How to Bankrupt Proof Your Business: 5 Biz Tips to Sustain Your Business During a Pandemic!
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The COVID-19 Pandemic has caused so much havoc to small businesses. Some businesses survived and some businesses did not survive. If you are one of the small businesses that survived, then you need to give yourself a pat on the back. You obviously made sure to have protections in place to ensure that your business survived during a crisis.
Aspiring Entrepreneurs who want to start their own business during COVID-19. We would like to provide you with 5 Biz Tips that will help sustain your business during a crisis. These 5 Biz Tips will benefit those Small Business Owners who are still in business during this pandemic as well.
5 Simple Biz Tips to Sustain Your Business During a Crisis or Pandemic:
· Biz Tip #1: Do not panic or get discouraged. Have a support system of fellow entrepreneurs, friends, and family who can keep you motivated and focused on sustaining your business.
· Biz Tip #2: It is good to have an accountability partner who is in business like you and who understands what it is like to operate a business during a crisis. Create an accountability check-in schedule with your partner to ensure that everyone is continually working on the growth of their business. With accountability check-ins, this gives you a platform where you can discuss the frustrations and headaches of running a business during a pandemic.
· Biz Tip #3: Flexibility is key to surviving a pandemic or crisis in your business. You must have the mindset that “change is good for business” and “business as usual doesn’t work at all”. “I think the real lesson here is making peace with the fact that your business could very well be a fleeting, time-compressed opportunity and shut down. It is kind of depends on how you define your ‘business’ – as an entrepreneur, it’s about continuing to evolve, make money, and succeed in any way, shape, or form possible.” (Source: 7 Business Tips for Every Entrepreneur to Survive COVID-19 by Stephanie Holloway. 07/14/20. https://hivelife.com/entrepreneur-survival-tips-covid-19/)
· Biz Tip #4: Small Business Owners should get assistance from their local government agencies that focus on small businesses. Also, you can get assistance from institutions that provide services to small businesses and entrepreneurs. “Governments around the world are already putting together initiatives to support small business owners, and this is something that is evolving on a daily basis. Be up to date with how your governments can help cut costs, as well as other important institutions, such as banks who also have a social responsibility.” (Source: How Your Small Business Can Survive The COVID-19 Pandemic by Shazad Bhatti. 03/29/20. https://www.entrepreneur.com/article/348365)
· Biz Tip #5: During this pandemic, Small Business Owners should have a meeting with their Business Dream Team: Lawyer, Accountant/Bookkeeper, Banker, Insurance Agent, and Business Coach/Educator. These meetings are necessary to ensure that you have updated legal and financial protection for your business. Your business finances should always be updated. Entrepreneurs must ensure that they have updated insurance for their business. An attorney will ensure that you Cover Your A$$ets while in business. A Business Coach will help the business owner develop a plan that will assist with diversifying the revenue streams for their business.
Think of COVID-19 as just another bump in the road of business ownership. The key to surviving a pandemic, like COVID-19, as a business owner is learning to be flexible and understanding that change is always good for business.
Sources: 1. 7 Business Tips for Every Entrepreneur to Survive COVID-19 by Stephanie Holloway. 07/14/20. https://hivelife.com/entrepreneur-survival-tips-covid-19/
2. How Your Small Business Can Survive The COVID-19 Pandemic by Shazad Bhatti. 03/29/20. https://www.entrepreneur.com/article/348365
Donya Zimmerman’s alter ego is the Powerful Biz Woman. The Powerful Biz Woman mission is to encourage and educate women 35 years old and older to become the CEO of their own lifestyle through business ownership. She is a business educator, author, show host, and public speaker. Donya has created the Powerful Biz Chat Live Show that airs on Facebook Live. Donya discusses everything Business Startup and Entrepreneurial Mindset. Powerful Biz Chat Live airs three times a week at 800 pm. Donya has started a movement, along with her business partner, Alina Lopez Thomas, the Ultimate Biz Conference. The mission of the Conference is to educate aspiring entrepreneurs and small businesses on how to cover their a$$ets while in business. For more information on The Ultimate Biz Conference, subscribe to www.ultimatebizconference.com to stay up to date on UBC events.
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