs that challenges are about to occur. You may want to look at the stock market fluctuations, economic predictions and even foreign currencies. There are a number of indicators depending on who your clients are, the industry it belongs to, and other industries you deal with.
Even before the hard times hit you, ensure that your company and people are prepared to survive this. Keep doing your research and developing your product even though you have already captured a market. Prepare for a time when strong competition comes in and your product needs to stand out. Your employees should also have strong customer service skills to know how to take care of your niche.
Have a plan on how you can manage risks once your company is hit with a negative scenario. Picture different possibilities to prepare for them. Decide which factors should cause disruption in production or downsizing your company. Always have a legal consultant to ensure that your decisions are within the bounds of the law.
During challenges, know the people or entities that you can ask for assistance. Sometimes, all you need is an external adviser who can take a look at the situation with a fresh pair of eyes and help you come up with a resolution. Banks may also assist to finance loans or liquidate assets. There may also be a government agency that can provide advice and assistance to companies such as yours.
For many companies that try to cut on expenses, their employees are some of the most affected. There are companies that reduce billable hours or the number of their employees. This step can reduce the morale of the remaining employees. As much as possible, do this only as a last resort. If some people must really go, offer to assist them find a new job through recommendations.
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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