As the coronavirus pandemic is spreading rapidly across the globe, numerous small businesses are being threatened. According to a survey recently conducted by Goldman Sachs, 50 percent of the American business owners admitted that under these uncertain circumstances, it was unlikely that they could carry on running their businesses beyond approximately three months. The current scenario is unsettling. Entrepreneurs are encountering several hurdles and challenges as they attempt to run normal business operations. They are finding it difficult to stay safe and protected. Entrepreneurs are being faced with difficult tasks such as reassuring their employees.
According to https://blogs.worldbank.org, the greatest challenge faced by businesses today is finding ways to make their team feel engaged and supported. Their inability to work in groups or travel together results with everyone feeling increasingly isolated. Marcus Debaiseinsists that you should ensure that your staff members are mentally and physically well as well as in overall good health if you want to work efficiently and productively as a team.
Marcus Joseph Debaise Presents Top Business Challenges Today
A Great Challenge Is to Take Proactive Steps & Move Forward
A presence of mind and the ability to think fast despite uncertainties are necessary for businesses experiencing this particular crisis. As high stakes are involved, entrepreneurs are compelled to deal with what is referred to as analysis paralysis or failure to make prompt decisions due to overanalyzing a situation.
If you delay decisions, more problems would crop up and those issues would necessitate more decisions. Under the circumstances, you must move forward despite the crisis. There are no ultimate decisions simply because no change is absolute. You could take smaller proactive steps and start attending to bigger issues depending on the urgency levels. Once you succeed in taking proactive steps and measures, you would be oozing with confidence and would feel very much in control of the situation. You gain the confidence to face upcoming tribulations and trials successfully.
A Big Challenge for Employees is to Tackle Tough Economic Situation
Even though some businesses are open, employees are facing pay cuts or fewer hours on the job or even a loss of employment. According to a report presented by Facebook, we find that around 44 percent of the business owners admitted that they were compelled to reduce the overall number of workers because of the coronavirus pandemic. Among the businesses that have already reduced headcounts, around 22 percent terminated the services of over ten people. In this context, it pays to keep in mind that whenever a business is shuttered or workers lose their jobs, all this adversely impacts entire communities. It is imperative to consider that several people are depending on an income to support not only their families and themselves but also other local organizations and businesses.
A Major Challenge Is Staying Optimistic & Striking the Right Balance
People are experiencing quite a few emotions including but not limited to, anxiety, fear, and sheer hopelessness. Many might be dealing with intense emotions and we know that business owners are certainly no exception. However, as an entrepreneur, you need to be positive and stay optimistic at all times.
Conclusion
Entrepreneurs are expected to deal with a broad spectrum of challenges and concerns, which has the potential to become extremely challenging. In addition to that, giving up one’s top priorities to time and resources can be difficult.
Marcus Joseph DeBaise is an Ellington, CT based entrepreneur. Currently, he is the Controller of Roberts Chrysler. Never one to believe in the status quo, he’s constantly thinking of new ideas and rehashing old ones.https://marcusjosephdebaisescholarship.com/