It’s an unprecedented time in our world these days and industries across the globe are trying to figure out how to navigate this unchartered territory. Startups, especially, are treading water working hard to stay afloat during the uncertain weeks ahead but it’s important to remember one thing: we’re all in this together.
If you’re a startup founder or a small business owner, it’s important to batten down the hatches as early as possible and prepare your vessel for the rough waters that may lie ahead. Maybe the storm passes and there’s nothing to clean up but when the rough times come it’s better to be prepared and have your things in order so you can weather it rather than not taking any precautions and trying to battle through it with your windows wide open. Here are five things you can do to prepare:
Talk with your team: Your employees are the crew of your ship and they need to know what’s going on so that they can effectively aid in the precautions you will take. Transparency is key and your team will appreciate the honesty. You may have to make some hard decisions; many businesses have already temporarily laid off some employees while others are getting used to working from home. Whatever decision you make, be clear with your team that you appreciate them and that you will get through this together. It might not be easy, but it could avoid you a lot of hardship down the road.
Contact Your Banks and Loan Officers: Programs are already being put into place to give small business owners relief during the pandemic. Whether it is postponing principle loan payments or making new loans more accessible, the government has made it clear that it is working to help you. Get in touch immediately with your contacts who can give you more information. Even if you think that you don’t qualify, it doesn’t hurt to reach out and see. This is the equivalent of boarding up your windows and ensuring you’re protected from the future storm. You might have enough funds in the bank right now to cover all your payments but no one knows how long this will last so it’s best to take any precaution you can to safeguard your ship while you can.
Stay Calm: The best sailors are the ones who stay calm and lead with a steady hand. Is it a scary time? Yup. Is the uncertainty bound to make you lose sleep at night? Most likely. Will freaking out and losing your cool ensure that your business survives unscathed? Definitely not. This is one of those business and life tests we have all learned about and stressing out, losing sleep or getting mad at those around you will not only ensure you are taking precious time away from protecting your business but will also make your team and loved ones much more nervous than they should be. It might be hard to stay calm but if you do you will surely have a much clearer mind when creating your strategy.
Think Ahead: This is the best time to think ahead to the future. It’s important to stay positive and envision yourself and your startup coming out of this pandemic on the other side. Now is the time to make plans for your business and strengthen your processes. No one knows how long this storm will last so it can help to create a short, mid and long term plan in the case of each. Ideally, the curve of the pandemic flattens out and we can all get back to our livelihoods in no time but it’s also smart to create a plan in the unfortunate circumstance that it lasts a few months. What kinds of alternative revenue streams do you have? What kind of content can you be stockpiling? What kinds of updates can you make to your processes so that you can flourish on the other side? There might seem to be a shortage of work around the world but you know as a business owner that there is never truly a shortage of work when you’re working for yourself.
Stay Safe and Healthy: As the captain of your ship, you need to stay healthy and that means making tough decisions. Skip in-person meetings, work from home, cancel travel and avoid events. While it has now reached the point of many of these suggestions being evident as governments across the world urge for social distancing, now is not the time to be an over-achieving entrepreneur trying to get your ship to shore before the rain comes. Listen to public health officials, self-isolate and stay safe. Getting sick at a time like this because you’re trying to do too much and not listening to officials will not be good for your startup down the road.
As we all navigate our ships together in the rough waters that lie ahead it’s important to remember that many of us have never been in situations like this before. It’s important to be kind and to help each other however we can. We might be scared, maybe mad, perhaps discouraged but amid the growing uncertainty that Covid-19 is wreaking on our lives, our families and our businesses, it’s important to remember that we are all in this together and that eventually the storm will pass and we will all rebuild as one.
by Shannon Ferguson