With schools closed, travel halted, and borders shut, small business owners face significant anxiety regarding the impact of COVID-19. Yet, many women entrepreneurs demonstrate remarkable resilience.
Rather than succumbing to stress, these business owners are discovering ways not just to survive but potentially thrive during this challenging period. Here’s a look at their strategies.
Adapt and Connect with Customers
Businesses in the events, travel, and entertainment sectors have been hit particularly hard. Flexibility and innovative thinking are crucial for their survival.
Christella Morris, who runs Oakwood Photography in Toronto, is shifting her services to reduce dependence on large events. “I’m offering alternatives like in-home sessions, hoping that once the initial panic subsides, clients will feel comfortable again,” she explains.
Dr. Cody Gao, owner of The Movers Club in New Jersey, has adapted her exercise classes to one-on-one online coaching. “Even at home, people still need to stay active,” she emphasizes.
Kennedy Bramer, a strategy consultant, encourages her travel and restaurant clients to maintain a focus on future opportunities. “Momentum is essential; we need to keep pushing forward, as customers will seek out activities once things return to normal,” she notes.
Reduce Expenses and Optimize Payments
It's critical to review business expenses and eliminate unnecessary costs. Emily Traylor, co-owner of SWFL Print in Florida, utilizes her finance background to strengthen her business. “Our priority is our employees and meeting our debt obligations, which means re-allocating resources rather than cutting back entirely,” she states. Traylor and her partner have paused their salaries to support their team, ensuring they remain operational when clients return.
Samantha Ettus from Park Place Payments offers additional tips: “Ensure you're not overspending on credit card fees and avoid poor service that leads to long hold times.” She suggests reaching out to vendors for payment extensions, noting, “Some may agree, providing you relief when your own business experiences a slowdown.”
Invest in Yourself and Your Business
Many entrepreneurs are using this downtime to enhance their skills. With a wealth of online tutorials and business books available, this is an opportune moment to deepen expertise or learn something new.
It's also a great time to update your website, blog, social media strategies, and marketing materials. By refining existing content and preparing new material, you’ll be ready to hit the ground running when business picks up again.
Engage with Your Community
New business owners or those who have recently invested heavily may feel particularly anxious. Remember, you're not alone; there’s a supportive community of small business owners ready to help.
Angila Peters, CEO of Digitelle Creative, shares her experience: “As a marketing consultant who just secured a new office space, I have to manage my panic and focus on helping other businesses grow during tough times.” She actively contributes to a local Facebook group for women entrepreneurs, stating, “I aim to guide my community in staying calm and preparing for future opportunities.”
Concentrate on Manageable Goals
Psychotherapist Julia Hochstadt, of TherapywithJulia.com, advises focusing on essential needs during a crisis: “Prioritize food, water, and shelter.” For business owners, she recommends creating a practical plan for the coming days and weeks, emphasizing what’s manageable right now rather than overwhelming yourself with long-term projections. “Break tasks into smaller, digestible pieces to reduce feelings of being overwhelmed,” she suggests.
