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How to Rebuild Your Business After a Crisis

After weathering the storms that the pandemic brought to our lives and businesses, you may ask this question often, 

“How can I rebuild my business as fast as possible? “

And you’re not alone. It’s the one question founders and CEOs all have in mind. But it’s the wrong question. We should be asking this question instead: ” If I were to start building my business from scratch, what business would it be? “

Now it’s time for business owners to resist the urge to preserve the status quo. You need to reimagine your business as a blank slate and take the time to run through this simple self-audit process: 

 

1. List down the achievements your business had since launch.

Look back on the success you and your business achieve since launch. Take the time to sit down and reflect on how your business has evolved since launch and what took you to be able to reach that. Most business owners often miss the true nuggets of gold that are waiting to be mined within their business. 

Kodak invented the digital camera in 1975 then, blew off its inventor and let the patent collect dust in a drawer until it was too late to fend off bankruptcy. Before the pandemic, did you have a product or service that you tried as a mere tinkering when it should have been our main product or service? Reorient it and come up with another new version when you reinvent your business.

 

2. Before the crisis, did you enjoy being a business owner? Or at least, were you happier than your peers who have a boss?

If your answer is no to either of the questions, then you’ve misaligned your dreams and reality. A study from Wharton School of Business suggests that the number one predictor of happiness isn’t money, it’s entrepreneurship. Cash is king but being your own boss is checkmate. If you are trying to rebuild your business to satisfy your ego, don’t. Rebuild it to satisfy your soul. 

 

3. Evaluate how smart you are doing your business.

How smart were you working in your business? Did you devote all your time and energy to do everything? Have you mapped out your workload and optimised your back office? If your answer for three questions is no, you have to map out your task using the value task matrix. Not only will it benefit your business but also benefit your health and free up your time to spend time doing what you love.

 

As a business owner, you know how demanding running a business can be. But in the first place, we built our business to be able to enjoy a work-life balance. So how do you achieve this when you rebuild your business? Map out your workflow and list down the tasks that you can delete, automate, delegate, and outsource. And when you decide to outsource, look for a trusted outsourcing partner that can help you achieve what you are aiming for. If you are unsure what options are the right ones for you, Koruna Assist is here to help you. 

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The 90 Things
you can Outsource

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Establishing a solid foundation and ongoing optimisation on your outsourcing strategy.

Case Study:

Chris Brown is a Director and Senior Mortgage Broker at New Vision Financial Services. He runs a Sydney based mortgage brokerage that’s servicing clients since 2015.

Case Study:

Sam Panetta is a co-founder and the head of the lending department at Aureus Financial. His business helps clients get the funding that they need to grow their business, acquire their dream home and build wealth through property.

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