How to Use Business Downtime Strategically

April 02, 2020

As an entrepreneur, you may be going through a scary and unpredictable time in your business. However, you are more than equipped to deal with these uncertainties and there are tons of things you can do to keep productive and help your business come out strong throughout this period.

In my fashion business, we are looking for ways to provide value for our customers while they’re at home and we are also reconsidering some aspects of our business model to ensure it is sustainable for the future. With the current downtime we’re all experiencing, you have to make changes if you want to come out successful. This may mean re-evaluating the biggest cost drivers through a cash flow analysis or considering changing up your sales channels to focus on e-commerce.

On this week’s episode, I’m sharing the strategic things you can be doing in your business downtime to make sure that you’re set up for success when things get moving again.

Remember that there is a lot happening at the moment that is out of your control, but it is up to you to recognize what you can control and ensure that you’re setting yourself and your business up for success. It may be challenging but you can and will get through this.

Have a listen to episode 14 from season 3 of Brave and Boss: The Podcast on iTunes or Soundcloud.

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KEY INSIGHTS FROM THE EPISODE:

How can you provide relevant content to your customers while they are at home
Why a cash flow analysis is important and how can it help you identify potential cost savings
How can you use your business as a force for good at this time
When and how to re-evaluate your business goals