As a small business owner, here’s how I’m dealing with the coronavirus crisis
- Written by: Nick Morgan, CEO and co-founder, Vudoo
Just two years ago I launched my dream company, alongside co-Founder Andrew Spalding, venturing into the world of interactive video. We noticed a gap in the market and jumped at it – raising $2m in seed funding along the way.
Now we have a 20-strong team spread across two hemispheres – and we are steely in our determination to keep our business strong, even in tougher times.
There are many ways to tackle a crisis such as what we are currently experiencing with COVID-19. As a small business owner myself, I know the importance of knowledge-sharing, which is why I’ve compiled my top tips for survival at this time.
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Look for guidance. Seek out others who may have been through this type of thing before, such as the global financial crisis. You don't need to go direct, you can simply follow and listen to what certain individuals are publishing. Adir Shiffman, Executive Chairman, Catapult Sports is being very generous with the insights he's sharing through his experience of the global financial crisis.
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Get on top of every single dollar - complete a zero-based budget as soon as possible and understand where your flex points are. Once this is done, undertake scenario modelling and establish a plan A, B, and C... D if needed!
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Bring your team closer. If you have a management team, even closer. Ensure you are sharing and talking through your macro and micro challenges. Now is the time to be frank and transparent and ask for their help - they'll be steeled by you leaning on them. You'll benefit from sharing what you're experiencing too.
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Don't stop marketing. Yes, you may have to cut some budget, but don't bin the activity, share the load with team members who are capable. Now is the time to clearly articulate your value and why your customers need you during this period and on the other side.
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Step away from the laptop, take a long walk and decompress. Charles Darwin walked for an hour each lunchtime and he developed the Theory of Evolution - imagine what you can conjure up!
