Business Mentor: Important lessons to keep your business afloat

Armando Bartolome

Posted at Jan 16 2021 08:00 AM

Mang Igme, a local leatherworks manufacturer, inspects his shop in Marikina City on Nov. 20, 2020, a week after Typhoon Ulysses battered Luzon. Jonathan Cellona, ABS-CBN News

I like to believe that 2021 will help us all get back on our feet after the difficulties of 2020. Volcanic eruptions, earthquakes, typhoons, and a pandemic have made some of us lose hope. But being resilient, we have learned to slowly adapt to the “new normal” and find ways to move forward.

As I have mentioned in my previous articles last year, although COVID-19 ground our lives to a standstill, some of our kababayans still managed to start businesses amid the difficulties. So the next step is maintaining the business and letting it grow.

Here’s how you can step up.

1. Value your employees

Your most important asset is your employees. Great teamwork is a key to success. Letting your people share their opinions or suggestions allows a business to create better strategies and come up with better products and services.

Of course, every business owner should have a keen eye in detecting the right people for the job – the skills and knowledge that they can contribute to the business are extremely important. A business owner, although he is the boss, should learn to listen to what his employees or team members have to say. Sometimes, business owners are not able to see the smaller details which can be significant in making plans for the business.

Ensure that the team that you create share the same goals and visions that you have so that you get to work on a smooth flow all the time.

2. Adapt to change

If there is one test to check how we can adapt to change, that would be how we lived our lives in 2020. Living in a life with a pandemic was a huge surprise. We were all caught unaware. At first, there was a huge struggle, but slowly, people learned to adjust and make some necessary changes to help them get back on their feet.

However, adaptability does not only refer to disruptions such as a pandemic but also refers to how a company can adapt to the changes in their specific industry. Trends come and go and no business wants to be left behind. Technology just keeps on getting better and companies need to upgrade how they manage their business.

Who would have thought that the use of mobile phones would be a very helpful tool in making a business successful?

3. Learn to designate

I am sometimes guilty of just wanting to be the only “man of the show” not realizing that apart from my sacrificing the time that I should be spending with my family, I was also missing other opportunities. If only I learned to assign people to do certain tasks for me. Business owners tend to be extremely hardworking. They have a strong connection with their business and can be overly protective of it. And so a business owner tends to want to do everything himself.

While some business owners would say that they can manage to do everything all by themselves, this is just not true. Why? Because having to deal with everything in the business can lead to mistakes and may also affect the health of the business owner. Being too stressed all the time can lead to burnout. Imagine waking up one day realizing that you no longer have the same enthusiasm as before and even question yourself why you even started the business. For practical reasons, let others do some of the things for you.

REMEMBER: Leadership doesn’t mean doing everything all by yourself. A great leader is someone who can communicate his goals, visions, and aspirations to his team, and empowers the team to do their jobs correctly and produce great results. Therefore, business owners should loosen their grip sometimes because it is for the best.

4. Learn from mistakes

No entrepreneur should just drop the business when he encounters challenges. Instead he should see it as merely a roadblock to success. Probably you missed something which led to the mistake. You can always go back to your business plan and try to check what you may have missed.

5. Never stop learning

You should never tire of learning new things because new things come up all the time. Enriching yourself with the necessary knowledge will help grow your business.

The reality of being an entrepreneur is that the world of business changes quickly. And every entrepreneur should be prepared for whatever comes. Not being able to move with the times will harm the business. Thus, ensure that no stone is left unturned so that your business stays afloat.
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For more information, you may contact Armando "Butz" Bartolome
by email: business.mentor@butzbartolome.com
FB Page: Butz Bartolome
website: https://www.butzbartolome.com