With the recent and devastating outbreak of COVID-19 or coronavirus across the globe, many businesses big and small, in every industry have taken a turn for the worst. In the United States, where small businesses outnumber corporations 1162 to 1, the impact has been keenly felt as employees have been laid off in droves, stores have closed their doors for good and the future of our economy as a whole seems uncertain. It’s easy to fall prey to the misfortune of the day when it is happening all around you, but what if you had the number one key to not only ensure your business survives during this economic downturn but thrives in it?

• 1. The #1 Key: Mindset
• 2. How You Can Get and Stay Ahead
• a. Learn to Ask for Help
• b. Find a Strong Community
• c. Show your Customers Leadership
• d. Never Forget Why You Started
• 3.Wealth Transfer: Opportunity for Generations

The #1 Key: Mindset

“Without the right mindset, you are defeated before you even start.”

It’s simple: if you keep the right mindset, you’ll always have the tools you need to ensure your business will survive and thrive, no matter the environment. The proper mindset is what keeps you going when you feel like you have nothing left to give. It will keep your business standing tall when others’ are toppling around you left and right. 

It’s so easy, it almost seems too good to be true, right?

Leveraging a positive mindset is the #1 key to surviving the massive implications and effects of COVID-19, but that doesn’t mean it’s an easy feat. Giving over to the hype and fear of the media, friends, and even family that are all saying the sky is falling makes it hard for you not to want to look up. 

Keeping a positive attitude in these times is as hard as keeping your business going; and if you want to come out of this on top you’ve got to master the art of both.

So now you’re probably asking yourself: How do I stay ahead of the fear and capitalize on the #1 key to survive and thrive in an economic downturn?

Get and Stay Ahead

These 4 surefire strategies will help you leverage your positive business mindset to get and stay ahead of this (and the next) economic downturn. They don’t take a lot of money or time: just effort and passion which you already have an abundance of. 

“Passion, Purpose, Perspiration.”

Learn to Ask for Help

No one is expected to have all the answers. For many of us, it’s the first time we’ve faced a trial that seems insurmountable in our businesses. That’s why we’ve got to step outside our own pride and learn how to ask for help. It could help you save your business.

Need tips on how to create revenue now that your storefront is closed? 

Has your supply chain been broken due to trade restrictions with China or surrounding countries? 

Don’t have a proper work from home policy in place for your employees?

There are so many resources out there from big names like Facebook, the US Chamber, and the Small Business Administration to local efforts from entrepreneurs just like you. If you didn’t know, TSP is offering our own community stimulus package in order to help businesses make it through these economic times including weekly business trainings and other exclusive resources. You can learn more by joining our private facebook group.

Find a Strong Community

We call the members of our group “TSP Family” because that’s what we are. We help each other at the worst of times and cheer each other on during the best. Finding a strong group of like-minded individuals wheter they are entrepreneurs or not is a surefire way to keep you motivated, upbeat, and focused on making your business the best it can be during these circumtances.

The best thing about it? You don’t have to break social distancing protocols! 

Hop into a Facebook Group, a Reddit community or even an active hashtag on Instagram and find people that know what you’re going through to lean on. You never know when you may be the help that someone else needs, as well.

Show your Customers Leadership

Right now your customers are looking for leadership more than anything. Now is the time to position yourself as a leader to them. That you care beyond doing business and are willing to step up during uncertain times. 

Going live, creating company stimulus packages, and developing useful content for your audience will endear them to you. People buy from who they like know, like and trust. Now is the perfect time to cultivate trust and attract your ideal avatar. 

Never Forget Why You Started

Your passion is your purpose. Never forget why you started your business. Take this time to reflect on your business plan, vision statement, vision board, and all the other pieces of your business’ unique puzzle. 

If you don’t have any of those things in place, now’s the perfect time to create them! Grab a business plan template from SBA.com, rework your vision and mission statement or create a virtual vision board with Canva.

You may find that you are already utilizing one or several of these strategies in your day-to-day business operations but now is the time to double down.

Wealth Transfer: Opportunity for Generations

Did you know that anytime there is a major disruption, a major crisis, or a major downturn in the markets, there’s a huge wealth transfer that comes in that process? That means, in addition to leveraging a positive mindset to make sure your business survives and thrives during these uncertain economic times you can use it to create opportunities for wealth for generations to come.

According to Forbes.com, Baby Boomers [are] expected to transfer $30 trillion in wealth to younger generations over the next many years. This massive shift in wealth is commonly referred to as “the great wealth transfer”. Now is the time to invigorate your passion and set up your business for economic growth unlike any we’ve seen in this country before. You only need to take advantage of the gift you already have.

We call this leveraging for the long-haul and as entrepreneurs, it’s more important than ever that we stop thinking annually and quarterly, but generationally. Start planning for a future that you’ll never see in your business. 

That way, when the next COVID scare comes around, you’ll be doing business as usual.

“Now is not a time for us to procrastinate. Now is not the time to be stuck on perfection. Now is not the time to be limited by fear.”

Keep in touch with TSP  by following and subscribing to our social media pages! Connect with us on Facebook, Instagram, and YouTube for countless tips, additional tools, and most importantly a supporting community.

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