How to keep your business alive during hard times

With social distancing, self-isolation and quarantines in effect, it feels like the world is at a standstill. Coronavirus (COVID-19) has likely turned your business and personal life upside down and you’ve either made the difficult decision or have been mandated to reduce operational hours or temporarily close your business.

The lucky few business owners and entrepreneurs are able to forge ahead business-as-usual, while the majority of us may not know what we can do now for our business during this disruption, in hopes that we’ll still have a business when we come out the other side.

I believe YOU WILL come out the other side.

I believe your business CAN survive this.

I believe there are activities you can do NOW to help your business, even when you feel helpless.

After schools were mandated to close here in Alberta, my daughter’s Grade 3 teacher reminded her students in a text, “We can do hard things; we can do this too.” Not only was this a great reminder to her students, but also a great reminder for us adults.

As a small business owner, myself, I feel the impacts of COVID-19. Fortunately, I’m in a position to help other small businesses. If your business has been impacted by the global pandemic, I’m here to help you develop a strategy to keep your business alive now and to adapt to the “new normal” later.

5 Must-Do Activities to Keep Your Business Alive During Hard Times:

1. Revise your budget. It’s time to dust off your business budget (or finally create one!). Go through your expenses line-by-line and consider: what expenses can you pause or cancel? Can you ask for a discount or defer payment on any essential expenses? Consider pausing projects that would put a strain on your cash flow. Also consider changing your budget from annual or quarterly to monthly, so you can have tighter control of each line item.

Analyze your income. How can you diversify revenue? Are there new income streams you can create for your business? Can you offer discounts to clear out inventory and earn quick cash?

Review Canada’s COVID-19 Economic Response Plan and consider how you can take advantage of supports to businesses. The Canadian Government is offering more flexibility to pay income taxes, providing small businesses with wage subsidies, improving access to credit and more.

2. Look at the big picture. Us small business owners are a passionate bunch, so let’s try to take emotion out of the equation for a minute. Just because we’re forced to pause, it doesn’t mean we’re forced to stop dreaming.

Take advantage of the “free time” you have and do some planning. Consider doing a SWOT Analysis to give you an objective pulse on your current situation. Are there any strengths and opportunities you can leverage right now?

S – Strengths (internal)

What characteristics does your business possess that gives it an advantage over others? What is working? 

W – Weaknesses (internal)

What places your business at a disadvantage compared to others? What are areas for improvement?

O – Opportunities (external)

What conditions or situations in the marketplace or in your competitors’ offerings/activities could you leverage to your advantage?

T – Threats (external)

What conditions or situations in the marketplace or in your competitors’ offerings/activities could work against you?

3. Move online. If you don’t already have an aspect of your business that is online, find a way to market your products or services virtually. Have you ever considered sharing your knowledge in a digital format or online course? I highly recommend Kajabi as a platform for earning revenue with an online business.

4. Keep selling your products and services. Don’t stop doing those income-producing activities. There’s a difference between being insensitive and keeping your business alive. If we panic and stop buying from each other, we’re contributing to a growing economic crisis. Continue selling to your target audience, while reaching out with compassion and sensitivity. They want to hear from you!

5. Revise your content. Let your customers know if you’ve made changes to your operations. Update your website, Google My Business and social media accounts with your new business hours, business description and where to direct customers if they have questions.

Turn off or cancel pre-scheduled social media posts that may appear irrelevant or insensitive right now. What does your target audience need from you during this time? Share content that is reassuring, inspiring or even entertaining.

Find ways to help your target audience. Use your expertise to create content that is genuinely helpful to your audience in the current climate e.g. tips, advice, strategy. Just as I recommend to keep selling your products and services, I also recommend to keep sharing your valuable content with the world.

“Now, more than ever, the world needs to hear your message & receive the brilliant gifts that you have to offer.” ~ Kat Coroy

Sometimes you just need someone to talk to. Someone who gets what it’s like to be a small business owner during hard times. Our first 30-minute chat is FREE and I’m also offering 25% off Marketing Coaching with coupon code BRIGHT until April 30, 2020. We’re in this together, so please reach out. I’m just a phone call away!