COVID-19 has had an unprecedented impact on all Americans, but perhaps none has been impacted more than local small business owners. This disaster is going to take more than just time to resolve. You are going to have to sit back and assess what has happened and then determine what steps you are willing and able to take to bounce back.
Here are a few suggestions that may help:
Number one is spending, If you can analyze your expenses down to what is
necessary versus what can be eliminated, you may cut down on a lot of waste and create a cash flow advantage for your business.
Number two is agility, also known as pivoting. Every business success is based on what the market needs, consequently, business owners who are able to assess how the pandemic’s unique dynamic can be used to their own advantage or how they can adjust to them will be the ones that realize the most successful and the more likely to survive.
Number three is finding your competitive inspiration. If you are stuck on what to do in order to transform your business during these times, there is absolutely nothing wrong with looking at your competitors for inspiration. How are they remaining engaged with their customers and clients? Are they using webinars, podcasts, Instagram, or Facebook Live? What can you do to stay engaged with your customers and clients as well?
Number four is taking out time to reflect. This is the time to ask yourself some important questions: Are you making as much money as you thought you would be making? Are you enjoying it as much as you thought you would? Is it providing you the quality of life that you anticipated? Are you better off doing something else? As business owners, it is vitally important that we take time to reflect to determine what our needs are and how we can best fulfill them.
Tip number five is detailed planning. There are some businesses that will be able to return to somewhat normal operations. That is not the case, however, for all of them right now. It is essential that you take the time to look at how consumers will look and be able to spend their money with your type of business in the future.
Tip number six is learning while your business operations have slowed down or come to a stop because of the pandemic. One of the smartest things that you can time is to expand your own knowledge and education. There seem to be a limitless number of courses offered online, both free of charge and fee based. Additionally, there are a number of books available that you can read to make sure that you sharpen your skills and abilities and expand your knowledge in both your industry and your enterprise during this “down” time.
Finally, tip number seven is self-care. Perhaps one of the most important things that you can do right now is to stay healthy and positive. If you have extra time that you would have been spending in your business, make sure that you are taking moments to take care of yourself, your family, and your community.
Should you have any questions about how or where to apply for assistance to keep your business going through the COVID-19 pandemic, please feel free to contact us at firstname.lastname@example.org.