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On today’s WJR Business Beat, Jeff shares insights from a recently released U.S. Chamber of Commerce and MetLife Coronavirus Impact Poll. The survey shows that two thirds of small businesses are concerned about having to close again or stay closed if there is a second wave of COVID-19 in the fall.
Jeff shares more details from the survey, as well as three recommendations for small business owners and entrepreneurs who continue to battle for their businesses.
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Good morning, Paul.
Small business owners across America are confronting such uncertainty. We’re all so eager to return to some kind of normal and while that hope fuels us to keep pressing forward, it can also cause compromised decisions about when and how to reopen our businesses. And the price for being hasty is high as we are all now seeing the number of cases swell in many parts across the U.S.
And it begs the question about whether or not we are now dealing with this dreaded second wave of this crisis predicted to be worse than the first. Where is all of this going? When will it end? Will what we knew as normal now be changed, may be gone forever?
According to a survey released earlier this week by the U.S. Chamber of Commerce and MetLife that focused on the ongoing impact of the coronavirus on small businesses and their owners, two thirds of small business owners indicate that they are now concerned about having to close again, possibly, or even worse, just simply close permanently if the current pace of cases keeps up or even worse, trends upwards, once the fall season begins.
But entrepreneurs are a hardy bunch and many are fighting hard to do all we can to hunker down and prepare to try to ride this out and get to the other side of it.
And here are some key things that I see entrepreneurs doing and recommend that all of us do as small business owners as we take on this fight.
Number one, don’t panic about the uncertainty. Put simply, we face an uncertain future. That’s a given. Don’t focus on the long view right now. We simply cannot know what life and business will be like a year or two from now. Rather, take it day by day. Focus on survival, steady as she goes.
Two, be flexible. Be nimble. Pivot as required. The business you were in six months ago will be different from the one going forward. This is a given. Those that survive will be the ones that adapt to the new circumstances we all face.
Lastly, know that you’re not alone. We’re all in this together. We’re all confronting tough challenges, confusion, uncertainty and fear over what the future will bring.
Hang in there, entrepreneurs. We’re a hardy bunch and we’re going to do our best to get through this. And if we take it day by day, take it slowly and methodically and don’t panic along the way, we’re going to get through this. We’re going to get through this together.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.