Small Business vs Coronavirus
The pressures of running a business are enough, but given our current circumstances, those pressures are compounded. Not to mention all the other things happening in our lives like making sure our elderly parents and grandparents are taken care of; homeschooling our children; paying bills; taking care of ourselves, our families…IT’S A LOT!
This is a time when we need to lean on each other now more than ever (as long as we’re at a healthy distance of course!). That’s why we found it important to offer an opportunity for business owners and community leaders to get together for some conversation and collaboration…a business bestie check-in so to speak to see how everyone is doing; address concerns; share ideas, resources, and anything else that might pop up.
We were thrilled to have about 25 local small business owners join us for a virtual Coffee & Conversation via Zoom earlier this week. Here are some top takeaways. You can also check out a replay of the meeting here.
1. Be Creative! Think outside the box as you consider ways to continue to run your business and make money while current circumstances are not allowing for “business as usual.” There are opportunities to be found in all of this. Be open to possibility!
2. Know Your Flow! Cash flow that is. Do a 60-90 day cash flow analysis so you know where you’re at and where you could be if things continue as is for the next few months. What does that mean for your business? How can you adapt to help your business succeed?
3. Partner Up! There’s no need to compete…we’re all friends here! Work with a fellow local business owner to create ways in which you can partner together to help each other win.
4. Lean on Your Tribe. Have questions about tax laws, employee benefits, unemployment, etc? Go to your key contacts who have the expertise in those areas like an attorney or broker for example.
5. Use your Voice. Consider the long-term impact of the strategy being developed to get through this period and don’t sit back and wait. Engage with your fellow business owners, elected officials and community leaders.
6. Be the Calm for your Staff. Your staff is nervous. There are a lot of unknowns and they’re adapting to new ways of doing business too. But, if you’re calm, they’re calm.
7. Give other Businesses a Boost. Like and share other businesses’ social media posts. Help them succeed and they’ll return the favor.
8. Take Care of Yourself. It seems we’re in information overload these days and frankly, the news isn’t awesome. So, take control over what/how much content you’re consuming. Make a conscious effort to consume only what you need and give yourself time away from all that noise.
Need more guidance? Check out www.nheconomy.com/covid19.
You are not alone. We will get through this together!