As a small business owner, you’ve likely experienced many setbacks along your journey to success. One setback I’m sure you weren’t expecting when planning your 2020 fiscal year was facing a global pandemic. Even for the most resilient businesses, there’s no doubt this pandemic will have dire economic consequences. With many businesses faced with no choice but to temporarily shut down or layoff their employees, now is not the time to navigate these uncharted waters alone. If we come together, we can help each other survive in this time of need; because when all of this is said and done, and with the right plan, it’ll hopefully be business as usual.
Here are my top three reasons for connecting with your fellow business owners at this time.
1. Strategise
No matter what industry you work in, there is a lot that can be learned from what others are doing and what they have done in the past to survive during difficult economic times. By connecting with other business owners, you can compare your business continuity plan to identify any enhancements or changes you should make. Consider these questions:
- What is the process for decision-making during times of crisis?
- What are the critical services, positions and skills required to keep your business running?
- What is your plan for recovery?
By having a robust business continuity plan, you’ll mitigate as many risks as possible. You can also discuss other issues facing your business, related to COVID-19 or not, and learn how others have overcome similar situations.
2. Support
In addition to providing strategic support, it’s also important to keep in mind that, although we have a business to keep afloat, we are still human. A recent report by the Canadian Mental Health Association found that 62% of business owners feel depressed once a week. Reach out to your fellow business owners and ensure they are also addressing their mental and emotional needs at this time.
It’s not easy making tough business decisions such as closing operations or laying off employees. As key makers of these decisions, you can benefit from having a support system made up of people who are facing similar scenarios.
3. Share
Undoubtedly, shortages and disruptions are experienced in all aspects of commerce as a result of pandemics. You may be short of supplies, people, or unable to run your operations properly due to a lack of essential services. With that said, if you have access to certain resources that can benefit your fellow business owners, opt to share them. Now is not the time to be greedy.
As you can see, there’s much we can do to support each other during this time of uncertainty. As business owners, we play a key role in supporting the economy and it’s up to us to come together and work together. If you’re interested in sharing and receiving guidance from a peer advisory board and business coach, contact us today to become a TAB member.