5 Ways business owners can help themselves during the pandemic

We are a generation entering into our version of the unknown. Not in the last 70 years have we gone without access to all our wildest dreams, been free to explore the world without boundaries and have all the information we could ever use at our fingertips. COVID-19 has brought upon us our first real taste of adversity in many generations and so far, to be honest we are doing a very poor job of handling the situation in a positive manner. We could be reacting to this situation and seeing as an opportunity in the business world to better ourselves and our overall business models. Everyone is affected by this pandemic just like everyone was affected by the last pandemic and each one prior to throughout our history.

See article link below from The Economist: March 12 2020.


After reading this article we wanted to give our input on how business owners and entrepreneurs can help themselves to thrive after the dust settles to create a stronger business with economic viability.

5 Ways Small Businesses Owners Can Help Themselves

  1. Pivot

  2. Deviate from your business plan

  3. Adjust your 5 years earning projects to be more pessimistic

  4. Adjust your market and trend analysis statistics

  5. Prepare for potential need of additional financing

  1. Find new ways to market your business or product to consumers in quarantine

  2. Adapt your distribution networks and channels to limit personal contact

  • The Back Up Plan

  • If you don’t have an emergency plan or back up plan reach out to someone who can help you navigate your situation

  • Don’t re-invent the wheel but re evaluate your operations, overhead and cost accounting

  • Don’t be afraid to make the tough decisions

  • Lay your staff off and let them collect EI – better to have a business to come back to than an empty building

  • Reach out to your land lord and negotiate options

  • Blow out sale your inventory

  • What ever your back up plan/ emergency plan entails start to follow those steps and take some austerity measures personally

  • Take less income per month

  • Revaluate your personal spending habits  

  • Find out about deferred payments, insurance coverages, government assistance etc.

  • Communication with clients/vendors/staff is key

  • Press releases to on your social media platforms

  • Constant updates on closures

  • Change Your Marketing Budget

  • Online sales-

  • Offer discount codes, live auctions ,get an online quote/estimate system in place

  • Facebook, Instagram, Tik-Tok, Twitter Etc – utilize these to your advantage as everyone will be at home

  • Be creative but sensitive to the situation and plan events and future sales to bring consumers back once life begins to normalize

  • Focus on perfecting your product/ service/ craft  – R&D time

  • Build a how to catalogue to make it easier for your future consumers to navigate what you offer and how it can benefit your consumer