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The role of the property manager continues to evolve. Once thought of as 'merely' rent collectors, it became all too evident that the role of a good property manager had progressed to encompass that of asset management. Now, with the effects of COVID-19 being keenly felt by businesses the world over, the role of the property manager has evolved once more to now include mediation as a key skill.
Amid the devastation caused by the COVID-19 pandemic on businesses, and in particular small businesses, bankruptcies have soared. If you were to do an analysis of why many small businesses go under, you are likely to find that a significant number end in financial ruin by making the same or similar mistakes.
Retrenchment is a word that can strike fear into the hearts of even the most seasoned veterans of the corporate world. In fact, the longer you’ve been with a company, the more daunting retrenchment can seem. Will you ever be able to find another job as good as, or better than, this one? Will you end up in a job you hate, through no fault of your own? And during a global pandemic and economic downturn, prospects look even bleaker.
Amid the economic downturns, market retreats and liquidations of COVID-19, start-ups have been one of the worst affected. A pronounced lack of funding and sales has left them cash-strapped and consumer hungry, with roughly 74% of these young businesses experiencing revenue decline since the beginning of the crisis.
Even the smartest minds around boardroom tables in many corporate companies could not have predicted that businesses around the world would be facing a crisis of this nature and this magnitude. COVID-19 has thrown a wrench into all business predictions and all 2020 plans. Anything that any business wanted to do this year, or likely even had planned for 2021, will have to be changed, or require a completely new approach.
Whether they like it or not, all business owners engage in some form of marketing, but many neglect to adopt a strategic approach. It’s not surprising then that marketing was highlighted as the area in which most business owners feel they require skills training, according to the most recent National Small Business Survey by the National Small Business Chamber.
Almost every entrepreneur - at some point in their journey - considers going into franchising as a guaranteed route to attaining business success. Despite the sector having a higher success rate compared to its counterparts, franchising has its pros and cons and will not necessarily be suitable for every entrepreneur.
No matter which line of business you go into, you will most likely need to be a master of networking to succeed as an entrepreneur. Knowing the right people is the key to growing your customer base, finding the right employees, accessing support and expertise and more.
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