Leading Your Business through Times of Uncertainty

Uncertain may be the mildest and least offensive characterization of 2020 entrepreneurs are willing to accept. A rollercoaster, gong show or a dumpster fire might even be too polite in your opinion. For some it has been an unmitigated disaster for others opportune disruption but for everyone it has been tumultuous.

Uncertainty has presented itself at every angle with very few passages to steadying the ship. COVID-19 has challenged every start-up owner in uncomfortable ways and given rise to consistent new challenges.

Accepting & Acknowledging Sources of Uncertainty

COVID-19 — We will Never Forget It

Even with surviving businesses, the pandemic has caused internal struggles especially when it comes to staffing. The sheer prevalence of COVID-19 has treated our 6 degrees of separation like its play toy.

If nothing else, it has laid the foundation for a mass migration to remote offices and the abilities of teams to adapt. Collaboration and honest togetherness has been a reward for some business and introspection and appreciation the reward personally.

Financial Instability as a Constant

Business has been flipped on its head and for a while you couldn’t even get into a bank to have a discussion. Income streams have been stop — start for most at best with those who offer products or services suitable to delivery making some headway. However, those are few and far between.

A vast reduction of in person exchanges put a firm roadblock in the way of many forced to shutter. Sporadic openings and regulatory reshuffles have meant that doors can open momentarily before we all retreat back into fiscal slumber.

Prioritizing People

The personal allegiance to the team who have toiled and struggled with you underscores your decision making while the wiser financial move might have been to make everyone redundant. Glimmers of hope for reopenings mean you will need to have people in place ready to restart the fire but maintaining employment is watering the embers.

In truth, it is an extremely difficult decision but ultimately business survival is your responsibility. Giving people buoyancy is honorable but if the ship is sinking anyway, it won’t matter in the long run. That is not to say axe everyone but the long term opportunity to re-employ teams might be the strategy to secure both yours and theirs livelihoods.

Regulatory Remedies are Rare

Two competing factors are generating the majority of entrepreneur’s anxiety — regulations and supports. The strategic opening and closing of economic activity causes a merry go-round for staffing, stocking and just about every other resource a business is expected to have.

With an inquisitive mind, one can try to work out when businesses can open based on the past. We were given Thanksgiving and Halloween which brought a sharp uptick in COVID-19 cases. Then we were hit with an extended shutdown. The hope is we can get things right for Christmas to allow people be with their families. Undoubtedly a hive of economic activity and Christmas celebration will cause further increases meaning January will see a shutdown.

With any luck the peculiar algorithm we seem to be operating under will feed businesses just enough until a vaccine can be distributed.

Methods of Managing

Financial Capital Fixes

Effectively, if I pay extra now, it means I won’t be hit with a huge bill later. The willingness of governments and local populations to help businesses survive is cause for hope.

Leading Your Team

Emitting confidence amid certainty helps to motivate those around you. Of course you are all reading the same news sources and you are not ‘faking it till you make it’. Having a confidence that you and your team will be able to ride this out is what is called for.

Creating a sense of purpose and collective ownership of success imbues a sense of individual responsibility within each team member. By doing this you get the absolute best out of your employees and give yourself the best chance at surviving.

In Closing…

Originally published at https://ramireda.net.

A second-generation business owner, Rami Reda has created hundreds of jobs and raised millions in capital across his career as an entrepreneur. ramireda.org