(ThyBlackMan.com) Let’s be honest about what nobody wants to say. Small business owners want to blame presidents and pandemics, the lack of government assistance, viruses and lockdowns or sheltering in place for the failure of their businesses. And yes, all of the above are factors that can impact small business.
But the ultimate and primary responsibility to run a successful business is with the OWNERS, good judgment, smart decisions, how well they know their customers, the products and services they offer and how well they prepare for a rainy day!
Small business owners should have 3-6 months of capital including payroll in case life happens and Murphy’s law pays them a visit. And while a year of a pandemic will take its toll, NO SMALL BUSINESS SHOULD HAVE TO GO OUT OF BUSINESS IN 3-6 MONTHS. If it does, that is the fault of the Owner and his/her/their lack of preparation.
A small business is the responsibility of the owner, not the government, not PPP, not stimulus checks. As for me, I owned a small business for over 17 years, never missed payroll no matter what and prepared for the storms that are guaranteed to come sooner or later. PLANNING AND PREPARATION MY FREIND! Prevention instead of too little too late intervention.
Personally speaking, my lights were never out and I was never out of food or money. And I never needed a business bailout loan. So while pandemics are more intense damage, all the more reason to be prepared ahead of time. This is NOT our first pandemic in our lifetime and it may not be the last.
It is so easy for small business owners to whine and cry about what happened to their businesses. And again, a year would take an awful toll on almost any small business. But that is why small businesses that survive are those who have survival skills such as the ability to adapt and adjust. Yes even to a pandemic.
I can tell you a dozen small businesses that have done just fine during the pandemic. No they are not pandemic proof, they are businesses that have the ability to adapt and adjust, to trim the fat. They have built flexibility into their businesses so they can change things around and keep right on rolling.
Though not a small business, do you think Chik-Fil-A is broke and about to close? You may say “yes but they are huge”. My response to that? Their thinking, planning and preparation made them huge because they started with very little and went through a period of struggle just like any other business. Thus small businesses should be learning from such examples instead of making excuses why they can’t.
I can even tell you a dozen flea market businesses and a hundred eBay businesses that are doing just fine. Did they take a hit? Of course. Did they shut down? Not at all. Again, planning and preparation, the ability to adapt and adjust, small business survival skills. And wisdom dictates we think prevention, putting things in place for a rainy day BEFORE the storms come.
The Covid-19 Pandemic has opened the door of opportunity, if you have the insight to see it that way. And all of us should be learning something through this experience. But what do we see? People too focused on blaming the pandemic to concentrate on adapting to be successful through it and thereafter.
Food for thought. Let’s imagine there was never a Covid-19 but your business still suffered, as many small businesses have. You have to realize, just like marriage, no business fails because of finances, money or the lack thereof. Small businesses, like marriages, fail because neither their foundations nor their structure were strong enough to weather the storm that money problems brought to the door. Of course that is unless you are married to the wrong person or running the wrong type of business, clearly other key reasons for failure.
YOUR SUCCESS (OR FAILURE) IS UP TO YOU. And once that sinks in, everything else becomes either an excuse or a temporary obstacle. Yes it’s that simple. So ask yourself what you have learned and what you are going to do different. Make the changes, make your business a success.
Staff Writer; Trevo Craw