Challenging times call for extraordinary leadership. As a business owner during COVID-19 you will surely have what seem like impossible circumstances to overcome. This period of time is unprecedented for both our government and our small business community, but there are some things you can do to mitigate negative impacts to your business. Here are some ways your business can thrive during challenging times.
1. Be nimble: The businesses who not only survive but thrive will be the ones who can easily and quickly pivot to navigate the changing landscape. For example, we have a local restaurant produce supplier who quickly pivoted to providing produce to retail customers since restaurants were closed. Ordering is done online and customers pull to the loading dock to pick up their veggies. This has been so successful they have sold out of produce every week.
2. Be creative: This is the time to gather your team for brainstorming sessions where everything is on the table. With your customer in mind, can you find creative ways to meet their changing needs? Can you create a new service or a new way to provide an existing service? Can you deliver your product to customers if your bricks and mortar location is closed? Can you meet your customer where they are? Reach out to your long-time customers and vendors and ask them how you can help. This may generate new opportunities for your team to consider.
3. Add value to your customer: This has to be the driving thought behind your creative sessions. How can you add value to your customer? How can you add value to your community? Do you have an area of expertise that could be valuable to the medical community or to the business community? This is a time to be altruistic with your services.
4. Know your assets and liabilities: You cannot stick your head in the sand. Even if it’s scary, you have to take a look at your assets and liabilities in order to evaluate your cash flow, liquidity, break even point, and profit margin. You must act like a war-time general and you do that by knowing where you stand financially.
5. Ensure you have systems in place: Having defined systems in place will allow your team, or new team members that you bring on in a time of crisis, to onboard faster and have a reference for how to behave and perform their job. Defined systems will also make your business more appealing to a buyer at the time of sale.
Charles Darwin said, “ It’s not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change.” The team at Sunbelt Business Brokers of Roanoke & Lynchburg is always here as a resource for you and your business. We are here to help you navigate these challenging times. Please reach out to us with questions at: 540-777-1585 or email to: [email protected].
