Business Daily Media
LayBys.com

.

As a small business owner, here’s how I’m dealing with the coronavirus crisis

  • Written by Nick Morgan, CEO and co-founder, Vudoo


Just two years ago I launched my dream company, alongside co-Founder Andrew Spalding, venturing into the world of interactive video. We noticed a gap in the market and jumped at it – raising $2m in seed funding along the way.

Now we have a 20-strong team spread across two hemispheres – and we are steely in our determination to keep our business strong, even in tougher times.

There are many ways to tackle a crisis such as what we are currently experiencing with COVID-19. As a small business owner myself, I know the importance of knowledge-sharing, which is why I’ve compiled my top tips for survival at this time.

  1. Look for guidance. Seek out others who may have been through this type of thing before, such as the global financial crisis. You don't need to go direct, you can simply follow and listen to what certain individuals are publishing. Adir Shiffman, Executive Chairman, Catapult Sports is being very generous with the insights he's sharing through his experience of the global financial crisis.

  1. Get on top of every single dollar - complete a zero-based budget as soon as possible and understand where your flex points are. Once this is done, undertake scenario modelling and establish a plan A, B, and C... D if needed!

  1. Bring your team closer. If you have a management team, even closer. Ensure you are sharing and talking through your macro and micro challenges. Now is the time to be frank and transparent and ask for their help - they'll be steeled by you leaning on them. You'll benefit from sharing what you're experiencing too. 

  1. Don't stop marketing. Yes, you may have to cut some budget, but don't bin the activity, share the load with team members who are capable. Now is the time to clearly articulate your value and why your customers need you during this period and on the other side. 

  1. Step away from the laptop, take a long walk and decompress. Charles Darwin walked for an hour each lunchtime and he developed the Theory of Evolution - imagine what you can conjure up!

Popular

Union and execs need to shift gears fast once UAW strike is over – transition to EV manufacturing requires their teamwork

UAW members and leaders march in Detroit on Sept. 15, 2023 – the first day of the union's strike.AP Photo/Paul SancyaThe United Auto Workers union is ramping up its strike against General Motors and Stellantis – the gl...

Biases against Black-sounding first names can lead to discrimination in hiring, especially when employers make decisions in a hurry − new research

What role will race play in determining who gets the job?Cecilie_Arcurs/E+ via Getty ImageBecause names are among the first things you learn about someone, they can influence first impressions. That this is particularly true for n...

How one seasoned Marketer is empowering others like never before

Million Dollar Marketers Academy In the ever-evolving world of marketing, one seasoned marketer is stepping up to the plate to share her invaluable insights, hard-earned wisdom, and a touch of humour with the next generation ...

Virtual Office