Financial strategies for self-employed and small businesses

| May 5, 2020 1:57 PM

Here are four ways that self-employed people and small businesses can take advantage of the current economic situation caused by COVID-19.

1. Re-Tool: Is there anything you or your business can do with your current skills or equipment, to serve the needs today? We are seeing distilleries making hand sanitizer rather than liquor, manufacturing plants making gowns, masks, ventilators and supplies for front line. Look for the needs around you and evaluate if there is anything you or your business can do to provide for those needs.

2. Re-purpose: This downtime is a gift of opportunity to renovate, deep clean, paint, upgrade skills, create new menus, learn social marketing, educate staff. There are many, many free online services/courses to learn new skills regardless what industry you are in . This is also time to get CE credits for the year done. Many CE services are offering online training and online proctoring for CE. This is also a time to step up your businesses game in the world of online meetings and services. We will emerge out of this event a more tech savvy, more zoom friendly, world. Up your game and learn how to use online tools efficiently so they become the new norm for your business.

3. Re-deploy: If you are not able to retool then redeploy. Look for needs on the front lines and support them. Restaurant workers are helping food banks, making meals and distributing. Sewing machines are being pulled out and masks and gowns are being sewed for PPE supplies. I heard about a tech company that loaned their graphic design staff to the local non-profit to help them with graphics and services to get COVID information out to the community. Who can you serve?

And the fourth strategy is work on YOU!

4. Re-define YOU! Your health, your mental energy, your fortitude will be critical for you to be at optimum performance. Use this time to start, or up, your exercise game, to start, or up, your nutrition game, to start, or up, your spiritual game. The better you fuel and take care of you, the better you can emerge from this and thrive!

LET’S ACKNOWLEDGE those who are stepping up in our community. If you know of a local business person or company that is proactively implementing strategies and making a difference in these times, be sure to make an effort to thank them! As a community, together, we will emerge stronger!

Pearl Galbraith, Whitefish