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What a Small Business Owner Should Do in a CRISIS

Gary Seibert • Apr 01, 2020

10 Suggestions You Can Use

I truly wish that in my 50-plus years of owning and running small businesses that I could come up with a situation similar to the one we are dealing with today, that my experience and words of wisdom would put you at ease. However, what is taking place right now is truly a first, and the impact is so far-reaching that I don’t believe anyone can tell you what to expect tomorrow, let alone, a month from now.

Below are 10 suggestions I would like to share with you based things I have learned over the years as our incredibly resilient nation has weathered crisis after crisis.

You did not cause the crisis. You cannot change what the crisis has created and you most likely have very little control over how it is being dealt with. However, you are still part of the crisis and you CAN control how YOU deal with it. Stay calm, Do Not Panic and help by playing a role in the solution. Keep your Faith and Pray for others as well as yourself.
Take care of your loved ones first and then, lend a hand helping others in need.
Follow the guidelines set forth by local, state and federal government. Breaking those rules may put others in harm’s way.
Check with your insurance carrier to see if you have business interruption insurance and are covered for natural disasters, emergencies, or loss of income.
Check with your accountant to try to determine what, if any, financial impact this crisis will put on the day-to-day running of your business. Do you have enough cash reserve to make it through the crisis? Will you be able to make payroll? Will you need to borrow money to stay in business for repairs, inventory or other needs?
If the answer to 5 is yes, then you need to contact your banker immediately to see if they will be able to help you with a loan and what information they will need to start the process for the loan.
Meet with your staff and be totally honest with them as to what you must do. If you need to lay them off for a period of time, help them apply for unemployment, if they need help. In time of crisis, consider your employees feelings, fears and concerns as well as your own as they are the ones that have helped you build your business. Support them in any way you can and stay in touch with them throughout the recovery. Don’t just be a boss, now you should also be a friend.
Now it’s time to be creative, think out of the box as to how you are going to get through this difficult time. Can you sell your products or services in a different way or to a different clientele? Should you offer special deals or price breaks? Should you reduce your hours? Could you take advantage of on-line selling and internet marketing to increase your client base? Could you start a clever social media campaign to drive people to you?
Now might be a great opportunity to connect with a mentor, consultant or trusted friends to do some brainstorming. Your thoughts might be clouded by all your dealing with and other perspectives may be just what you need to turn your crises into an opportunity.
Last but not least, DO NOT LOSE YOUR SENSE OF HUMOR. Don’t make fun of the situation but instead, lead by example by being an encourager. Your family, friends, employees, vendors and customers all are aware of the situation, the news media is there, every moment, telling everyone how horrible everything is. Be the shining light and the positive force that provides inspiration to others to look past the crisis into the future, even a better future.

These are 10 things I believe you can and should be doing if you haven’t already. Why? Because all these are things I learned from others as I experienced several crises over the years of growing my businesses. You can be assured we live in the greatest country in the world. We will overcome and be better!

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