COVID-19 a horror story for small business or an opportunity?

COVID-19 or Coronavirus… it’s a term that just 7 months ago meant nothing to any of us. Fast forward to June 2020 and for many small business owners it feels like a horror story. I hear and read things like:

“I could just see the tidal wave coming, and I knew that we would go broke,”

“I didn’t see this coming, I don’t know how we will survive”

“Restrictions have closed my doors, what do I do now?”

There are plenty of blogs and stories out there highlighting how bad Coronavirus has been for business, and it has, it is heart-breaking to see businesses and families suffer. Among all the horror, anxiety and fear; there have been moments of clarity, innovation and incredible community spirit.

Here in the Illawarra a Facebook group has supported and promoted local dining venues pivot to take away options. With over 37,000 members the group allows local food providers from pubs to cafes and bakers to promote their special offers, delivery areas and opening times. It has been heart-warming to see locals posting their positive reviews and testimonials. People have shared photos, shared posts from pages into the group and commented to support local business. We’ve spent hours tagging and commenting the genuinely incredible small businesses in the group, showing support in every way possible. The community spirit showcased here has been incredible.

It has been equally wonderful to see businesses innovating. We’ve seen some of our incredible clients create apps, new products, hampers or hold online meetings to survive and even thrive through COVID-19. Innovation has become core to what these businesses do. To innovate these clients have sat down and thought about their ideal client and their lifestyle through COVID-19 and beyond. They have taken the time to understand how lives have changed and how they can help bring normality and even fun to customers lives throughout the pandemic.

The highlight for me as a business coach, accountant and business advisor though has been the clarity that the pandemic has provided. It has slowed us down, given us a chance to sit and reflect, provided more time with family, and connected people through technology. From online birthday parties, to home-grown vegetables, new hobbies and even the chance to bike ride as a family, there have been some benefits to Corona Virus. For business owners this time to get clarity is essential. It is easy to get caught up in your day to day business (and life) and not have a back-up plan, or a business continuity plan as they tend to be known. It can be hard to make the time to write a business plan, with goals and a vision for what you want your business to be. But this pandemic has highlighted the need to create a business that works for you and your family.

To recover from the effects of COVID-19 and thrive as a business (and a business owner) we are working with our clients utilise to use this new found clarity to set goals and plans that work for them. We are working through new visions, we are analysing processes and helping business owners to understand what isn’t working. We are even working on automations to save time and give business owners their life back!

We get it, Corona Virus has been a bit of a horror story in lots of ways but within the horror has been some beauty, innovation and clarity that can may just help the “new normal” to be a whole lot better than the old.

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Any advice in this blog is general in nature and is intended for information purposes only. For personalised advice please contact your accountant.