Coronavirus and Business


Published: July 20, 2020

So How do we Move forward in The Futur Defeating This Enemy, and Regaining Profitability?

With all the chaos going around nationwide, it appears that we as business people must figure this our ourselves. The government has stepped in with its Payroll Protection Plan (PPP), mistakes made on how it should have rolled out, to companies who have millions of dollars in the bank, have gotten PPP money. Nowadays, I don’t know about you, but it ticks me off for someone to get what is meant for me, and they get it, and they are were never the ones whom it was intended. So why is there so much of a disconnect on entrepreneurs what they should do next?

There is an article written by the Chamber of Commerce on a small business survival guide that is suggested you take a read on and come to your conclusions. Entrepreneurs and small businesses are the backbones of the American economy, and without it, we would need to find another economy. So how does the business community emerge out of this Pandemic?  Well, Entrepreneur steps up to answer this question in an article they wrote on March 29, 2020, their first suggestion, don’t panic.

Industries as restaurants and the hospitality industries shattered, these brick and mortar businesses retailers must have people come to them, and little opportunity of this type of business can prosper from working at home: social distancing, and the forced stay at home implemented by various states. Business.com provides some strategic actions that can be taken by small businesses to not only survive but become profitable in time.

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Yes, we must plan for success, but what plan is best for our business? Yes, we all know that small businesses will never be the same, but what does that really mean? True, we must find better and different ways of doing the same thing or find another business model. Researchers agree that the top two things that can destroy a business are (1) capital and (2) marketing. With that said, small businesses must find them a financial partner or two, and come up with a different marketing plan due to Corvid-19.

Entrepreneurs have great insight on what must be done for their particular business and homing in on one’s finances, and maximizing one’s access to credit, so there is a financial cushion for the enterprise. Have you studied the PPP, or tried to reach out to other financial institutions for working capital or line of credit? Thus, are different methods of raising needed funds for their businesses. Now, this could be the best of times speaking to those who lend to businesses. Why because no have to tell them what is going on in their community.

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Small business owners will survive Covid-19; we will survive this as was done in the 2008 financial crisis that happened here in America and went global. Entrepreneurs are survivors, and we will survive this Covid-19 virus and find other business models to leverage and start, why because we are entrepreneurs and see into the void where others see the bliss and chaos of things that have gone wrong.  Nevertheless, entrepreneurship is a tough career, and not everyone can stand up to it and be successful.

Milken Institute, in its article that was written by Kevin Klowden, gives its opinion on what small businesses must do to not only survive the Covid-19 but also rebound back into profitability. We have been here before in the 21st century-2008; that one took large organization about four years to get back to normal and, a smaller organization, some six years. And, this is no different. McKinsey & Company gave their opinion as well on how small businesses and government should act in bringing the nation back to normalcy.

Final Comments

The US, in its over 200 years of existence in being the great experiment, will live on. Entrepreneurship will continue, and those with vision will continue to start new businesses even it no one else believes in them, but themselves. But, for now, we must endure the storm. We will rebound, and we will recover, and the world will look at us once again as the shining city on the hill.

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Dr. Dem