This is a challenging time for small business owners. The unpredictable, ever-changing nature of our economy due to the global pandemic causes ambiguity for employers and employees. Many service providers are sending multiple alerts each day, flooding our inboxes with well-intentioned information.
So many of my close friends are other small business owners. We’ve been talking, commiserating, and sharing online about the horrible options in front of us. Some had to close in the early days of the pandemic because of the nature of their business – they are hospitality or salons or gyms. I’ve heard their pain in having to close or severely curtail operations. It’s heartbreaking to watch affected companies and their leaders make difficult decisions about shuttering or temporary layoffs.
Silver linings for small businesses will become more evident with time. A few have already jumped out.
- It becomes VERY obvious if a small business is working with the right partner for accounting and insurance. I’ve sent thank you emails to our CPA, Rehmann, and commercial insurance company, BHS. They’ve really killed it with timely information, giving it concisely and intuitively. Our banker at Macatawa Bank has also reached out proactively to ensure we have all the information we need and has calmly and quickly responded to any questions.
- Small businesses support other small businesses. This is demonstrated with our purchasing decisions and through information sharing and support. I’m having a weekly virtual happy hour with about a dozen women who own businesses in Michigan (Sheri Welsh, Welsh and Associates; Gina Thorson, Stormy Kromer; Rebecca Cox, Savant Group; Lorri Rishar, EDGE Partnerships; Ginny Sherrow, Fenton Winery and Brewery; Sassa Akervall, Akervall Technologies; Anita Abrol, Lewis Knopf CPAs; Sue LaBonville, Allis Information Management.) It’s therapeutic, and can make us all feel less lonely about the tough decisions.
- Standout employees show their stripes. I can’t tell you how impressed I am with my team. They are working tenaciously to support each other, step in where help is needed, and become even more intense. We have coffee mugs that say “No damn whining.” Their actions show these aren’t just words.
- Inspiration is EVERWHERE. Two very close friends, Gina Thorson of Stormy Kromer and Sassa Akervall of Akervall Technologies (who are part of my weekly virtual happy hour), retooled their manufacturing operations to make masks, gowns, and face shields. This kept their employees working, and flattened the impact of closures on their revenue streams.
- Sharing talent and time matters. Every text I’ve gotten from a business owner friend, I’ve responded quickly and helpfully. They’ve done the same. (Kim Bode, Jennifer Jurgens, Jason Dodge… the list goes ON.)Crisis breeds creativity.
Small business owners are creative as hell.