5 Lessons Small Business Owners have Learned from the Pandemic
It’s amazing how much the world changed because of a pandemic in such a short amount of time. Countless business owners have been impacted greatly, especially small businesses. Though some decided to close their doors, others have found ways to overcome the economic hurdle. So what can business owners get from something so bad?
The silver-lining
There has been a significant societal and behavioral shift since the pandemic began earlier this year. This transition from the traditional 9-to-5 workday has had an impact on both organizations and individuals. Companies have restructured their operations, implemented new working strategies, and modified their operations.
Small businesses are finding—and embracing—opportunities despite the harsh business environment and accelerated rate of change.
What the pandemic has taught us
1. We’re not alone
The pandemic has shown that we are not alone. We are connected and communities have played an amazing role in building themselves back up by supporting one another.
2. What we do now will determine our future success
The pandemic has forced many business owners to look into their internal work procedures and operations; having them look at a different perspective to find out what will work best during these hard times. It has opened up many opportunities for positive change and for more critical thinking to stay competitive. Doing nothing helps no one but making sure that you assess the situation and plan ahead to achieve outcomes is going to push your company forward instead of stopping you in your tracks.
3. The future has already changed
The way we’ve been doing business has changed drastically. Your future plans for the company have permanently shifted to consider the impact of the pandemic on the community, economy, and your business. Most likely, you have also started implementing fallback measures in case something this big could ever happen again. Nothing will be what it used to be. Coming up with a plan for the future is your best bet to future-proof your business.
4. We can never over-prepare
Many business owners have realized how financially unprepared they are. Since the pandemic hit, the government has opened up ways for businesses to get assistance loans, but even this can be difficult for those who haven’t prepared their income and expenses taxes. Doing your taxed monthly or quarterly instead of yearly can keep you prepared.
5. This too shall pass
Although we don’t have a definite date for when the pandemic will end, this situation won’t last forever. People and communities have survived many pandemics over the course of American history. People are resilient and can overcome the devastation. Eventually, things will get better. So keep a stiff upper lip, stay optimistic, and work smart to achieve your goals.
“The pain you feel today is the strength you feel tomorrow.” - Stephen Richards
Silicon Harbor Business Services is based in Mount Pleasant, SC. We provide solid, practical advice to small business owners and select individuals. We work with Quickbooks Online, Quickbooks Desktop, and Quickbooks Enterprise.
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