Small Business Smarts for Challenging Times
We are facing an unprecedented shift as the world grapples with COVID-19. The economic impact has been swift - not two weeks ago, clients had big plans to launch new products or services that now have to be scrapped or completely reimagined. Even I launched a new offering - something I’ve spent months formulating - that has a travel/in-person component. Something I rarely do, but was so excited to put out into the world. Five days later, the world changed and it became clear I needed to change with it. I also co-own a thriving dog walking business in Los Angeles. We can’t virtually walk dogs, so what will we do as more and more clients are asked to work from home and seemingly don’t need our services?
I’m not alone. There are thousands of small businesses started by whip smart entrepreneurs who are now left wondering - what does this mean for my business? If your business has a supply chain of any kind, you’ll have to adjust. If your business relies on in-person contact with others, you’ll have to adjust. We will all have to adjust. And these are our livelihoods. Our identities. Our dreams, yes, but also how we support ourselves and our families.
So what do we do? We get scrappy.
I am creating an ongoing series of all my tips and tricks. Ways to trim the sails and be sure your margins are as good as they can be, ways to get really clear about where your revenue is coming from so you can focus all your time on the most profitable activities, products and services. I’ll cover the basics of marketing, ads, what you need to think about before hiring a PR team, how to track your customer behavior, how to set traffic and revenue goals and actually achieve them, how to guide your team through this time and so much more. Most importantly, I want to be a resource to you as you get scrappy about your business right now.
Tell me what you are facing, what specific challenges you have, and let’s sort it together.
Each post this week and beyond will be dedicated to a specific topic, so look out for those. But before we dive in to specific tactics and approaches, I want you to start thinking about the most important part of being a nimble business in challenging times: How can you shift right now? What services or products do you offer that are needed most? What special skills do you have that you can offer to others to be of greatest service when they need it most? How can you take a physical service and turn it digital? How can you shift away from a physical product and provide an experience instead? Is it time to trim services and add new ones that are desperately needed right now?
These are the questions you should be asking yourself and your team. How can we be of service in these uncertain times? Even if your store had to close. Even if your events were cancelled. Even if you can’t virtually walk dogs. Dig deep. You created your business because you had vision. You are smart, savvy, and know how to get things done. Tap into that. Sit with all that you are and all you are capable of and begin to write out a list of all the things you can offer right now that are needed most.
And then get to work.