If your company is going through a serious crisis, you’re probably thinking, ‘The last thing I have time for right now is business mentoring’.
It is, of course, a genuinely stressful time – you’re probably worried about losing profits, the possibility of staff cutbacks, or even having to close. For example, if your business relies on tourism, you probably know that the COVID-19 pandemic has caused hotel occupancy rates to fall below 10%, forcing staff to be placed on leave. Difficulties are expected to last for the rest of the year with some financial analysts predicting a bailout will be needed, such as that which followed the 2008 financial crisis.
But external resources business mentoring can provide for staying positive, and strategizing how to keep your company afloat, are exactly what you need during this unprecedented worldwide emergency.
Read on to learn how business mentoring can help you stay clear-headed during a crisis and position your business for success during difficult times.
Building Adaptability Through Leadership
A key strategy for surviving a crisis is business adaptability. Business mentoring programs that focus on providing entrepreneurs with leadership coaching often stress the importance of a company’s ability to respond to change.
Fluctuations in consumer demands come with the territory of running a business, and sometimes those changes are so impactful they can transform a market in its entirety. Professional business mentors will show you how to prepare your company with in- built flexibility and needed financial resources, so it’s ready for change at any time.
Understanding How Marketing Helps
Marketing mentorship will teach you the basics about how to ride out any crisis that has ramifications for revenue generation – whether these are economic, political, or even health-related. It’s important not to make panic-based decisions, like cutting important marketing budgets or compromising the quality of your products and services with staff furloughing.
It’s important to get creative with strategies for supporting your business through an unexpected crisis. Marketing mentorship can show you how to retain connectivity with your customers, while also maintaining your company’s stability.
A creative business coach is an excellent resource for learning how to think outside the box when your reserves are low. You’ll learn how to reconfigure your product offerings and develop in-demand services, all whilst re-strategizing your marketing approach to respond to new customer demands.
Embracing Digitalisation
Many traditional brick-and-mortar businesses are unsure about how to establish a digital presence – even though they know it’s needed. You might think you don’t have the know-how, and that it’s just too big a leap.
Business mentoring programs help to dispel these myths and teach you how to develop e-commerce platforms, outsource important work to consultants, and much more. Additionally, online business mentors offer specific classes on going digital.
Though it’s hard to see it this way, a crisis can also be an opportunity, but you need to know how to take advantage of it. And that’s why looking for a business mentor is so important.
If you’re linked up with the right expert, they can guide you toward developing a more informed understanding of your business operations and supply chain channels.
Knowing your business better means you can be well prepared for risk, anticipate problems before they occur, and become an industry leader.
For more information on how to find the right business mentoring program to support your company through a crisis, contact Jupiter Business Mentoring at info@jbm4u.com.
