A year ago, had you asked small business owners what 3 things could put them out of business?, I would have bet a pandemic would not have been on their top 10 let alone their top 50 things. But a lot has changed in just over a year. According to the CFIB (Canadian Federation of Independent Businesses), it is estimated that 1 in 6 small businesses won’t survive because of Covid-19.
Pivot! Just pivot! That’s what your being told if you’re having challenges running your SME. It’s another one of those words that actually had value once upon a time. Now, it’s so abused that’s it’s nothing more than a throwaway statement by individuals who want to sound like they’re offering intelligent advice, but really aren’t. Realistically, most businesses can’t pivot.
If we’re to be honest, most individuals have a heck of a time coming up with one idea that they can get excited enough about to take the plunge.
This is a guest post by Dennis Geelen of Zero In.
Take a minute and think of a few companies that pop into your head that were once seen as leaders in their industry but, for one reason or another, eventually came crashing back down to Earth. Maybe they have since been surpassed and are no longer a household name. Perhaps they filed for bankruptcy.
I’ve been wanting to golf at a rural course for a number of years now. The reason is that this golf course now sits upon farmland that was once owned by two of my uncles. I had spent a lot of time of these farms as a kid growing up and I had only played the course once many years before and my memory suggested it wasn’t a bad little course.
Covid-19 is creating utter chaos for many small business owners. Fear is taken hold of many owners as they wonder what’s next? No one knows when or if they’ll reopen. Most don’t want to admit out loud what they are secretly thinking-bankruptcy. It’s just too difficult to fathom.
Making any kind of decision while under duress is never a good idea.
The outbreak of Covid-19 has got the world on lock down and many employees have transitioned to working at home. With that, many entrepreneurs are holding daily conference calls to keep teams connected.
The upside is many employees are having greater communication with their managers than they previously had. Unfortunately, many owners have never participated or hosted conference calls and in my conversations with participants, I’m hearing that many of these calls are bit chaotic and frustrating.
A few months ago, I finally did something that I had longed to do but just never got around to it. Not quite a bucket list item, but pretty close. That something was to drive a race prepared car on a closed road course. Calabogie Motorsports offers just such a program. The road course is just a hair over 5 kms that has 20 turns and enough of a straightaway to get you to question your sanity.
Shrink to greatness is a phrase I’ve often had to use when working with clients. To be honest, it’s rarely received well by those I’ve had to tell because everything we read about how to be successful in business says you must grow. So, this contrarian approach can be a little challenging for the recipient to accept as it goes against everything they’ve been led to believe.
What if, you had the chance of starting over? What if you could reboot your business? What would you do differently? Theses are questions that I regularly ask small business owners, especially when I come across those that are struggling, stressed out and unhappy.
The answers I get range from, “I’d hire better people” to “I would not have tried to grow so fast”.
Burnout is one of the leading causes of small business failures. The thing about burnout is that it usually gets justified as just hard work. Of course, entrepreneur knows that being self employed is going to require sacrifices and therefore, burning the candle at both ends is the price of admission to a better life. To that I say, yes and no.… Read More