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Lockdown 2020 cut a deadly swathe through small businesses of all types.
How can those that managed to survive ensure that they will thrive going forward in the Covid economy?
RELATED: Lockdown destroyed 42.7% of small business in South Africa – study
Entrepreneur Pavlo Phitidis (founder of Aurik Business Accelerator) discusses the importance of action plans on The Money Show.
For a true entrepreneur, problems are simply puzzles to be solved declares Phitidis.
RELATED: 'The businesses growing fastest during the pandemic are those that simplified'
He recaps the five biggest challenges faced by business owners during the varying stages of lockdown in 2020:
- access to funding
- finding new clients
- managing costs
- motivating staff
- uncertainty in the market
Many business owners are look for a plan of action/strategy to tackle widespread uncertainty.
Keep in mind that this general anxiety is universal at the moment, he says.
If you can get into a path of action there are some big benefits you can enjoy.
Pavlo Phitidis, Founder - Aurik Business Accelerator
What lies ahead is an extended period of uncertainty and bumpiness around Covid.
Pavlo Phitidis, Founder - Aurik Business Accelerator
Listen to the interview at the end to get Phitidis' detailed advice on the strategies to follow.
Here are the main points:
- manage your time (Now's the time to understand the difference between spending time and investing time.)
- lead from the front (If you don't lead, who will your team look to?)
- when you act it empowers you (Over time, it's similar to compound interest.)
- understand the principle of energy agility (Orientate your team around a mindset.)
Hope is not a strategy, but a good business owner will prepare for the worst and expect the best.
Pavlo Phitidis, Founder - Aurik Business Accelerator
If you don't care about your business, nobody else will cautions Phitidis.
Listen to the discussion in detail:
This article first appeared on 702 : Strategies to help your small business not only survive, but thrive in 2021
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