5 Ways to Manage Your Small Business During Hard Times

It will never be simple to run a small business during difficult times. But when you prioritize taking care of yourself, it does get a bit easier.

1. Recognize the impact of current events. We don’t have to be personally affected by a disaster to feel its impact. Whether you’ve lost someone close to you or you’re feeling overwhelmed by something happening on the other side of the globe, your feelings are valid. You’re allowed to feel however you need to feel during this time.

2. Slow down and reprioritize. Give yourself permission to slow down and reprioritize in your business. Complete the tasks that must be done in order to keep your business afloat, but don’t feel pressured to create new products, start an intense launch cycle, or take on more clients if you don’t need to. Focus your energy on what’s most important, and then give yourself time to rest and recover.

3. Be transparent with your audience and team. People are much more empathetic than we give them credit for, especially in the small business world. It can feel unprofessional or uncomfortable to open up with your clients or teammates, but that kind of transparency inspires understanding and mutual respect. The next time your client is behind on a deadline because of a family emergency, they’ll be more likely to keep you in the loop.

4. Use your business to do good. Making more money in business can allow us to make a real positive impact in our community. If you’re particularly touched or impacted by something happening in your community or beyond, donate to causes you care about. If you have some extra time and energy, volunteer for a nonprofit. Find a way to give back and make a difference in the world–because when you do good, you feel good.

5. Give yourself grace. Above all else, give yourself grace. Your work might not be 100%. You might tire more easily. You might need to take a mental health day (or several). If I had to guess, I’d say you started your business for more freedom in your life. There’s no better time to take advantage of that flexibility.

For more insights on how to adapt your small business to the current circumstances which includes looking at your financials to start a cash reserves, contact us today.