Steve Salis-Optimizing Crisis: What Entrepreneurs Can Do to Survive the Current Economy.
There has been a paradigm shift in almost every industry, perhaps none bigger than the hospitality sector, since this pandemic has become a global health crisis. With the right tools and strengths, entrepreneurs can find opportunities to positively impact the economy and grow their businesses during this uncertain period. Entrepreneur Steve Salis shares his insights to help other business owners on this long journey towards recovery:
- Focus on creating stability
This pandemic has forever altered the way we look at our businesses. Everything from consumer behavior to operational models shifted in seismic patterns and have become a blueprint for both short-term and long-term recovery. Pay attention to the way things are looking for your industry and consider the ways you can adapt to the “emerging and new normal.”
2. Stay disciplined
The entrepreneurial world generally believes that an innovator’s success stems from their ability to “do it all,” but right now the most important priority should be your focus on what you can do now to help your businesses move forward.
3. Know Your Value
It can be frustrating to watch a crisis upend years of hard work and business building. It is important to remember not to let the defeats define the business given that the economy is slowly emerging from the pandemic and we have to be mindful of the human aspects of running any operation. All the technological tools and advancements are not a replacement for the ingenuity and creativity it takes to bring an idea to fruition. The up-and-coming workforce is comprised mostly of millennials, young adults who are fluent in technology and more interested in finding a caring, considerate, and comfortable work environment. They want to exercise their inventiveness and be inspired by the cause or idea they are working for; they don’t want to be a part of a bureaucracy or hierarchy that only sees them as an employee. Entrepreneurs who show flexibility and understanding, who truly see their team-members for their talents and not just their timesheet, will thrive overall.
4. Be Present
The pandemic blurred the lines between work and family, home and office. Daily professional activities happened alongside homeschooling, familial togetherness, and life’s general responsibilities. Entrepreneurs should allow the confluence of all this to motivate — even inform — their creativity. Accepting the “here and now” realities of life will make space for getting tasks done with an open and empathetic mind. That is why entrepreneurs must give themselves time and opportunity to be more than just their business. Those who advance their own wellness alongside the success of their business are more likely to have healthier personal and professional relationships.
5 Redefine Success
The current business climate is forcing us to reassess not only what is of value but also the level of risk we are willing to take on. We are working with low visibility for the year ahead, even with promising news of a vaccine on the horizon, and any business that doesn’t iterate and pivot, will be left behind. You need to invest in tools that will allow you to be relevant when we come out of this pandemic. These tools should allow you to create the stability you need now and position you for success later.