A survey by LocalCircles found that 25% of respondents were forced to close their business and lay off their entire team due to COVID-19. That’s not a great sign for budding entrepreneurs. However, that statistic doesn’t tell the whole story. The pandemic has also seen multiple startups rise and thrive despite the disruption, which is good news for a post-COVID world. This is why we have prepared this 6 Point Guide to Leadership for Entrepreneurs to help them in their journey.
It shows that, crisis or not, Indian entrepreneurs are capable of navigating the complex modern world. No matter what industry you are in, there is a way to survive and thrive even if the pandemic is raging.
Whether you already have a small business or are planning to open one, post-COVID survival doesn’t have to be a huge challenge. In fact, it represents the greatest opportunity for you to make your mark in the industry.
From adopting remote working tools to realigning your business goals, we have already covered how to work in the current situation. Now, we would like to give you entrepreneurs a quick six-point guide to survival. Implementing this will allow you to really create a product, and environment that will be standing when the pandemic is done.
Leadership for Entrepreneurs
Innovation is the lifeblood of business. If you aren’t innovating, you are standing still which is asking for trouble. It is important you keep an eye out and identify new opportunities in your industry. Read constantly and ensure you are up-to-date with everything that’s happening. If you find an opportunity, no matter how small, take it. In a post-COVID world, no idea or opportunity is too small to ignore.
Entrepreneurs Leadership Skills
David Novak, an American businessman linked with brands like KFC, Pizza Hut and Pepsi-Cola found that 60% of employees are more motivated by recognition than money. It’s not enough to offer a competitive salary anymore, if you want to work with the best you need to develop great leadership skills. That means appreciating employees, working on their feedback and creating a caring atmosphere.
Develop Emotional Intelligence
A key leadership trait is an emotional intelligence (EI). Whether you are talking to a colleague, junior, friend or client, you need to be able to identify their emotions and change your behaviour accordingly. EI allows you to build a spirit of empathy and caring, which is vital if you want to be someone people want to work with. Even over video calls, it is vital you learn to “read the room” or you could come off as someone who doesn’t care.
Develop Technical Skills
You don’t have to be a wizard, but it won’t hurt to have some basic technical knowledge. That way, you can better understand the issues your team is facing, and offer workable solutions. With remote work here to stay, it is vital you have technical skills to work efficiently across apps and services. Good technical knowledge will also help if you plan to go solo in a post-COVID world.
Create an Awe-Inspiring Customer Experience
A great customer experience is the easiest way to stand out from the crowd. It gives you free publicity and recurring customers with little effort. It all starts with your website and social media. Give your customers a reason to check you out daily. Then, look at marketing activities to build brand recognition. Don’t forget the post-purchase experience as well. Together, it gives your customers a reason to come back again and again.
Don’t Forget to Get an Employee Healthcare Plan
Unless you are running solo, you will have a dedicated team to work with. For a post-COVID world, there’s only one perk that will really help attract the best talent: healthcare. Don’t take our word for it! Harvard Business Review found that when choosing between a high and low-paying job, “respondents said that health insurance and flexible hours might tip them towards the latter.” You can read more about why healthcare is an increasingly important perk in our other post.
If you really want to work with the best minds, you will need a healthcare plan that is fit for the 21st century. Working remotely can lead to stress and burnout, which hurts employees’ productivity levels. A good healthcare plan will ensure that they can get the attention they need so that your business isn’t affected.
If you are looking for a great healthcare plan that doesn’t cost too much, why not check out Onsurity? Our healthcare plans are built for startups and SMEs which not only includes group health insurance for members but also includes great value-added services like doctor teleconsultations and discounted medicines, making it an overall complete health package.
Onsurity’s healthcare plans are ideal for your team, no matter how big or small it is. In a post-COVID world, it is a perk that everyone will be glad to have. Head over to our website to find out more and sign up today.