Smart Business Owners Are Flocking to Business Advisors
While some business owners are throwing up their hands and sinking, others are flocking to business advisors like me.
I've spent many hours these last few weeks wading through all the new legislation trying to understand how this affects businesses, and there is some good news. For example, did you know that small businesses with under 500 employees can recoup much of the sick leave costs related to the coronavirus almost immediately?
Minimize the Impact on Your Business
While I can't wave a magic wand and make people flood back into stores, there are things that most businesses can do to minimize the impact on their bottom line. Unfortunately, many business owners won't reach out for help, and many will close their doors, not even realizing what resources are available.
There's a reason why every public company out there has a board of directors. The best leaders don't let their egos get in the way of gathering ideas from others, and once they create a team, their businesses pick up steam.
Smart Business Owners are Adapting and Planning
I signed up a famous tattoo artist today. He is using this period of downtime to get his books in order and start planning for when he can open back up. We'll be working through the math behind adding employees, creating advertising plans, and getting everything set up correctly.
A month from now, when everything opens again, I can almost guarantee that he'll be light years ahead of his competition because he took this time to invest in his business.
Another owner I was talking to converted his pressure washing business into a sanitizing service. His company is booming, and he's hiring people rather than firing them right now.
Getting Ideas From Multiple Sources is the Best Way to Grow
I've been in constant contact with my advisors, who are feeding me information practically faster than I can digest it. Yes, even business coaches have advisors/coaches. Getting ideas from multiple sources is the best way to grow.
Rachel, a CPA who is a friend of mine, put it this way, “Coaches get bashed all the time, and it's not fair. Almost all of my clients who make more than 300K HAVE a coach- especially the younger ones!”
If your business isn't exactly where you want it to be, I strongly encourage you to reach out to an advisor. Sometimes a few conversations are all it takes to light the afterburners.