How Small Businesses Are Adapting CUTTING COSTS IN A CRISIS
Small businesses across the country are feeling the strain that comes with a global pandemic. Business models have been disrupted, and cash flows have taken massive hits. The coronavirus has left a lot of business owners and their employees scrambling. Regardless, in this tough time, there is one thing every business owner (and employee) should not do: panic. Panic causes far more problems than it solves. Panic is an emotional response, and when you make decisions — particularly business or financial decisions — based on emotion, you are more likely to make a mistake that negatively affects you in the long term. A recent Goldman Sachs survey of more than 1,500 small-business owners revealed that more than 50% believe they will be out of business within three months if the situation doesn’t improve. In order to survive, cutting costs is necessary. The biggest cost many businesses are addressing is that of their employees.
Over the past few months, many businesses have let go of part or all of their staff, opting to lay them off rather than absorb the financial burden of keeping them on. Even with the recently implemented stimulus programs to assist employers, laying off workers may prove to be a good strategy, but only if done correctly.
Start the process by extending invitations to your now-former employees to possibly return once your business can support them again. While they can now collect unemployment benefits, you need to think about where your business is going to be after the coronavirus is behind us. At that point, you can do one of two things: Rehire previous staff or hire new staff. Keep in mind that hiring new staff members will cost significantly more than rehiring your old staff. Consider costs associated with retraining, establishing benefits, and getting them up to speed. Also, do not discourage former employees from pursuing other options. While you may be in a position to rehire some of your prior staff, you may not have the budget to rehire everyone. Everyone needs to be able to make ends meet.
In the meantime, keep an eye on government relief. Many small businesses will qualify for certain assistance in the coming months.
OUR BIGGEST ENEMY
M ore
often than not, the one thing that truly stands between us and our dreams is
our own mindset. When we hold fear, self-doubts, and uncertainty in the forefront of our thoughts, we hold ourselves back from reaching towards our goals. Here are small habits you can develop to help change your mindset. Practice Positive Self-Talk How you talk to yourself matters. If you struggle with a task and find yourself thinking, “I can’t do this. I’m not good enough,” then you will never be able to overcome that challenge. Your mind will forever be holding you back. Really think about the conversations you have with yourself and ask, “Is this how I would talk to my best friend?” If the answer is no, then ask why you are being so mean to yourself. Be Persistent When the going gets tough, do you tend to throw in the towel? A negative mindset often drives us to call it quits at the first sign of failure. If we quit on our own terms, then we haven’t failed, right? But quitting too soon often prevents us from ever succeeding. Build a habit of sticking with a challenge even when you want to give up. Start by committing yourself to just five more minutes and gradually extend that time. 2 APPLETON: 920-944-6020 • ROSWELL: 678-491-9744
Pay Attention to the Positive Make an effort to let go of negative events and hold positive things in your memory. This doesn’t mean ignoring the bad things in the world, but instead of dwelling on how someone cut you off in traffic, why not appreciate how good your morning cup of coffee is? Train your brain to focus on the positive instead of the negative and you’ll have a much happier mindset. Remember to Be Grateful Life won’t always go our way, but even on the worst days, there are reasons to be grateful. It could be the roof over your head, your next meal, or a flower blooming on the sidewalk. Start a gratitude journal and once a day, write down 10 things you are grateful for. This habit can greatly improve the satisfaction we feel in life.
Don’t let your mindset hold you back. With these simple habits, you can develop a more positive mindset and go so much further in life.
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