What Small Business Owners Need To Survive The Pandemic
Having to navigate through stay at home orders, essential worker clauses, & small business mandated closures, the economy is in a very unique situation. “The economy” is one of those terms thrown around in reports and studies, however for all of us, the economy is simply our livelihood. When American business is forced, or encouraged, to close down shop it does not just affect the stock market or investor’s money – it affects every single one of us. As a business owner myself, I had to work through, first hand, the new rules and regulations to ensure that my company and employees were taken care of – as well as my clients. At the end of the day, some things are completely out of our control, but there are actions that owners and CEO’s can take to work through this trying time.
It’s important, first off, to make sure that you have enough cash to get you by. The pandemic showed us how quickly money could run out – even when the businesses were shut down. utilizing your resources to liquidate assets that are not a top priority or securing loans from the SBA will help you be able to stay afloat and focus on the profit side of your business.
The next step is to make an action plan as to how you will handle the uncertainties going forward. Even though many businesses are back open, that does not ensure that business will be booming. Pivoting your business plan to focus on online sales or connections with your customers though social media are just some examples of how in-person stores and service based companies have worked around these times when people aren’t as ready to be inside.
Lastly, as a business owner it is essential to see your client’s needs and put them first. We saw this happen so well with companies like liquor distilleries, who changed their production strategy from making their alcohol to making hand sanitizer for their communities. There was a great need, and they had the ability to meet that need. Sometimes operating a business is more than just selling as much of your product as you can, but it is more about how you can change with the ever growing needs and wants of your customers to ensure you have a base that keeps coming back to you.
As 2020 comes to a close, we have learned so much as a nation and as a community. With the knowledge we now know and the understanding that things can change in an instant, let’s work to keep growing our businesses while being conscious of our environments.