Good entrepreneurial practices in 2021

Good entrepreneurial practices in 2021

Entrepreneurs know how to adapt and look for good practices in order to stay the course. The pandemic, far from giving them up, has highlighted their ability to face uncertainties, to develop their ingenuity. They apply the principle that there are always more ideas in ten heads than in one and therefore carefully observe the successes and failures of others in order to be more successful.

Every good achievement, big or small, has its periods of drudgery and triumph; a start, a fight and a victory. ”


To take decisions

Since March, the leaders have been put to the test because they have never ceased to have to make decisions that went beyond their usual scope with moreover obligations which were sometimes contradictory such as the wearing or not of the mask, then the obligation to wear a mask, partial unemployment, teleworking …

Never according to the blowing wind

You need take a decision in record time and this decision must obviously be the best. Decision-making has many aspects and turns out to be different depending on the circumstances, the implication and the consequences of the decision. The issues and the people who will be subject to this decision also play a role. If speed is essential, it should not be taken by flipping a coin.
A decision can be decided by only the manager, without asking the opinion of the collaborators. Be careful, deciding ignoring the opinions of others can jeopardize the involvement and well-being of a team. It may therefore be appropriate to consult them in order to gather as many points of view as possible before confirming your choice. This consultation will have a positive influence on those who are put in the loop because they will feel the trust you place in them. Whatever the decision-making, we must always think of the harmony of the teams but also of the protection of employees and consumers or customers.

Manage your finances

Finances for some it is their strong point and for any action, they guide them, for others the finances represent a brake and they fall into panic. Sometimes they do not even open the mail related to invoices and they are ostrich until it will no longer be possible for them to procrastinate. Finances as they say “it’s not my thing”. !
Indispensable for a company, controlling finances makes it possible to control growth, to orchestrate the launches of new activities or to anticipate difficult situations. Cash is the heart of a business and it remains essential to manage it well.

Make predictions

Forecasting allows a business to focus on its resources. It makes it possible to visualize if your cash flow will hold up the shock and helps to better take important decisions, to know when to invest…. Planning is still a complex exercise and you will need to take a margin of safety to ensure that you do not end up in default.

Use analysis tools

They will allow you to take stock of the activities, in particular the profitability of each. In this way, you can calculate your margin by activity or product / service. Data like sales, cash flow, inventory turnover, assets and net income remain paramount. They allow you to make the right strategic decisions. You can still measure different factors like profitability, debt, solvency as well as efficiency.

Manage risks

A lesson that will be learned from health crisis is the obligation to think upstream of all the risk possibilities. It is not a question of seeing life in a pessimistic way but of imagining solutions which will make it possible not to find oneself in a dead end. Admittedly, we can see that a number of companies have changed their organization and introduced teleworking, but it was imposed urgently when it should have been considered upstream. Anticipating risks must be part of the DNA of companies. An unanticipated and therefore uncontrolled risk can call a business into question overnight.

Go from static to dynamic!

New product, organizational change, acquisition, regulatory change, etc.: the company and its environment are constantly evolving. Its risk profile as well. It is therefore essential to be able to reassess it regularly, to be able to “catch” weak signals and emerging risks as early as possible and to constantly adjust control systems. In short, to be able to dynamically manage your risks!

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