What Do I Do Now?!Re-Opening After the Covid-19 Pandemic
Over the last 8 weeks, I have talked with hundreds of business owners. They have applied for the SBA’s PPP loan program, the EIDL loan program and numerous community and traditional loan programs trying to secure capital to keep their business going through this season of mandated business shutdown. No one can understand the financial, let alone emotional impact this has had on every business owner.
As each community decides when to begin opening back up each business owner will ask themselves What Do I Do Now? What has changed in the market and how will that impact me? Will my goals and purpose need to change? What will my revenue and expenses look like? If I need capital to operate, will my bank continue to fund me? What will my strategy be now?
All these questions are very real and can be overwhelming. Know you are not alone and there are some wonderful and caring business advisors that will walk with you through this season. You just have to find them. As a career commercial banker and strategic business advisor here are a few suggestions to help you navigate through this time in your business:
1. Remember your identity. Don’t allow fear to paralyze you. Fear is False Evidence Appearing Real, and it can be overwhelming. Remember all the things you have overcome in your business and the inner strength you have that got you were you were before March 2020. The Covid-19 and the necessary shelter in place/economic shutdown does not get to define who you are.
2. Be proactive. In addition to remembering your identity, being proactive is not allowing your situation to determine your future or that of your company. You are strong, intelligent and have amazing ideas and you control the outcome of your future and that of your business.
3. Be creative. Throughout the assessment time-frame of the pandemic we have seen example after example of business owners’ creativity in selling products and services to clients and generating new revenue streams. Every business owner is creative by definition and you have it in you.
4. Establish a relationship with a trusted business growth advisor. If you do not already have one, there has never been a better and more critical time to establish such a relationship. The key elements to a strong business advisor relationship are:
1. They advocate for you with no conflict of interest. They care about your success. 2. They have proven experience across numerous areas to help you navigate through the issues that will arise. 3. They are honest about the reality of things and operate with a Do No Harm philosophy. 4. Their value is based on defined expectations, i.e. compensation is based on real metrics.
There are many great business growth advisors here in the Tulsa area and across the country that I would be honored to connect you with. Costs for them can range from free and up. I would love to connect to see where I can add value and help you through this season.
Let’s Do This! Please call or text me at (918) 970-0790 or better yet, let's be proactive and intentional and set a time that works for your schedule: Let's Meet!
Thanks for all you do for your community and our country!