The Coronavirus outbreak has created a great deal of discomfort, uncertainty, and a near-total disruption for the small business economy. We are faced with a perfect storm and so many unknowns. No matter the amount of instability and uncertainty, this is an opportunity for entrepreneurs and small business owners to do some introspection and adaptation.
Introspection can reap benefits. Reflection can tell us a lot about some of our business practices have and have not served us well. These lessons learned show us how to do things better in the future.
Now that we are gradually reopening, adapting to the new normal is a must. We must move forward cautiously while seeking optimum workarounds to serve and win customers.
Do some research into how your customers are dealing with COVID-19 and how you can reach them in new and better ways. Tapping into those unmet needs or unsolved problems are great ways to start a new business or adapt an existing one.
A business should always look at ways to reimagine, reinvent, or simply reset itself. Relevancy and compatibility to the current state are essential to operating under the going concern premise. This is often a hallmark of small businesses, and the entrepreneurs behind them, is the ability to “turn on a dime” to find new opportunities. Another hallmark is a fighting spirit. Keep at it. Keep looking for the silver lining, no matter how detrimental COVID-19 has been and is, this is also an opportunity.
Every business, no matter the size, must be ready for any storm! Just remember, you are not alone in this. The SBA has many resources just for you. Whether it is starting, expanding, or recovering, we got your back. The SBA can help you reset and chart the new course for any storm. Visit us at sba.gov/va and we will get through this together!
Contact Martin Short, Jr. at firstname.lastname@example.org or call (804) 253-8270.