2020 started with so much optimism for most entrepreneurs. Many had put in place plans and goals for their businesses that they were excited to implement. Then COVID-19 happened and disrupted not only our lives but our businesses as well.
Yet I believe the saying, “Every cloud has a silver lining” could not have found a better scenario than what entrepreneurs are going through at the moment.
How can business owners see something positive in the midst of a pandemic, lockdown and economic recession? The answer is in shifting your perspective. We cannot control what is going on around the world due to COVID-19, but we do have control in how we respond to it.
- Trust the Lord with His business
As Kingdom entrepreneurs, we should remember that “The earth is the Lord’s and everything in it” (Psalm 24:1) – including the business He has given us to steward. He is sovereign and has absolute control over all situations in our lives. This pandemic and its effect in our lives and businesses did not catch Him by surprise. He is aware and still in control, therefore as His children we can rest in His unfailing promise that He will never leave us nor forsake us. When we rekindle our faith in His word, we can be reassured of all the reasons to trust Him.
- Use this time to evaluate and work on the business
Have you considered that this may be the best time to take stock of your business? Time is a gift, and if our busy schedules have been put on pause, how can we capitalise on this moment?
At Sinapis, we take students through something called ‘the Opportunity Checklist.’ It is a valuable tool in helping you gauge how healthy your business is in the eyes of an investor.
The Opportunity Checklist mentions the four key drivers of business success – People, Business Opportunities, Deals, and Systems. If you were to review those areas under the prevailing business environment, some of the questions you could ask yourself would be:
What progress have you made to become a class A entrepreneur?
What do you still need to work on?
- BUSINESS OPPORTUNITIES
What has the COVID-19 pandemic revealed about the industry you operate in that you did not know before?
What measures do you need to take to overcome some of the challenges in your industry?
How has the COVID-19 pandemic impacted your target market or have you discovered new business opportunities due to this pandemic?
- BUSINESS MODEL
How is your business making money during these tough economic times?
If you have faced a decline in sales, how can you adjust your business model to ensure that you are still in business?
What can you do to conduct your business operations in an efficient and cost effective manner and still keep your promise to your customers?
Have you adjusted your business processes to accommodate the current disruption?
- CONTINGENCY PLAN
What contingency plans do you need to put in place to safeguard your business against unforeseen risks?
By evaluating your business in light of the current business environment, you will be able to evaluate and determine the strengths in your business and what areas you need to improve on.
As you think about your business during these unprecedented times, try changing the lens through which you are looking at things. Take advantage of this time to take stock of your business. Work on the weak areas by evaluating your business and using the downtime to acquire the skills and knowledge you need as an entrepreneur. And most importantly, put your hope in the Lord, who is able to work all things together for the good of those who love Him. Then when this COVID-19 cloud leaves, you will have come out of it stronger and better.
Written by Clementine Mutinda
Clementine is a Sinapis trainer, an Operations Management Consultant and a banker by profession. She is passionate about empowering entrepreneurs in developing and implementing efficient and effective business processes that enable them to run profitable enterprises. She is a devoted disciple of Jesus who loves family and mentoring young people.