By Kathryn Porritt
The financial impacts of COVID-19 are yet to be fully seen, but small business owners and entrepreneurs across the world are already seeing major impacts to their businesses. Many are scared, wondering what options they have to economically survive this time.
There are ways for businesses to survive – a business can even thrive during an economic downturn. It doesn’t matter if it’s a small business with less than five employees or a large corporation with 50,000 employees. Economic thriving is possible, even amid COVID-19.
Here’s how owners can create economic thriving:
Lead with Authority
Now is the time for owners to lead with authority. This time of transition and transformation can be a positive, powerful one if leaders show up for themselves and their businesses. Both their employees and their audience will feed off of the energy they show up with and produce. So, owners need to be the powerful leader and spokesperson who shows up for their team.
It’s a key time for business owners to brainstorm ideas, both with their niche audience and with other business owners. The creative ideas that this process produces will allow an owner to figure out how to creatively pivot and shift their offerings to meet the needs of their audience. These ideas will help them navigate the rough waters with more ease and come up with their most creative offerings.
Unfortunately, when times of chaos and crisis hit, many business owners start to fall into the trap of a scarcity mindset. This is the exact opposite of what needs to happen. Instead, this is a prime time to really think big, and outside of the box. Owners need to take the time to get crystal clear on their business goals and re-outline the steps needed to achieve them.
Know the Message
A businesses’ message and attitude need to remain positive. The message of a business can cause a ripple effect, from top down, so it’s paramount that owners find gratitude in their business, its offerings, and for their audience market. What is the key message that the business wants to promote? And how is that creating a positive impact in the market the business serves?
Own the Position of Authority
Now is a business owners’ time to shine by owning their authority in the marketplace they serve. Don’t be shy! This is the time for them to show their audience and the public why they deserve to be a market leader.
More than ever, it’s times like these that connection is paramount. Business owners need to be connected to their market, their audience, and also their friends and loved ones – so that they can rest and recharge. Technology makes it possible to connect in a variety of ways, so take advantage of it!
Business owners can now take up their position of authority, own their expertise and lead powerfully. The world is craving positive, insightful and creative leaders with engaging solutions. Business owners need to take a slight pause, step back, and realize the opportunities before them. Instead of caving to fear and market unrest, they need to be pushing forward toward their goals. Just because the way to reach a goal may have changed for the owner, doesn’t mean the goal itself has changed. And, above all else, owners need to remember to rest and take care of themselves, so that they can continue to lead from the front.