Benchmark Business Group

Use Double Vision To Navigate This Crisis

March 31, 2020

We know that Covid-19 is all that is being talked about right now. We’ve been in touch with many business owners and our focus is keeping your attention focused on what you can control.

Small business owners do more with less every single day. They are innovators. They solve problems. They figure things out. We’re hitting pause on our newsletter to bring you a tip each week as your business deals with Covid-19.

The good news is these will be short. They will be practical. They will help you improve your business, not just in response to current events, but long ter
m.

This Weeks Tip: It’s time to know what is possible. As the relief measures for Covid-19 are rolled out we are hearing questions from business owners. One question we’ve heard is, “should we apply for these resources or not?”

While there is no one-answer-fits-all, we are encouraging business owners to think about this situation with “double vision.” Double vision is balancing your immediate needs with your long-term needs. For some, the immediate needs are obvious as doors are closed, and revenue has completely stopped.

For others, doors are still open, business has slowed, but it’s a storm that can be weathered. We’ve talked to business owners who almost express guilt, because they know there are some businesses that are suffering more than theirs is now. And as business owners, you’re used to weathering storms on your own.

However, regardless of the impact of your business now, you must consider the long-term impact. How long will this last? Will the regulations in your area make it harder to conduct business in the future? How will your vendors be impacted? How will this impact your customers in three months?

The resources that are being rolled out in the relief packages are meant to keep small businesses going NOW, and in the aftermath of what is to come. Unfortunately, we don’t know what will happen. With so many questions and concerns, now is not the time to deplete all your resources unless you must do so. You may have a safety net that allows you to make it through, but what happens if you need help after that net is gone? The loans and grants available now may not be there then. It’s better to investigate now.

Each of the loans and grants have their own guidelines. Some you may not even qualify for. However, if your business does qualify it’s worth at least considering. It’s time to get creative. And though we know it’s not easy, right now, is the time to research what is available and explore the possibilities.

You’ve been in tough positions before. You’ll make it through. We don’t doubt this. You’ve got this. However, you don’t have to do it alone right now. There are resources to help. Let’s figure this out together.

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