You Run a Small or Medium Business: FIVE STEPS TO SURVIVE IN THE COVID-19 PANDEMIC
It is no secret that, from a business point of view of course, the hardest hit group from the COVID-19 pandemic will be small and medium-sized businesses. Small and medium businesses tend to always live a little closer to the edge, with only a few months of cash flow in the pipeline. Big businesses can not only weather the storm but can also exert their influence on and shape policies that may actually help them grow long term. There are no politics in that statement, and that is by design; there is business reality only.
If you run a small or medium business, did you apply for loans or aid available in the last Federal Government package? For most of you, the answer is no; but Harvard University and the Los Angeles Lakers did. That is not pointed out to cast aspersions, only realities, that small and medium businesses always have to compete within the global marketplace.
You didn’t get a stimulus check, so what do you do?
1. ABSOLUTELY WORK WITH THE GOVERNMENT AND FINANCIAL INSTITUTION RESOURCES THAT ARE AVAILABLE
While it is a challenge, and requires great diligence to find, there are available resources out there. And don’t just focus on the giant programs you hear about on the news (although you should work towards those also) but put more effort into options closer to home. Your state and local governments count on you; they are there to support the economy where you live and are invested in your success.
Seek out smaller programs, talk to your bank, talk your bank’s competitor, get a meeting with a local politician, band together in a group of like-sized and like-minded local businesses to make your voice more powerful. Seek out every bit of help that is available.
2. STAY CALM
Yes, it’s hard. The people who work with you will follow your lead. It is so important for you to be an example of calm, measured leadership.
While challenging, this too shall pass. Step back, reassess, think of new and different ways to stay competitive and stay open. This may not be a time for you to think about profit. It is a time to think about staying open so you can get to the other side. Just focus on getting by (FOR NOW). No drastic decisions that you may regret later, just radical decisions that will help you short term and not damage you long term.
3. TAKE CARE OF YOUR PEOPLE
It has been said many times, “People are your most valuable asset”. IT IS TRUE! No matter what business or industry you are in, the people who have chosen YOU as the place they want to work, are the most important asset you have to stay in business, weather the storm, and come out on the other side with an even brighter future.
Take care of your people; UPSKILL THEM, show them how valuable they are whether it be in words, deeds, or actions. Show them you believe in them
, and that you know they are the engine that fuels your future. There are plenty of inexpensive or no-cost resources to help them become even more valuable; online classes, webinars, written materials, group activities (engaged in remotely!), etc. They will become even more loyal because of these growth opportunities. Not only is it just the right thing to do, it is also the business savvy thing to do!
4. BECOME KNOWN AS THE BUSINESS THAT CARES
You not only operate
, or help operate a business, you are also a B2B AND B2C consumer. You engage in commerce for your business and for your home. When this current challenge passes, will YOU remember the people and the businesses that showed they cared? SO WILL EVERYONE ELSE.
Do what you can to help your community. Show you care. Not only is it just the right thing to do, it is also the business savvy thing to do. And you will feel really good about it!
5. HELP OTHER SMALL AND MEDIUM BUSINESSES ANY WAY YOU CAN.
We all know that small and medium businesses are the lifeblood and the driving force of the American economy. YOU know it more than anyone. Help each other survive. Don’t think competition, think collaboration. Don’t think “every man for himself”, think “let’s do this together”.
Take this opportunity to look outside your walls and develop lasting business relationships that will endure. Network with others in related fields and think of ways to complement each other’s businesses and actually strengthen your offerings.
I am proud to work with a company that is doing just that. At ourlinQ, a revolutionary company that provides a software platform designed to help automate performance bonus and profit sharing plans AND help encourage behaviors that you are desperate to encourage in your teams, helping other small and medium businesses in this time has become the mission.
ourlinQ is currently offering this revolutionary platform AT NO COST to its small and medium business partners. To find out more, just go HERE for more information.
Let’s work TOGETHER to form a brighter future!