Financial Impact due Covid-19

All Businesses across the U.S. are trying to survive the financial effects of COVID-19.  As a SCORE mentor and a business owner in the consulting industry myself, I am seeing the current financial struggles that many businesses are facing first hand.  Sadly, many are now considering forms of bankruptcy or permanently closing their business doors.

How is your business overcoming the struggle?

A while ago, I came across a story about a small fly burning out the last of its life in a crazy attempt to pass through the window glass and I can see most businesses falling under this story. As the fly tries to pass through the window, the constant buzzing of the fly demonstrates its strategy to “try harder”.  Investing in marketing with the goal to grow its revenue by making more sales whether it is products or services, or letting employees go to get immediate savings is very similar to the “try harder” strategy.  Even if these might be the best strategies for the circumstance, these strategies come at a cost, which is investing more money into the business or losing the help from employees who could have added more value.  This leaves business owners more frustrated, leading to feeling hopeless in seeing their business survive.

Nevertheless, this little fly stakes its life on reaching its goal through raw effort and determination to pass through the window glass.  The determination of the fly might be a good quality to have but as the fly continues to try to attempt to pass through the window, it still has the potential to die there on the windowsill.  And that is because the fly is not aware that across the room, ten steps away is an open door to the outside.  Five seconds of flying time and its goal could be reached.  With only a fraction of the effort now being wasted, it could be free of this self-imposed trap.

So if you are the one observing the fly you might think/ask:

  • Why doesn’t the fly try another approach, something dramatically different?
  • How did it get so locked into the idea that this strategy and a determined effort offer the only promise for success?
  • What logic is there in continuing until death to seek a breakthrough of “doing the same thing over and over yet expecting different results”?

No doubt this approach makes sense to the fly but trying harder is not necessarily the best solution to achieving more. Sometimes, in fact, it’s a big part of the problem.  If we stake our hopes for a breakthrough on “trying harder than ever” with the old skills and approaches that got us to where we are at presently, we may actually be killing our chances for future success.  And it would be so easy for the fly if it only had the right information for its “new” current environment to have a higher chance of survival.

What are you doing to find your doorway instead of hitting the window glass trying to survive especially during economic downfalls?

Conclusion

Our environment and our circumstances are constantly changing; we need to keep up by educating ourselves, and obtaining new information, and new ways of doing what we used to do to increase our chances of succeeding in this new environment.

If you are looking for new ways to grow your business or help your clients to improve their bottom line without spending more money depleting your efforts, check out programs that can help your bottom line utilizing the right Specialized Tax Incentive and/or Expense Reduction programs.

The programs will help you strengthen your business and retain your current client relationships if you are eligible.  In addition, this strategy can help you attract new clients by providing lucrative services that competing businesses do not offer.  Learn to see your blind spots, incorporate continuous improvement plans and develop a new stream of income for your business whether it is through cost reduction activities or other ideas you might find to survive current financial hardship.

If you are an employee and might possibly fall under the strategy of the business to be let go from your position, you can always differentiate yourself and be the one to add the irreplaceable value. Go beyond your scope of work, responsibilities, and capabilities and bring savings for the company you work for.

Utilize the Savings Calculator to see if you are eligible for Emergency Employer relief that earn up to $5,000 per employee you have.  And contact Your Savings Pro if any questions, we are here to make a difference.

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