Small businesses are especially vulnerable to major setbacks, while large businesses can often absorb them and move forward without batting an eyelash. There are a few things to consider when you are a small business owner facing anything that can financially ruin your business. Whether the setback is a seemingly overwhelming disaster or a mandated shut down due to the COVID-19 pandemic, with some creativity, you can not only bounce back; you can bounce forward.
Instead of looking at a significant setback as a negative, be creative and turn it into a positive. Look at it as a way to change your business and grow in a new direction. Sometimes the things we see as a curse are a blessing in disguise. Here are some ideas of how you can bounce back from COVID-19 or other major business setbacks.
Stay Calm and Put it in perspective
Remaining calm even when the storms are raging around you is crucial to navigate to the other side of a major setback successfully. Panic is the quickest way for your small business to sink totally. You can’t accomplish anything when you are panicked. You have to find a way to get a handle on your emotions as soon as possible. When you are calm, you can focus on what you need to do to survive and then thrive. The lushest growth comes out of the ashes. Your business can do the same if you keep it together.
To put the setback in perspective, you must ask yourself some questions:
- Is there something I did or didn’t do to cause the setback?
- Is it an issue caused by COVID-19 or another disaster out of my control?
- Is there something I can do to change the situation?
- Should I consider closing my business?
These questions may seem a bit scary to answer, but you need to understand the setback and the root cause, and if you want to move forward or move on to something different.
If, after you calmly put things in perspective, you decide to move forward with your business, it is time to get creative. In some cases, like with COVID-19, businesses were shut down for long periods, and when they did open, there were limits. If you have to shut your doors during a setback, you need to assess if you can offer something outside your business. It could be products or services that go to your customers, you could change what you do or offer during the setback, or some businesses can operate online or from home.
Not every business will have the ability to offer products or services this way. That is when you could consider completely changing your business but reaching out to your customer base to launch your new direction. A setback, even a major one, does not have to end your entrepreneurial spirit. You started this business once; you can do it again!
Check Local, State, and Federal Government Sites
Small business owners should be going to their local, state, and federal government sites searching for assistance for small businesses. In the case of COVID-19, help through the Small Business Association (SBA) was offered to small business owners to give them some relief. There are other programs and grants and disaster assistance that you may be able to use.
Reach Out to Other Small Businesses
Small business owners are often supportive of one another because they understand the struggles and risks. Especially during a disaster that affects small businesses widespread like COVID-19, small business owners can help each other with ideas on how they can survive. Sharing best practices and brainstorming ideas with others who understand your perspective can lead to successful solutions. You can also partner with other businesses to uniquely offer products and services as a supportive team. You may even form a lifetime business partnership that will make your business stronger than before.
Setbacks will happen to every business at one time or another. It’s how you handle it that matters. If you stay calm, put things in perspective, get creative, look for help, and partner with other small business owners, you will not only survive, you will THRIVE! And remember. This, too, shall pass.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.