Use this time critically

I HAVE have always had respect for small business owners and entrepreneurs. Whether they started their businesses out of a dire need for employment or had a vision and just went for it, it is brave and their hard work and perseverance deserves admiration.

We find ourselves in unprecedented times. Apart from the social impairments by not being able to have contact with our family and friends, our working lives also had to adjust to adopt to specifications in order to flatten the curve.

For small businesses, lockdown and subsequent restrictions placed on businesses have a monumental impact. However, entrepreneurs are known for determination, perseverance, creativity and tenacity. These traits are exactly what is needed in times like these.

Some of the most important aspects to focus on is ensuring you keep costs to a minimum while trying to find new, creative ways to keep your operations running. While doing this, you also need to strategise and be forward thinking on how your business can recover and be even stronger and, above all, to remain ethical and take care of your employees and customers.

Although keeping costs low has been important, there is no better time than the present to instil this practice. Most small businesses’ biggest expenses are salaries or wages and while it might be easy to lay off employees, it will definitely not be the best for the broader community.

Therefore, before laying off employees and starting a ripple effect of financial distress, start reducing other costs. As the majority of small businesses were started with little or no money, this is something small business owners and entrepreneurs can manage. Large corporations and financial institutions may be willing to negotiate payment terms or payment holidays; therefore, it will be in everyone’s best interest to contact suppliers and vendors for possible concessions. The second strategy is to find new and creative ways to keep operations running. Quite a few small businesses are shifting their production or services to help with aspects of the pandemic; for instance, clothing factories that have changed production to now produce masks. The most important part is to keep offering products or services, while adhering to social distancing rules. This is where the creativity of the small business owner or entrepreneur will come into play in a big way.

Most small business owners/entrepreneurs normally do not have the time to strategise where they want their business to go. Things are normally too busy, but now might be the perfect time to do that. Set out a strategy for your business, not only during the pandemic, but for years to come. How can you continue to grow and adjust?

Creativity and thinking outside the box are key, but educating yourself is as important. With all the online resources available, it has never been easier to access information.

Also, remember to still act ethically and treat your employees and customers well. This may not be profitable short-term, but people will remember who they could trust during this time and who should be avoided. This will serve you well in the long run.

All these things are definitely easier said than done. I get that. But resting on your laurels and sulking certainly will not help. We as South Africans, can get through this.