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5 Lessons Small Business Owners Should Learn From the Pandemic

Posted: 22 Apr 2020 07:10 AM PDT

If you’re like me, you’re a bit stupefied at how the world has completely changed in a few short weeks. And you dread what it’s going to look like once the threat of coronavirus dies down. So many small businesses have been impacted, and the small business landscape is going to be forever changed.

I’ve had my moments of despair, as have we all, but I find myself looking for the silver lining. There are always lessons to be learned in chaos; it’s up to us whether we heed them or not.

1. We’re not alone

I was laid off a few weeks ago as a direct result of COVID-19. It stung. It felt like being broken up with in a relationship that had been completely healthy and happy.

But I am not angry or bitter, though it would be within reason to be so. Why? Because I know I’m not alone—20% of my company was laid off. Millions of other people have been laid off, furloughed, or seen a reduction in the number of hours they can work.

We’re all panicking. We’re all afraid of how we’ll make ends meet.

Because I’m also a business owner, so I see the other side as well. The few clients I’ve kept have asked for a temporary reduction in rates. Do I give it to them and be glad to make some money? Or say no and make none? You might be struggling with the same decisions.

This pandemic has made me keenly aware of how connected we are. There’s never been, in my lifetime, something that has impacted every human on earth like this has. There is some comfort in that, in knowing I’m not the only employee laid off, nor the only business owner struggling.

2. What we do now will determine our future success

What are you doing right now in your business? Are you curled up in a fetal position, waiting for things to get better, or are you proactively finding creative ways to market your business? Are you mired in the process of applying for financing, or are you also keeping an eye on how you can keep employees working?

It’s scary. We can agree on that. But doing nothing isn’t going to help the millions of small businesses in this country weather this. We’ve got to be proactive about planning for right now—even if that means veering off of the business plan path—and also think about how we need to pivot for the future.

3. The future has already changed

Speaking of the future, we keep talking about how we hope things will get back to “business as usual” soon. But the truth is, things won’t be “usual.” Not for a while. Maybe not ever. I feel sick to my stomach when I think of how many businesses will shutter because of COVID-19, never to open again. Entire industries will change how they operate.

The way you’ve been doing business? That probably needs to change. Thinking about that now will help you come up with a plan for how those changes will happen.

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One good thing that’s come out of all this is that many businesses have learned how to operate remotely. At my former employer, we had a customer service team that was held to strict financial industry regulations and had to operate behind a locked door because of the access those employees had to sensitive customer data. And yet, thanks to the crisis, the company figured out how to encrypt that data so that team could work from home and continue to help customers.

So maybe there’s been a silver lining in this for you as well. Maybe you now know that you can have a distributed workforce, which can save you money. Maybe you can offer working from home as a perk to new hires. Use this glimmer of hope to change how you operate for the better.

4. We can never over-prepare

No one could have seen this crisis coming. But what could we have done if we had foreseen it? Last month, I wrote about what a potential recession would look like, and how we could prepare for it. I think keeping that advice in mind is good any time, especially given that we now realize that we can’t always predict disaster. But we can, at least marginally, prepare for it.

A lot of business owners are realizing exactly how unprepared they are as they apply for SBA loans. I have friends that only input their income and expenses once a year for tax purposes who are now scrambling to tally those numbers for their loan applications. That’s a great example of something you can do monthly or quarterly so that your finances are shipshape, should the worst happen.

5. This too shall pass

I tell myself this every single day. Things suck right now for most of us. Many of us are stuck at home with kids who are climbing up the walls. We might not know how we’ll pay next month’s bills. We’re even limited in being able to get out and enjoy the great outdoors if it puts our health in jeopardy.

But this will be over soon. Think of those who survived the Great Depression. Or World War II. Or 9/11. Name your devastation, and they all have one thing in common: eventually things got better. Yes, the trauma and financial impact may live on longer, but we will survive this. We’ve just got to keep positive and know that good things are coming.

RELATED: Marketing Your Business in a Coronavirus-Affected World

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Want to Write a Business Book? Follow These Expert Tips

Posted: 22 Apr 2020 05:25 AM PDT

Writing and publishing a book is no small feat. It requires time, dedication, and a lot of patience. Plus, beyond the excitement of seeing your name on a cover, having your own book can also establish you as an expert and leader in your field.

