Managing a business during uncertain times — Lionesses of Africa

by Tatenda Rungisa

We may all be faced with hard times in our everyday lives or in running our businesses, the key issue is to know how to manage sailing through the hard times rather than focusing on the bad season or time. We need to know how to manage our businesses and selves through the hard times. How do we manage these rough times?

Look for opportunities

Just because you are on lockdown because of the COVID-19 pandemic does not mean you should forget about your vision and goals and sleep all day, you should be able to use social media to research and look for other opportunities.

Always cement your relationship with your existing customers

Reach out to your existing clients, send messages, always make them feel special and remembered.

Invest in yourself

Use social media, do free online courses, sign up for webinars, etc. Learn in such  a trying time.

Look where to cut expenses 

Manage your finances well, do not overspend, use only when necessary, make reserves for times to come and other unplanned expenses. 

Have a strong support system

During such times you need to have a strong support system that will help you to get through difficult times. You have a lot to deal with in business, when faced with difficult times you also have to take care of yourself mentally and ensure that you are healthy. Moral support from your close friends, business world and family is vital.

Stick to your budget 

What is your income? Does it surpass your expenses? How do you track your budget? As a business woman there are basic ways to manage your finances and these should be followed well, as failure to do this will result in losses. 

When we are in difficult times as business people it only means we are now being extra cautious on how we manage our finances and sticking to our budget. Remember your expenses should not surpass your income. As a businesswoman, you should be well aware of the fixed expenses and other monthly expenses that may need to be budgeted for.

During hard and uncertain times, there is the possibility of unplanned expenses. The best way to deal with this is to always make a provision during the beginning of the year or quarter for unplanned expenses. Also, it is advisable to always have multiple streams of income so that your eggs are not all in one basket.