Many small business owners have had to learn several lessons over the last seven months, due to COVID-19 and the ever-changing economic conditions.
As we all know, since March, many small businesses have had to temporarily close and then open in phases. Other small businesses have decided to close their businesses permanently. While others may not have had to close at all, due to the nature of the business.
One thing in common for sure that all these small businesses and their owners’ have is that they all have had to adjust in one way or another. The adjustments small business owners have had to make to name a few, have been finding new ways to conduct business, implementing new policies, being flexible, working on a leaner budget, and most of all, adjusting to stay healthy.
As a senior business adviser for the University of Houston-Victoria Small Business Development Center, I have seen the obstacles that small businesses are going through and facing each day. I have also worked with many small business owners to find ways to continue operations and stay in business, as well as making small business owners aware of the financial resources available, such as those provided through the Small Business Administration.
With this being said, several lessons have been learned during this time in all our lives. Let’s discuss five of those lessons that small businesses have learned.
One lesson learned for small business owners has been that they are capable of change and that they can get through it. Sometimes we resist change because change can be hard. But, one thing for sure is everyone has had to make changes in their lives and continue to be able to be flexible.
That brings us to the second lesson learned, which has been learning to be flexible. Many small business owners have learned that some work can be done from home, that business could be conducted virtually, and allowing flexibility for employees.
The third lesson learned by small business owners is that employees are a small business’s greatest asset. Through the last seven months, many small businesses have worked hard to keep their employees and make sure they stay employed.
The fourth lesson learned has been operating on a much leaner budget than what they are used to operating on. Many small businesses have had to adjust, due to a reduction in revenues and changes caused by the pandemic.
The fifth and final lesson many small business owners have learned is that things can change overnight and we should have a contingency plan in place. A contingency plan is a plan that you put together to deal with unforeseen circumstances and be able to deal with them swiftly.
Other lessons could be listed, but these are five lessons that I believe needed to be highlighted. Small business owners are resilient and will continue fighting to keep their businesses going because for many, this is their livelihood and they know that they have many others that rely on them, as well.
Our center seeks to reach out to all small businesses in our eleven-county region. For more information, contact the UHV-SBDC at 361-485-4485, or [email protected] Mark Martinez, MS-EDE is a Certified Sr. Business Advisor with the UHV- SBDC and can be contacted at [email protected]
