WHAT BUSINESS OWNERS CAN DO DURING THIS ECONOMIC SLOWDOWN

As a Business Owner, you are undoubtedly experiencing what most other businesses are experiencing: the feeling that the world is closing in. Each day can seem like a struggle when you’re trying to determine when the news will get better and how you might be able to keep your business operational.

Most businesses cannot prepare for a time like this because, let’s be honest, it is almost impossible to forecast the extreme scenario we are experiencing.

As we are currently in the beginning/middle stages of mandated business closures amid the COVID-19 crisis and the economic impact it is having, now, more-than-ever, it is important to take this time to develop a new plan of action for your business.

To that extent, many of you have posed the question: “What can I be doing for my business right now during this unprecedented economic downturn?”

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FIVE ESSENTIAL QUESTIONS EVERY BUSINESS OWNER SHOULD IMMEDIATELY (RE)EVALUATE

IF I ONLY KNEW THEN WHAT I KNOW NOW, I’D BE SO MUCH MORE SUCCESSFUL.”

How often have you had this thought? It’s easy to get caught up thinking about how successful your 20 year-old self would have been with your 40 year-old knowledge. Things would be clearer – different possibly. Regardless, you’d have a much better direction with what you wanted to accomplish because of your business experience.

Enter Stage Left: the Business Consultant. Consider him youth’s redemption. He is the bridge to your future – a combatant against the regret of costly mistakes. He is your mentor. Your confidant. He is like the sherpa to the mountain climbers of the Himalayas. Well, maybe not to THAT extreme, but you get the point.

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HOW I LEARNED BUSINESS SKILLS THROUGH REAL-LIFE APPLICATIONS (AN INTRODUCTION)

When I started working at Revrac Industries, Inc. (dba Stony Point Pharmacy) in 1998, I didn’t have the slightest inclination it would lead me to where I am today. It was intended to be a temporary position. I was to work for a few months as a Customer Service Associate while I went to college, but instead, the position turned into an almost twenty-year endeavor. With numerous promotions and generous wage increases, the CSA position eventually turned into the Director of Quality Management & Strategic Planning position it is today. This business experience has yielded a hands-on, real-world education in the small business world, and has provided me with invaluable knowledge.

Undoubtedly, there are a number of business entrepreneurs who do not have the business background or experience to know exactly what to do when starting (or even continuing) to operate in the small business realm.

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