Are you one of those who go to the self-help section right after entering a bookstore? Do you always watch videos that talk about how to improve your life and in turn expand your business's capabilities? If yes, you should not only look to invest time to explore yourself but also find opportunities that can help your business grow. Here's how you should tweak your lifestyle and link it with your business.
1. Make the most of your alone time
Many business professionals can't stand alone-time at all. They consider it as an opportunity wasted to make money. But if you think of the broader picture, the more you run towards money, the more you stop living life. And so, if you get alone time, don't waste it. You can use it to plan your career, set up a step by step model on how to expand your business, and even think of how to keep your employees happy. Alone time is a luxury. Spend it wisely.
2. Don't stay in vacation mode
The lockdown has enabled many entrepreneurs to go into vacation mode because they can't open their stores or take orders online. Many of them even reported that they sleep all day, binge-watch shows, and spend time scrolling through social media. Well, these are unproductive activities that ultimately lead to self-loathing.
Your approach should be to get out of your vacation mode and make a checklist of all the productive tasks that you would start right after the government decides to lift the lockdown. You can talk to a business coach about how to get your business back to normal and recover the losses that you are incurring due to Covid-19. Try to categorise your goals according to how you want your business to move forward. You can't expect to recover all the losses overnight. Set up a checklist with attainable tasks that can help you meet your objectives.
3. Write down short-term and long-term goals
What do you want to achieve from your life and your business? As an entrepreneur, it is hard to separate these two lives because you are the man running the show. How do you think your business should do within the next few months? If you have a clear picture in mind, you should also create a plan of action that can help in achieving those goals.
But when it comes to long-term goals, you need to assess the performance of your business according to its short-term success. Do you feel that your target customers are responding to your plan of action? Is your business earning more revenue than the last quarter? Are you taking more success-oriented projects? Find these answers before writing down the long-term goals.
Expanding your Business
With the global economy going through a turmoil due to Covid-19, how should you expand your business? Will it be a good idea to expand now or should you execute your plans later? Here is a step by step strategy that you may follow.
• Step 1 – Envision your possibilities
As a business coach would say, it is better to follow what the others are doing in a calamity before moving forward. If you see other businesses expanding, it means there are chances for your company to grow also. In that case, don't forget to make a list of possibilities of expanding your business. Do you want to come up with a new product altogether and venture into new markets? Or do you want to provide an existing product or service with huge discounts to attract customers?
Envisioning your possibilities means judging what is right for your business. You need to address the question about going from B2B or staying in B2C mode. Expanding your business into newer territories would mean changing your delivery system. Is your company ready to take that challenge?
• Step 2 – Market research
Market research is inevitable if you want to see your business grow. Even the entrepreneur of a small restaurant that wants to open a new branch in another location checks whether the neighbourhood would suit their cuisine or not. When it comes to market research, you should get authentic details about the market and make educated guesses. It can answer many questions that you may have for achieving the long-term goals of your business.
• Step 3 – Strategise your expansion
Once you make a decision to expand your business, it's time to chalk out a few strategies. How will you introduce a new product into a new market? Will people respond to your product or service at all? These plans should match with the actionable plans and checklists that you made while coming out of vacation mode.
This is the type of link that a business coach wants to instil in entrepreneurs. It creates a positive habit where you perform every task according to a specific plan. This eventually leads to expanding your business successfully.