<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=349935452247528&amp;ev=PageView&amp;noscript=1">
Find out where you can get a Taste of TAB... our global events blast is on!
Search
word-map-thumb

The Alternative Board Blog

Business Owners, It’s Time to Come Together

Mar. 26, 2020 | Posted by Phil Spensieri
Meeting-Board-People

As a small business owner, you’ve likely experienced many setbacks along your journey to success. One setback I’m sure you weren’t expecting when planning your 2020 fiscal year was facing a global pandemic. Even for the most resilient businesses, there’s no doubt this pandemic will have dire economic consequences. With many businesses faced with no choice but to temporarily shut down or layoff their employees, now is not the time to navigate these uncharted waters alone. If we come together, we can help each other survive in this time of need; because when all of this is said and done, and with the right plan, it’ll hopefully be business as usual.

Here are my top three reasons for connecting with your fellow business owners at this time.

1. Strategize

No matter what industry you work in, there is a lot that can be learned from what others are doing and what they have done in the past to survive during difficult economic times. By connecting with other business owners, you can compare your business continuity plan to identify any enhancements or changes you should make. Consider these questions from the Canadian Chamber of Commerce:

  • What is the process for decision-making during times of crisis?
  • What are the critical services, positions and skills required to keep your business running?
  • What is your plan for recovery?

By having a robust business continuity plan, you’ll mitigate as many risks as possible. You can also discuss other issues facing your business, related to COVID-19 or not, and learn how others have overcome similar situations.

Want additional insight? Read 4 Step Guide to Strategic Planning now to learn more

Register Here

2. Support

In addition to providing strategic support, it’s also important to keep in mind that, although we have a business to keep afloat, we are still human. A recent report by the Canadian Mental Health Association found that 62% of business owners feel depressed once a week. Reach out to your fellow business owners and ensure they are also addressing their mental and emotional needs at this time.

It’s not easy making tough business decisions such as closing operations or laying off employees. As key makers of these decisions, you can benefit from having a support system made up of people who are facing similar scenarios.

3. Share

Undoubtedly, shortages and disruptions are experienced in all aspects of commerce as a result of pandemics. You may be short of supplies, people, or unable to run your operations properly due to a lack of essential services. With that said, if you have access to certain resources that can benefit your fellow business owners, opt to share them. Now is not the time to be greedy. 

As you can see, there’s much we can do to support each other during this time of uncertainty.  As business owners, we play a key role in supporting the economy and it’s up to us to come together and work together. If you’re interested in sharing and receiving guidance from a peer advisory board and business coach, contact me today to become a TAB member.

Read our 19 Reasons You Need a Business Owner Advisory Board

DOWNLOAD

Written by Phil Spensieri

Phil Spensieri is a TAB Facilitator in the York Region of Ontario, Canada. To find a TAB Board in your area, visit https://www.thealternativeboard.com/facilitators-world-map

Related posts

Seasonal SWOT Analysis: Reevaluating Strengths, Weaknesses, Opportunities, and Threats
Jul. 25, 2024 | Posted by The Alternative Board
Many business leaders perform annual SWOT analysis and consider it the cornerstone of their strategic planning for the ensuing year. By comprehensively evaluating their organizations’ strengths,...
Unlearning Conformity: How to Overhaul Old Business Paradigms
Feb. 14, 2024 | Posted by The Alternative Board
Industry is evolving at a record pace, particularly in the post-pandemic era. While COVID lockdowns and shutdowns temporarily changed the way businesses operated and employees engaged, today’s...
Top 3 Strategic Musts for the Coming Year
Jan. 11, 2024 | Posted by The Alternative Board
The first quarter of the year always seems to have business owners dreaming a little bigger, reaching a little higher, and planning innovative ways to improve their organizations in the ensuing...
5 “Must-Have” Elements of a Strategic Plan
Jan. 3, 2024 | Posted by Lee Polevoi
Deciding to “stay in place” is not a viable option for most businesses. Marketplace conditions are always in flux, and customer needs and preferences frequently change over time, so business leaders...
What Does the Future of Remote Work Look Like?
Dec. 20, 2023 | Posted by Lee Polevoi
In case there’s any doubt, some statistics on the state of remote work in the U.S. should clear things up. According to the Upwork Future Workforce Pulse Report, “The number of remote workers in...
Tips on Future-Proofing Your Business
Dec. 6, 2023 | Posted by The Alternative Board
No one can say with certainty what the future of business holds—except that change remains a constant. And because marketplace conditions are always in flux, it’s vital that business leaders keep a...
What Can Predictive Analytics Do for Your Business?
Jul. 19, 2023 | Posted by Lee Polevoi
Every business (yours included) generates a lot of data. Every customer interaction, sale, and follow-up report produce information of great potential use to the organization. The key is harnessing...