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Building Business Habits of Perserverence

Building Business Habits of Perserverence

COVID has thrown many bricks and stones in our direction. Masks, shutdowns, restrictions, PPE shortages, funding, grant application after grant application. Sometimes the Coronavirus has hit too close to home affecting loved ones by layoffs, risks to physical and mental health, and wellbeing. Small businesses have moved beyond mere fatigue. Flat out exhaustion has set in. There is the feeling of being punched in the gut, and quite frankly - defeat. While 2020 has ended, the pandemic and its after-effects have not. How can small businesses endure even more of this pandemic environment?

REDI looks to two sources where businesses can turn to for guidance and strength. These are Central Oregon SCORE and SBDC.  Some of the advice in this article may affirm what small businesses are already doing. Keep doing what you are doing. Some may find new ideas to consider in ways of coping. The pandemic will not last forever. There is hope ahead.

SCORE

SCORE (Service Corps of Retired Executives) https://centraloregon.score.org/ was founded in 1964 as a nonprofit resource partner of the U.S. Small Business Administration (SBA). The Central Oregon SCORE chapter has 25 volunteers on staff to provide small business entrepreneurs free and confidential business counseling services throughout the local area. SCORE also provides virtual mentoring services via phone, email and video, plus webinars and other online resources for budding entrepreneurs and established business owners.

Among its online resources there are two articles contributed by author Rieva Lesonsky (CEO of GrowBiz Media) REDI found helpful.  In the first article “What is the future of Small Business in America?”, Lesonsky conducts a Q&A with Ben Richmond, U.S. country manager at Xero, where they discuss how companies are coping and responding amidst pandemic pressure. The article reveals six consistent themes that businesses who thrived in the pandemic shared. Such as:

  • Offering a range of products and services. Increase range of products and services.
  • Customer engagement strategy. Customer engagement on different digital channels and adopt strategies to acquire and retain them
  • Operations review. Adopt solutions to improve finances, supply chain, and employee management.
  • Technology adoption. Higher percentages of online revenue as well as cloud adoption.
  • Ecosystem engagement. Leveraging help from governments, partners, and communities, understanding the ecosystems in which their companies exist, the parties involved, and where to go to get help.
  • Decision-making drivers. Consulting advisors, such as accountants and bookkeepers, before making important business moves.

In her second report: “Weathering the Covid-19 Storm”, Lesonsky shares a few statistics in how businesses weathered Covid-19, how small businesses were able to pivot or reinvent their business strategy, and a post-pandemic economic recovery outlook.

“History has shown that following downturns, there is a business resurgence, coupled with incredible feats of creativity and ingenuity, [leading to an increase in new businesses].”    

Continue reading Lesonsky’s full reports here: 
https://www.score.org/blog/weathering-covid-19-storm 
https://www.score.org/blog/surviving-covid-19

At SCORE, there are a plethora of tools they are giving to businesses for help. Check in with a local Central Oregon SCORE Mentor for additional information by phone at 541.316.0662.

 

SBDC

Maureen Quinn, Business Advisor with SBDC in Bend advises: Since COVID has struck, we at the Small Business Development Center have focused on helping businesses become aware of and apply for forgivable loans through the SBA and state and local agencies.  We then work with our clients on the forgiveness process.

Since this pandemic has dragged on for far longer than we expected, we encourage our clients to engage with their customers on social media and email.  Digital payment tools and online ordering platforms make it easier for customers to purchase goods and services online.

It is important for business owners to monitor expenses. Every penny matters now so business owners should try to negotiate with landlords, contact lenders to renegotiate debt etc.  Cash should be monitored on a daily basis.

We encourage clients to focus on their most popular and profitable products as well as their most profitable and loyal customers.

We have tailored our classes to meet the needs of our clients.  Some Upcoming Zoom classes include:

                   “Re-engineering Your Business for the Covid-19 World”

                   “Digital Marketing for Small Business”

                   “Finance and Accounting for Decision Making”

You can find these classes along with others for every stage of your business at: https://www.cocc.edu/sbdc

Business Advisers are available to answer your questions at no cost to you. To request an appointment visit: http://www.bizcenter.org/coccregister

 

There is hope ahead for the future. Redmond’s true grit is the motivator behind the action you can take to build habits of perseverance.  Don’t wait for someone else to lead. You are the leaders Redmond looks to for overcoming economic fallout. Do not give up. As Redmond’s business leaders, city leaders and stakeholders, we will find we have more strength and resolve in low economic times to rebuild.  Along with SCORE and SBDC, REDI is here to help.  

Contact us to share ways your business has shown strength and resolve. Times are hard and we want businesses to know we will overcome this together.

To find out more about REDI and the work we do, visit: rediinfo.com