Small Business Survival Plan for COVID-19
Small Business Survival Plan for COVID-19
No money? No hope? Don’t give up! Your business can survive!
Even if you have totally run out of money and are completely without hope, your business can almost certainly survive the COVID-19 crisis. Furthermore, you can emerge with a business that is stronger than the business you had before the crisis.
How do I know this? My name is Bob Adams. I have started many small, woefully undercapitalized businesses and successfully navigated them through one crisis after the next. The most common and painful crisis was running out of cash. At times not only did I have no cash on hand, but I projected massive cash shortfalls in the months ahead. At other times my bank showed me the door and no other bank would lend me money either.
I’ve survived running out of money and so can you.
All too often it seemed like my business was finished. I was totally out of money and hopelessly in debt. And the future looked even worse. It seemed like there was no way out.
But time after time, I put together a plan and found a way to survive. For example, I started my book publishing business in my basement apartment with just $1500 and took it through one crisis after the next, eventually growing and selling it for $40 million.
No matter how bleak things seem now, your business can survive. And you can create an even stronger business model at the same time. Here’s how to do it.
First, calm it down.
When the bleakest moment hits, you have to calm yourself down. For me, I’d first go for a run. Then I’d remind myself that while running out of money was bad, it wasn’t as bad as let’s say getting hit by a truck. But sometimes I felt so shocked by sudden bad news – such as finding out that we would be $400,000 short in 30 days – that I would have to digest the news for a day before being able to work on a solution. Sometimes you can’t just dive into it.
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