If you’re like many small business owners, you’re probably astounded by how the world has changed in a very short time. While we can all hope that the pandemic is a once-in-our-lifetime scenario, the truth is there is a lot in life and business that is uncertain, and there are many important business lessons to be learned from COVID-19 responses to help plan for the future.
Yes, your business might have changed drastically in recent months. There is good news in that, too. It means your business is adaptable and that you can find ways to survive.
Here are three important business lessons learned from resilient businesses and business owners during COVID-19.
Resilient businesses are adaptable
You might miss the old ways of running your business. Missing the old way of doing things, however, doesn’t mean you have to hold firm to them. Operating a store online, allowing your restaurant to focus on takeaway, offering classes online, adapting your goods or services and letting employees work remotely are all changes that can ensure your business stays open after COVID-19 is over, and even save you money in the long run.
Resilient business owners plan ahead
While almost no one saw a pandemic coming, some experts warned about the possibility of a recession and how to prepare for it. Unfortunately, many small business owners limit their planning to a crisis that lasts only a few weeks, which is where they get into financial trouble.
Disaster can strike at any time and it doesn’t have to be a global pandemic. Having a healthy cash flow, a savings account with enough built up to cover costs for at least a few months and a plan for addressing recession scenarios will help your business survive tough times, whatever the cause.
You don’t want to be reactive to an emergency situation, because that’s when terrible decisions get made. Instead, plan ahead so you’re prepared and don’t have to make tough decisions based largely on emotion. Prepare for an emergency that lasts months, not just weeks.
Resilient business owners pay attention to what others are doing
In situations like COVID-19, business owners can learn from and help each other. Take a look at what others in your industry are doing and even look outside your industry for inspiration. Seeing someone move their services online might give you an idea about how you can provide yours remotely. Noticing how businesses similar to yours adapt can influence you to make beneficial changes to your business.
Reach out and talk to other business owners and to your customers, to find out how you can help them. At times like these, you aren’t alone in trying to keep your business operational. Everyone is looking for solutions and there’s a good chance you can help each other.
Global pandemics can devastate a small business and have lasting impacts on an industry. There are many lessons that small business owners can take away from COVID-19 to help them survive the next economic emergency. Being adaptable, planning ahead and paying attention to others can all help your business through any economic disaster.