Maybe it is good riddance to 2020. This has been a difficult year for all and in particular many small businesses – especially retail, in person services, and restaurants. While it has been a hard year, lets take a few minutes to reflect on anything positive and steps we can take to set ourselves up for a more positive 2021.
1) Give thanks and reflect on the positive – Maybe you had more time to spend with friends and family. If not in person, maybe through more frequent calls or via Zoom. For any customers and suppliers that supported you or maybe gave flexible terms be sure to show them appreciation. Did you take time to invest in yourself – learning new skills, exercising? If not – what’s holding you back from starting today?
2) Cash is king – Anything you can do today to generate or conserve cash is critical. Are you brainstorming with your team or others in your industry on what you can do now to be able to sustain your business? This shutdown is unprecedented, and no one can give you the recipe for success. It truly will be a test of creativity and thinking outside the box. Think of restaurants that had built outside pods to try and sustain the business. What can you deliver in a different way that will sustain you until we return to normal? Note – we will talk more in a future posting but – conserving cash can also include making a purchase to replace aging equipment, software, etc that will have a quick ROI to reduce maintenance, energy costs or ensure you do not make the news being hacked. Think in terms of 90 days ROI that will immediately lower longer term expenses..
3) Focus on what you can control – In difficult times – it can be hard to focus on the positive or the future. Now is the time to exercise your leadership skills and create a new path forward. Are you still working off a plan you built late 2019 or early 2020? If so, now is the time to regroup and see what is or is not possible. So much has changed, and it will not be an evolution but a revolution of the past plan. Define what success looks like to you today – not the past and frame it on your specific situation. Do not set unrealistic comparisons with anyone else. You may need to make some very tough decisions.
Think through
No one I have spoken with has any experience in coping with what we are all dealing with. Shutdowns, reopening, and shutdowns again. The unpredictability of the environment around us is impossible to predict. Personally, I expected we would have been open for business by July 2020. Despite unpredictability, some small businesses have found ways to innovate. This includes fitness with outdoor classes, restaurants pivoting to delivery, or curb side pickup, and entire meals for the holidays. What is uniquely under your control that will help you get a jump on 2021? It has been a tough year. Be sure to show gratitude to those around you.
Feel free to post comments or email them to me. Small Business, Big Lessons ® – What is under you control that you can take action on for 2021?
Small Business
About the Author:
Gregory Woloszczuk is an entrepreneur and experienced tech executive that helps small business owners grow their top and bottom line. Gregory believes in straight talk and helping others see things they need to see but may not want to with a focus on taking responsibly for one’s own business. He and his wife, Maureen, started GMW Carolina in 2006.
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