We are living in a tense and scary time in business. Companies around the world are feeling the effects of the coronavirus pandemic, and there are sudden global shifts in how we live our personal and professional lives. But not all hope is lost! It is still possible to find peace of mind amid the anxiety we are experiencing as a society and approach your business proactively so you can come out even better on the other side.
Today, I discuss how you can make the most out of this uncertain time and use the coronavirus crisis as a catalyst to get more organized as an entrepreneur. I share why you should plan rather than worry, as well as the power of outreach at this time. I highlight different aspects of your business that you should review right now, including marketing, insurance, and access to capital. I also explain what a ‘storm starter strategy’ is and how it can help your small business persevere through a global pandemic.
“Perseverance is the number one greatest ingredient required to be a successful entrepreneur.” – Melinda Emerson
Listen to the podcast below:
Here’s what you’ll learn on this episode:
- The importance of exploring your financial resources and different ways to access capital
- Two things you need to have organized before you try to get a loan, and what your credit score should be
- Why you shouldn’t “fake it ‘til you make it” during a global pandemic and who you should consider reaching out to for business support
- How to think about workforce capacity and approach the possibility of having to lay-off team members
- How many weeks the coronavirus crisis will likely continue to escalate and what this means for us as business owners
- How to approach inventory shortfalls and clients who owe you money
- The importance of talking to your insurance provider about business interruption insurance
- Why planning and prayer are so critical during a global pandemic and economic crisis
- The number one ingredient required to be a successful entrepreneur
- What a ‘storm starter strategy’ is and how to develop one for your small business
Your SmallBizChat Action Point for the Week:
- Use this time to develop a “storm starter strategy.”
- Think about how you can use this opportunity to tighten things up in your business.
- Know that this is temporary. Nothing lasts forever and we will get through this.
- Remember: You never lose in business. Either you win or you learn.
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