At the best of times, stress resulting in poor mental health is prevalent in small business owners: blurring of boundaries between home and work, financial stress due to unpredictable income, risk of business failure and day-to-day isolation are just some of the factors regularly faced.
Compounded by COVID-19, the constant change to day-to-day business and new rules and regulations introduced seemingly overnight have sky-rocketed the stress levels of many small business owners. Facing longer work weeks, no sick days or annual leave and on average, less take-home pay than their employee counterparts; many have been pushed to the edge and are sacrificing to keep employees paid, the lights-on and business running. Not to be glib, but every dark cloud has a silver lining, and history shines-a-light on what we can expect looking forward, and it’s not as bleak as it seems…
The procurement and sale of goods and services dates back to the 6,000 BC, where bartering in the market-place became common. Evolution of industry saw trade evolve and across numerous wars, environmental disasters and societal conflicts – despite this, trade continued. With each significant challenge faced, new ways of business emerged and despite volatility in the external environment, deals were done and businesses prospered.
To apply this to today’s market – COVID-19 has and will certainly disrupt business and change the way things are done. But business will not stop – wants and needs will still need to be met and consumers will still seek-out services and require products. The key lies in how small business owners manage change – those that take-stock of the ‘new way of doing things’ will prosper sooner than those that resist change; and those that think things will return to exactly where they were will likely fall-by the wayside. To ensure your business is on the right track – speak to Start Grow Run. From accounting to marketing and coaching, we understand business – not just numbers.
