COURTESY OF GROW
Keeping Calm in the Storm:
Navigating Your Small Business in Uncertain Times
T
hese are trying times for everyone, both emotionally and financially. Small business owners are experiencing extreme pressure due to the lockdown on consumer activity, but we will get through these times with some important concepts for to keep in mind.
How You May be Feeling
Uncertainty can prompt a variety of feelings, few of them good. Fear and frustration top the list as small business owners struggle to plan in the face of a lot of unknowns. Yet it reminds us of the important things in life like our passion for family, friends and the activities we love. As a small business owner, perhaps these were the reasons you started your business — to bring your unique talents to the world in service to others while providing for your family. These motivations guide us in life, not just business. Pandemics and economic swings won’t change that. Let these motivations strengthen you as you face down the challenges of uncertainty.
Ways to Tackle Uncertainty “We’re all adapting to changing circumstances for ourselves, our families, our businesses and our community. Be sure to give yourself grace and take a break from the news, work and your own thoughts. Take care of yourself mentally and physically.”
difficult times. Don’t resist it but don’t let it control you either. Acknowledging it with a sense of detachment helps keep you on top of things. Get clear about what you can control and what you can’t. A major source of stress is worrying about things we can’t control. It may be helpful to list what you can control in one column, what you can’t control but can influence in another, and what you can’t control or influence in a third. Focus your energy on the first two columns and only think of the third column in terms of best case, medium case and worst case, but don’t obsess over it.
Plan
Planning allows small business owners to be decisive and nimble. One can’t account for every possible scenario, and a global pandemic and economic downturn was unlikely on anyone’s radar. However, some of the concepts from wise planning — lowering costs, maintaining cashflow, reaching customers in different ways — still apply.
Be kind to yourself; it’s normal to be stressed. It’s not uncommon to beat ourselves up for feeling anxious or stressed. It is perfectly normal to be worried in
– Bonnie Nawara, CEO of GROW.
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Women’s LifeStyle Magazine • May 2020