So what should first-time authors keep in mind before they start writing? To find out, we asked members of Young Entrepreneur Council (YEC) the following question:

Q. What is one particularly important thing for entrepreneurs to remember when they are looking to write or publish their first book?

1. Have a strategy

The important thing to remember for entrepreneurs looking to publish their first book is that publishing a book is as much about having a promotional strategy as it is about writing great content. Publishers want you to have a clearly defined audience, a PR strategy, and an audience or mailing list in place when you come to them. —Amine Rahal, Little Dragon Media

 

2. Test your idea first

Writing a book is still one of the best marketing tools around. However, it also requires a lot of time—the one thing an entrepreneur does not have a lot of. Before you sketch out hundreds of pages, find out if there's an interest in your idea by blogging or writing short articles. The comments you receive will give you a quick indication of the interest in your topic. —Blair Thomas, eMerchantBroker 

 

3. Offer value

Make sure that whatever content you put out to your readers offers them value. If there’s no underlying message to take in, then all it is is a story without substance. Teach your readers a lesson, and they’ll keep coming back for more. —Stephanie Wells, Formidable Forms

 

4. It’s going to be more work than you think

Everyone I know that has written a book says the same thing: it was way more work than they ever realized. It is also incredibly rewarding work. Be prepared to put in the work. Be prepared for unexpected obstacles and frustrations. Be prepared for it not to sell. Do it anyway. It will take perseverance, but it will be worth it. —Reuben Yonatan, GetVoIP

5. Speak your truth

Your audience wants to know your story. They want to know how you got where you are, and they want to know all the obstacles that you encountered along the way. There’s no good story without conflict, so be very sincere when telling your story—tell your story raw. People will relate to the challenges that you went through and will find inspiration in knowing how you overcome them. —Alfredo Atanacio, Uassist.ME

6. Grow your personal brand

There’s nothing quite as satisfying as seeing tons of people buy and love your new book. The problem many entrepreneurs face is they don’t focus on building their personal brand before publishing their work. If no one knows you exist, there’s a slim chance people are going to clamor in excitement over your new book. Build your network on LinkedIn and a personal brand website. —John Turner, SeedProd LLC

7. Hire an editor

Hiring an editor is a crucial step when writing a book. Even if you are a wonderful writer, they are the outside ear that can confirm the messages you are attempting to get across are clear. Do not put the burden of self-editing on yourself. Bring in an expert to help make your book shine. —Rana Gujral, Behavioral Signals

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8. Write from your experience

Make sure you really know what you are talking about. Make sure you carefully research and self-evaluate your experience. This way your book will have a clear value to communicate. —Nicole Munoz, Nicole Munoz Consulting, Inc.

 

9. Have a unique story

Every entrepreneur with a social media presence is writing a book now. It’s getting to the point where way too many authors seem to be selling a “secrets to the trade” rather than how to actually succeed in their business. Be sure you can offer a unique and entertaining story based off a successful background before you even think about publishing a book. —Andrew Saladino, Kitchen Cabinet Kings

 

10. Create an amazing outline and proposal

When I wrote my book, organizing my thoughts was my biggest challenge. Authors are overwhelmed at the thought of putting 10,000 words on paper, so creating an outline is very helpful. Even if you are self-publishing, you’ll want a proposal to show an editor and keep you focused. I took my 20-chapter outline and pretended they were 20 amazing blog posts, written over two years. —Matt Wilson, Under30Experiences

11. Take advantage of social media

While you’re writing your book, be sure to include parts that redirect all your readers to some of your social media profiles. That way, they will be able to connect more deeply with you, and your audience will continue to grow. —Kevin Leyes, Team Leyes

 

12. Build an email list

Writing a book takes time and effort, so the last thing you want is for no one to read it. That’s why you need to promote your book early, and the easiest way to do that is by building an email list—an email list is a great way to get the word out about your book. Plus, if you build an email list before you start writing, you can find out exactly what your subscribers are interested in. —Thomas Griffin, OptinMonster

13. Get an accountability partner

Having published two books on Amazon, I understand many of the headaches of publishing and the process. The best piece of advice I have is to assign an accountability partner to keep you on schedule. This partner can also be your editor, but an accountability partner should also be working towards a goal. Map out the boundaries of the partnership and timeline, then motivate each other weekly. —Matthew Capala, Alphametic

RELATED: How to Create a Best-Selling E-Book

The post Want to Write a Business Book? Follow These Expert Tips appeared first on AllBusiness.com. Click for more information about YEC. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.
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