The Covid-19 pandemic has rocked many small businesses with uncertainty. For new or budding entrepreneurs, it can feel like you are running out of options. But according to Mike Touzard, instead of giving up, you should use the pandemic to fortify yourself and your business. Touzard is a successful entrepreneur himself, creating his first business at the age of 15. He now works to save lives with his biotech company, Medakit. The following are Touzard’s five tips to help young entrepreneurs flourish during the pandemic.
1. Work Harder Than EverAnd Look For Opportunities
According to Touzard, he never would have achieved success in his business ventures if he wasn’t committed to working hard. Burning the midnight oil is essential for young entrepreneurs, and it is especially important during a global crisis. He said that historically, all crisis are followed by a period of opportunities! Having that in mind, stay alert, stay focused, and always plan your next move.
2. Trim Expenses Where You Can
As a new entrepreneur, you’ve been keeping careful track of your expenses. The pandemic is the time when you need to cut any unnecessary spending. But Touzard recommends you do this with the mindset of recovery: these are only temporary cuts.
3. Evaluate Your Position in the Supply Chain
Determine where your product or service falls in the supply and demand chain. Are you offering a necessary service? Or will your product become obsolete during a global crisis? If you answered yes to the second question, adapt your product. Touzard recommends you think of ways to make your product something people can’t live without.
4. Communicate With Your Team and Investors
If you have employees, make sure you communicate with them clearly and effectively during this time. They are also confused and will look to you for leadership. If you have investors or stakeholders, make sure you communicate optimistically with them.
5. Recognize the Hurdle
Recognize that all businesses encounter obstacles. The Covid-19 pandemic may very well be the biggest one you and your business ever face. But there will be more hurdles in the future. According to Touzard, if you can overcome this obstacle, you can overcome anything.
Despite the difficulties caused by the Covid-19 pandemic, there are ways for businesses to pull through. Mike Touzard hopes that these five tips will help new entrepreneurs not just survive the pandemic, but flourish.