Starting a business is no easy task and sustaining it while facing adversities comes with greater responsibilities. In an article from JP Morgan Chase, 51 percent of small businesses are 10 years and under. In addition, 32 percent of SMEs have been in the industry for five years or less. This shows the longevity trend of emerging brands.
As difficult as it is to start a business, keeping it operational over the long term can be even more complicated. Local and neighborhood stores typically face adversities in maintaining operations and are forced out of business on or before the fifth year. No matter what industry the business belongs to, its longevity is not guaranteed. In the face of the COVID-19 pandemic, large companies have trimmed down headcounts and small businesses are being forced to throw the towel overboard.
The team had the chance to speak with Timi Nadela, the owner of Grace Filled Living Boutique, which sells home decor and accessories. Grace Filled Living boutique is a US-based business that partners with other faith-based companies such as Precious Moments and DaySpring.
Timi not only runs a company but is also a motivational writer. She has published her book, Get To The Top, in which she narrates her real-life sales and service life-changing experiences. Similar to the challenges of 2020, Nadela boils it down to two key decisions to navigate through adversity. She shares great insights and wisdom on how to survive hurdles and build business resiliency.
Reducing The Margin
A business solution to stay surviving a major recession or tough financial season is to squeeze profits. Timi emphasized the importance of maintaining the company’s liquidity and how this helps small businesses to stay afloat.
Timi was also realistic about the state of the world and the capabilities of its partner manufacturers. Doors to international shopping were forced to shut down due to workers being locked in their homes. As a result, production lines and factory gates are closing, hurting multiple business operations. Ultimately, with her perseverance and resiliency, Timi finally found a way to keep their business going.
Open Your Options to Outsourcing Talents
Timi acknowledges her limitations and capabilities, and that’s when she presses the button to ask for help in addressing the company’s needs. Experts started coming in when she decided to outsource their IT, marketing, accounting, and a virtual assistant to help her sort and organize her daily schedule. All this additional manpower has helped move forward, especially since pop-up shops started rolling when restrictions eased.
Outsourcing has proven to be useful for companies of all sizes. For a leader who wants to grow their team or just tries to keep their heads up during adversities, having an extra set of hands will make business plans possible.
If you want to watch our full conversation with Timi Nadela then watch the video below!