{"id":1665,"date":"2020-04-04T08:44:48","date_gmt":"2020-04-04T14:44:48","guid":{"rendered":"https:\/\/www.sunbeltnetwork.com\/roanoke-va\/?p=1665"},"modified":"2022-06-22T03:58:07","modified_gmt":"2022-06-22T03:58:07","slug":"how-to-thrive-in-challenging-times","status":"publish","type":"post","link":"https:\/\/www.sunbeltnetwork.com\/roanoke-va\/how-to-thrive-in-challenging-times\/","title":{"rendered":"How to Thrive in Challenging Times"},"content":{"rendered":"<blockquote>\n<div>\n<div><span style=\"color: #000000\">Challenging times call for extraordinary leadership.\u00a0 As a business owner during COVID-19 you will surely have what seem like impossible circumstances\u00a0<span class=\"il\">to<\/span>\u00a0overcome.\u00a0 This period of time is unprecedented for both our government and our small business community, but there are some things you can do\u00a0<span class=\"il\">to<\/span>\u00a0mitigate negative impacts\u00a0<span class=\"il\">to<\/span>\u00a0your business.\u00a0 Here are some ways your business can\u00a0<span class=\"il\">thrive<\/span>\u00a0during challenging times.<\/span><\/div>\n<div><span style=\"color: #000000\">\u00a0<\/span><\/div>\n<div><span style=\"color: #000000\"><strong>1.\u00a0 Be nimble:\u00a0<\/strong>The businesses who not only survive but\u00a0<span class=\"il\">thrive<\/span>\u00a0will be the ones who can easily and quickly pivot\u00a0<span class=\"il\">to<\/span>\u00a0navigate the changing landscape.\u00a0 For example, we have a local restaurant produce supplier who quickly pivoted\u00a0<span class=\"il\">to<\/span>\u00a0providing produce\u00a0<span class=\"il\">to<\/span>\u00a0retail customers since restaurants were closed.\u00a0 Ordering is done online and customers pull\u00a0<span class=\"il\">to<\/span>\u00a0the loading dock\u00a0<span class=\"il\">to<\/span>\u00a0pick up their veggies.\u00a0 This has been so successful they have sold out of produce every week. \u00a0<\/span><\/div>\n<div><span style=\"color: #000000\">\u00a0<\/span><\/div>\n<div><span style=\"color: #000000\"><strong>2.\u00a0 Be creative:<\/strong>\u00a0 This is the time\u00a0<span class=\"il\">to<\/span>\u00a0gather your team for brainstorming sessions where everything is on the table.\u00a0 With your customer in mind, can you find creative ways\u00a0<span class=\"il\">to<\/span>\u00a0meet their changing needs?\u00a0 Can you create a new service or a new way\u00a0<span class=\"il\">to<\/span>\u00a0provide an existing service?\u00a0 Can you deliver your product\u00a0<span class=\"il\">to<\/span>\u00a0customers if your bricks and mortar location is closed?\u00a0 Can you meet your customer where they are?\u00a0 Reach out\u00a0<span class=\"il\">to<\/span>\u00a0your long-time customers and vendors and ask them\u00a0<span class=\"il\">how<\/span>\u00a0you can help.\u00a0 This may generate new\u00a0<span>opportunities<\/span>\u00a0for your team\u00a0<span class=\"il\">to<\/span>\u00a0consider.<\/span><\/div>\n<div><span style=\"color: #000000\">\u00a0<\/span><\/div>\n<div><span style=\"color: #000000\"><strong>3.\u00a0 Add value\u00a0<span class=\"il\">to<\/span>\u00a0your customer:<\/strong>\u00a0 This has\u00a0<span class=\"il\">to<\/span>\u00a0be the driving thought behind your creative sessions.\u00a0\u00a0<span class=\"il\">How<\/span>\u00a0can you add value\u00a0<span class=\"il\">to<\/span>\u00a0your customer?\u00a0\u00a0<span class=\"il\">How<\/span>\u00a0can you add value\u00a0<span class=\"il\">to<\/span>\u00a0your community?\u00a0 Do you have an area of expertise that could be valuable\u00a0<span class=\"il\">to<\/span>\u00a0the medical community or\u00a0<span class=\"il\">to<\/span>\u00a0the business community<span>? \u00a0<\/span>This is a time\u00a0<span class=\"il\">to<\/span>\u00a0be altruistic with your services.<\/span><\/div>\n<div><span style=\"color: #000000\">\u00a0<\/span><\/div>\n<div><span style=\"color: #000000\"><strong>4.\u00a0 Know your assets and liabilities:<\/strong>\u00a0 You cannot stick your head in the sand.\u00a0 Even if it\u2019s scary, you have\u00a0<span class=\"il\">to<\/span>\u00a0take a look at your assets and liabilities in order\u00a0<span class=\"il\">to<\/span>\u00a0evaluate your cash flow, liquidity, break even point<span>,<\/span>\u00a0and profit margin.\u00a0 You must act like a war-time\u00a0<span>g<\/span>eneral and you do that by knowing where you stand financially.<\/span><\/div>\n<div><span style=\"color: #000000\">\u00a0<\/span><\/div>\n<div><span style=\"color: #000000\"><strong>5.\u00a0 Ensure you have systems in place:<\/strong>\u00a0<span>Having defined systems in place will allow your team, or new team members that you bring on in a time of crisis,\u00a0<span class=\"il\">to<\/span>\u00a0onboard faster and have a reference for\u00a0<span class=\"il\">how<\/span>\u00a0<span class=\"il\">to<\/span>\u00a0behave and perform their job.<\/span>\u00a0\u00a0Defined systems will also make your business more appealing\u00a0<span class=\"il\">to<\/span>\u00a0a buyer at the time of sale. \u00a0<\/span><\/div>\n<div><span style=\"color: #000000\">\u00a0<\/span><\/div>\n<div><span style=\"color: #000000\">Charles Darwin said, \u201c It\u2019s not the strongest of the species that survives, nor the most intelligent that survives.\u00a0 It is the one that is the most adaptable\u00a0<span class=\"il\">to<\/span>\u00a0change.\u201d \u00a0The team at <strong>Sunbelt Business Brokers of Roanoke &amp; Lynchburg<\/strong> is always here as a resource for you and your business.\u00a0<span>We are here\u00a0<span class=\"il\">to<\/span>\u00a0help you navigate these challenging times<\/span>. Please reach out\u00a0<span class=\"il\">to<\/span>\u00a0us with questions at: <strong>540-777-1585 or email\u00a0<span class=\"il\">to<\/span>:<\/strong>\u00a0<strong><a href=\"mailto:mkeen@sunbeltnetwork.com\" target=\"_blank\" rel=\"noopener noreferrer\">mkeen@sunbeltnetwork.com<\/a>.<\/strong>\u00a0<\/span><\/div>\n<\/div>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Challenging times call for extraordinary leadership.\u00a0 As a business owner during COVID-19 you will surely have what seem like impossible circumstances\u00a0to\u00a0overcome.\u00a0 This period of time is unprecedented for both our government and our small business community, but there are some things you can do\u00a0to\u00a0mitigate negative impacts\u00a0to\u00a0your business.\u00a0 Here are some ways your business can\u00a0thrive\u00a0during challenging [&hellip;]<\/p>\n","protected":false},"author":78,"featured_media":11653,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[17],"tags":[],"class_list":["post-1665","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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