How to Navigate Your Company Through Difficult Times

Nikki Carlson, ChicExecs Marketing Agency’s Co-Founder/Co-President, shares how to take matters into your own hands, and adjust your business for survival on Forbes blog.

As we’ve seen from the recent fallout of COVID-19, small businesses are at the mercy of the global economy. Business might be great one day, and in the span of 24 hours, you could lose your entire customer base due to catastrophe. These hard times aren’t forever, but even so, small business owners know all too well how hard it is to keep the doors open in a downturn. Fortunately, you don’t have to sit back and watch the world implode. It’s hard to think straight when you’re under so much pressure, but now isn’t the time to give up. Fight harder for the business you’ve built.

Follow These Five Tips to Stay Afloat During Difficult Times and Build a Brand that Lasts:

1. Look for opportunity. If you’ve lost your livelihood overnight, it’s understandable to feel scared, mad and confused. But don’t dwell too long on what’s going wrong: Now is the time to focus on solutions.

2. Pivot your product. Maybe this difficult situation has made you realize your products just aren’t relevant anymore. This is your chance to try something new.

3. Tackle nagging tasks. If it doesn’t make sense to pivot your brand, you might feel stuck for the time being. If you have a small team, low costs and a healthy savings account, it may be best for you to ride out the storm.

4. Give back. In the event of an economic downturn, your business is hurting, but you aren’t alone. Charities, other businesses and people are also hurting. If you have the resources, use this as your opportunity to give back.

5. Connect with other business owners. You need to lean on other business owners who are in the same boat. When you surround yourself with other positive, motivated business owners, you can tackle trying times with a heartier attitude that gets results.

Read Nikki Carlson’s full blog for more ideas on how to navigate your company through difficult times.