You Are Not Alone: Little Reminders for Small Business Owners
Note to reader: This post was written at the start of the pandemic and has been very popular. It’s been updated from a post pandemic perspective. You can find it here.
This season is unprecedented. I think we have safely established that truth. I’ve spent the past two weeks processing, speaking with other entrepreneurs and business owners, and doing my utmost to take care of business as usual — just as the rest of you are.
But business isn’t usual right now, and this is what I know: nothing about this situation is easy. For anyone. As I shared with some of you recently on other platforms, the COVID-19 outbreak and all that it entails has highlighted the huge inequities in our society, including the lack of resources for small business owners.
As my colleagues at Interise shared, “Public health experts now fear that coronavirus will exacerbate the vulnerabilities of resource-strapped communities-with devastating consequences.” These vulnerabilities include a lack of healthcare, personal income, and small business capital.
Small businesses are the lifeblood of our economy — as employers, as resources, and as centers of innovation — and yet so many of them are struggling to stay alive in the midst of nationwide shutdowns.
There are many things we can do as individuals to support our local businesses, including ordering take-out (where possible), buying gift cards, making purchases online, buying necessities from local grocery stores and butcher shops, and prepaying for services we know we will need in the future, like haircuts, lattes, dry cleaning, and gym classes.
For small business owners, the options feel less tangible. Our ability to navigate this season is not found in spending, but in our own willingness to work together, plan, ask for help, and in some cases, start to dream again.
In the midst of all the change, and seeing the amount of difficulty our nation is facing, my goal is to simply be here. I’m here to help, to listen, to encourage, to cry, and to laugh. I’m here to share this moment with you.
As I process and listen, and wonder how I can help, these are the things I feel most compelled to remind you of. These are the things I myself need to remember as a business owner managing this season.
Stay connected
I’m grateful for the opportunity these uncertain times are giving me to connect with colleagues and clients on a deeper level. We are taking care of business, and we are taking care of each other by talking through new and complex decisions, strategic scenarios, unforeseen challenges, and fears.
It is authenticity and vulnerability that will deepen our connections, keep us encouraged, and allow us to safely seek advice when needed.
Stay connected with your team, your mentors, your community. Don’t hesitate to be that shoulder that someone else needs. It is through connection that we will come out of this stronger — stronger leaders, owners, and individuals.
And through it all, stay connected with your customers and clients. Stay grounded in and lead from your mission, vision and values as you make hard decisions and engage with key stakeholders.
People do business with people, and we need to be in deep, authentic relationships with our customers, employees, and vendors — now more than ever. Lean into your relationships and continue to be of service, create value, and create connection.
Plan for the Future
With so many unknowns, it can be difficult to plan ahead. As best you know how, take time to look down the road a bit and build anticipation for the future.
When’s the last time you ran financial forecast scenarios? I know it can be scary to look at numbers, but knowledge is power. Knowing what expenses you can control and how changes in revenue impact your cash flow are important for the near and long term.
What content are you creating? The value-added content you create and share today will engage the people you will do business with tomorrow. Stay consistent on your digital platforms as well as your newsletters and other communications.
What conferences lie ahead a year from now? Allow yourself the space to get excited as you plan your approach to the next available opportunity to connect with colleagues, customers, and prospects.
Do you have any unmet goals or business opportunities? Now might be the time to flesh out those ideas and begin pursuing some dreams that were living on the sidelines.
Build a Better Contingency Plan
As painful as it may be, now, more than ever, is the time to consider where the gaps are in your current contingency plan. What worked and what didn’t when COVID-19 first impacted your business? What would you do differently next time?
We can always improve even our best laid plans. Let this situation inform you. Use it as a guide to add to your strength, shore up your weaknesses, and be better prepared for the future. Keeping a journal can help you reflect on your real-time problem solving as you move out of reaction mode and into planning mode.
Support One Another
I mentioned some ideas above for how we, as individuals, can support our local businesses. But as business owners, we also have an opportunity to support one another. This may look different for everyone — especially depending on what your business does or sells — but regardless of what you do, there is a way to share the load.
I find it uplifting when I hear stories of tattoo artists donating gloves, masks, and gowns to local hospitals that are dangerously low on supplies.
Bakeries donating food to homeless shelters so that no human being goes unfed.
Art supply stores providing pre-cut fabric and elastic so that community members can sew masks for healthcare providers.
All of these things are reminders of the kindness and beauty of humanity, and the fact that however small our offering — like sewing fabric into a surgical mask — it has a profound impact on those around us.
We can also be intentional about doing business with other small, local companies. What can you buy locally that you might be sourcing from a national brand right now? There are locally owned providers in nearly every field — they are often just lesser known. In my area, I know I can find locally owned IT services, e-newsletter platforms, accounting and legal services, office supplies, mail houses, printers, designers — the list goes on. You probably can, too.
Keep Learning
One thing I realized recently is the incredible strength I gain from listening to others share their journey. That is why I choose to invest time in listening to podcasts and reading the latest books and articles.
We created Entrepreneurially Thinking to elevate and celebrate the stories of entrepreneurs and inspire others. Right now, we are trying to strike the right balance between inspiration for our listeners and respect for our guests. While we have paused recording sessions for the time being, we continue to release new and encore shows so listeners can continue to be energized by the stories of others.
Hearing other business owners share and process their journeys provides a jolt of inspiration and a reminder that this will, eventually, end. Let’s choose to come out on the other end with more resources, knowledge, and ideas than ever before.
Make Decisions Differently
On an “average” day our capacity to make quality decisions wanes. By the end of the day we experience what’s known as decision fatigue, when we are prone to making sub-optimal choices.
It’s inevitable that in this time of extreme uncertainty, mental and emotional fatigue will set in more quickly as we’re expected to make more decisions, faster, and with less information.
You simply can’t expect yourself to make the same number of quality decisions as you’re used to making. None of us will be as productive or efficient now as what we are used to in our normal daily lives.
And that is ok. You are doing other things that matter more right now: taking care of yourself and loved ones, shifting your focus to a digital way of life, and navigating constant change.
Instead of pressuring yourself to manage decisions like you did a month ago, give yourself grace to make decisions a little differently.
Discover the time of day when your strategic decision making is most adept. For the majority of us, this is in the morning before other needs have surfaced.
Reach out to your team and trusted advisors for help making bigger decisions. Spend time brainstorming and processing. You don’t have to make decisions alone.
Strive to make good decisions, not perfect ones.
Don’t compare yourself to others. As I mentioned, this is an unprecedented time, and what matters most is how you choose to navigate it.
You Are Not Alone
One of the most important things we can do as business owners right now is remember that we are in this together. And we will walk through this holding one another up if we need to.
As you manage difficult changes, make profound decisions, and lead with your values, know that you are not alone. I see you. I understand that what you’re facing is not easy. And I’m here to help.
When decisions feel most difficult and you are unsure how to proceed, make a choice to focus on what you can do, instead of what you can’t control. Learn, grow, support your loved ones, and take it one day at a time.
I look forward to all the great things we will do together — now and later — and the better humans we will become along the way.
