Reality check – the economic crisis is severe but not the end of the world.

On a block of darkened establishments in Toronto, some small businesses are managing to keep a light on with the financial choke from the coronavirus restrictions that are leaving millions of people avoiding unnecessary shopping. About one in three businesses say they cannot survive the current pandemic conditions for more than a couple of months, according to a survey by the Canadian Federation of Independent Business. Taking this into account, 2020 might be a year of loss, but does that mean small businesses should power off completely?

No one said running a business would be easy. The world is constantly changing, with that so should a company’s framework. A proactive attitude will be the difference between the year being a write-off or simply writing it off as a lesson in budgeting and losses so that once the gates of the economy open up again, efficiency will be the driver in 2021. Already we have seen shifts in worldwide supply chains and disruptions within almost every industry. If a business owner thinks there is no significance in keeping operations flowing, they might run the risk of failing to seize some of the opportunities that are out there. 

In the Face of Our Decisions

Your business is your baby, so treat it like one. We all want them to grow, be successful and self-sufficient. The decisions we make prove it. Now is the time to get involved with your business more than ever and recommit! – I mean, don’t you have the time? Surprisingly, a lot of businesses are shutting down all of their functions and operations because they don’t know how they are going to make it through. However, it might be time to close the door on old ways of thinking and open the ones that lead to creative alternatives. 

Ask yourself: How is your company looking to frame the rest of the year? 

COVID-19’s brutal world tour is not over yet, but when businesses of all sizes do end up opening, supplies will be low and people will be shopping again. If so, will your company’s orders double? No one knows what is going to happen next. For that reason, start doing your research and reach out to clients to see what they will be needing or searching given these circumstances. During this time, it is significant for you to get personally involved with your business affairs, as you are the visionary. 

Much like we go through enduring changes in the seasons, conserving in the winter and indulging in the summer, the economy also undergoes seasons. “Whether you suffer, or whether you succeed, is not based on the season,” says Tony Robbins in one of his Business Mastery events. “It comes down to what you do.”  No matter how your business is being affected during these uncertain times, we want you to know that If you search for it hard enough, the help is out there. Look at these times as a way to clean house, get efficient, and carry those losses over to the next year to offset profits. 

With this in mind, for small businesses, is 2020 a write-off or should you write it off? We would think the latter thereby, making small businesses stronger going into 2021.