When your business is on the line, there is no room for indecisiveness, hesitation and “business as usual,” according to Australian entrepreneur, business owner, investor, mentor and author Dorry Kordahi.
Kordahi, who has played an active role in the Australian startup and business community for close to 20 years and is an Advisory Board Member of The Entourage, said making tough decisions early is the only way for business owners to survive these challenging times.
“Be decisive and make the tough decisions you need to make as a business owner and know that you aren’t going to please everyone.”
“Don’t wait and be indecisive as those lost days, minutes and dollars could be the difference between sustaining your business and keeping staff employed, and losing it all.”
“You cannot continue to do things as you have always done in this climate and you’ll have to veer from your initial business plan and offering, but if you’re creative, innovative, decisive and open to moving with the landscape, you’ll be able to continue trading,” he said.
To navigate the months to come, Kordahi is implementing this advice in his own business DKMBlue, a leading promo, merch, corporate clothing and personal protective equipment (PPE) company. In the last month, DKMBlue, which was founded by Kordahi and his brother Danny Kordahi in 2002, has transitioned its offering to provide essential products and services that are needed right now – hand sanitiser, face masks and wipes.
“We’ve put an action plan in place and have pivoted the business to provide essential products that are already available in our supply chain and get them produced and into Australia as quickly as possible.”
“We have been operating in China for 18 years, so we already have the infrastructure, network, partners and resources set up, so we can be agile and pivot our offering, but we had to make that decision quickly.”
“These are the most challenging times that we will experience in our lifetime, but if you have grit, determination and the entrepreneurial attitude, you can do what you need to do to survive, before it is too late.”
“Be decisive, create an action plan, embrace innovation and adapt – it’s much better to operate at 20% than 0%, so be unafraid to make the decisions that need to be made to get through,” he said.
Want more? Get the latest coronavirus news and updates straight to your inbox! Follow Kochie’s Business Builders on Facebook, Twitter, Instagram, and LinkedIn.
Now read this