• Thu, Apr 23, 2020
  • If it's to be, it's up to me. You need to count on yourself.

  • One of my favorite sayings is, "If it's to be, it's up to me." Now is the time to take charge and take control of the future of your business. Many of us are in a very difficult situation due to "stay at home" guidance, business closures, employee lay-offs or other personal and professional challenges. But now is time for action, not inaction.

    The first order of business is to secure emergency/stimulus funds where possible. Business owners, self-employed, and independent contractors have a number of government programs available - EIDL, PPP, Bridge Loans, Grants, etc. This capital is intended to help business owners survive the current crisis; however, reliance on the government is not a recipe for long-term viability. The ongoing success depends on you.

    Regardless of your current situation, there are some actions to consider:

    • Customers - creatively engage with current customers and clients. Delivery model, communication tools, expand services, reorganize customer service center or office space to provide more safety and sanitation.
    • Financials - stay lean, evaluate all "nice to do" versus "need to do" expenses. Work with bank/lender to assess credit line or financing options.
    • Expertise - continue to learn and develop new skills. Take advantage of online courses, webinars, industry groups and technology tools to expand your capabilities.
    • Network - keep building your network with local network and chamber organizations. Use Zoom, Webinar, Skype, etc. Stay visible. Leverage LinkedIn and other appropriate social media networks.
    • Valuation and Exit Planning - work with licensed and qualified business broker to understand the current value of your business and explore transition options.

    In closing, I found an old quote from Henry Ford that is as relevant today as it was 100 years ago.

    "The genius of the American people is self-reliance. The old principles that made us great - self-direction and self-help - are still contemporary and valid."

    Stay safe, healthy and positive. Keep the faith!


    Steve Niehaus, MBA, CBI
    [email protected]
    239.565.3171