What Business Owners Can Learn from the Coronavirus Crisis

With the coronavirus crisis creating a set of unprecedented challenges for businesses across the globe, small business owners — including franchisees — are increasingly looking for resources and insights to help them get to the other side of this crisis intact. But if there’s one positive that’s come from this experience, it’s the fact that technology has enabled entrepreneurs to share insights and connect with one another to educate themselves and establish best practices. 

According to Erin Joy, founder and CEO of Black Dress Circle, which hosts roundtables for female entrepreneurs, conversations between business owners are critical right now. She believes there are two things that are coming out of these conversations that every single business owner needs to have access to: information and inspiration.

“Business owners are truly working harder than ever before. Not losing our focus is what’s more important than ever. There are moves that business owners can make now that will be the difference between surviving the crisis or not,” said Joy. “There’s also so much information coming out, and it’s changing so quickly. Business owners should be connecting with each other and sharing information. Hearing advice from another business owner is super valuable because it’s from one of your peers.”

In addition to having conversations with other business owners, another thing that Joy recommends entrepreneurs do right now while stores and shops are temporarily closed is to prepare for things to get worse.

“The conversation that I’m having with every single person I speak to is about embracing the worst-case scenario. What we want to do now is deep planning, considering how devastated businesses could be by a major financial change. We need to get head of that now while we still have our wits about us,” said Joy. “I don’t want to see any business owner in the middle of the crisis, then having to strategically think about the impact of the decisions they’re making. It’s time to start thinking about what will happen if your income is cut by 50, 70 or 80%. Know what moves you’re going to make so you’re not caught in a financial disaster, while simultaneously making decisions that will cause you to experience an emotional disaster.”

Preparing for the worst doesn’t mean that small business owners should strictly focus on the negatives. Despite the challenges that the coronavirus crisis is presenting, it also is opening the door to a lot of creativity and opportunity. 

“I’m encouraging people to reach out and form alliances they didn’t have before. There’s no reason why you shouldn’t be getting acquainted with that Instagram influencer you’ve been wanting a relationship with. Everyone is experiencing the same pain right now, and people are open to new opportunities,” Joy said.

The current economic climate also allows entrepreneurs the ability to examine the ins and outs of their business and change anything that might not be working or relevant anymore. 

“It’s time to rethink the business that you’re in and the business model that you have. It’s time to think about what pivot you want to make for the long haul, not just to get you through this,” Joy said. “We’re going through a global reset, so we have the opportunity to think about what you would change if you could alter anything about your business.”

At the end of the day, it’s only the businesses that are remaining active and are shifting their strategies now that will be successful when this crisis passes. That’s why it’s important for leaders and entrepreneurs to be thinking ahead and anticipating what’s to come. And that can only successfully be done when small business owners remain positive and optimistic.

As Joy said, “I’ve learned that we can frame this thing that we’re experiencing in any way. I choose to frame it in a way that keeps me inspired, empowered and in action. If I feel good, people want to talk to me, and that energy is going to be very attractive and valuable during this phase. Any business owner who can be a calming force is going to be able to lead their company with a steady hand and model that for their peers.”