I was in a discussion expressing concern about the fact that while a lot of small business owners were facing uncertain futures the longer this virus situation drags on, they don’t seem to be doing much about it. For instance, they’re registering for helpful (even free) webinars in much smaller numbers than I would have expected.
The response I got was insightful and I want to pass it on (slightly edited): “We talk about the fight or flight options in challenging situations but currently there’s a third option being adopted by small business owners—freeze.” The explanation continued . . . “Most (small business owners) are paralyzed from uncertainty and exhausted by the change. The variables of a fast-spreading pandemic and an economy that was already slowing have collided at dizzying speed. People are also exhausted by the volume of webinars and even if they want to learn, they do not know who to lean on for information. It’s a disorienting time.”
Here are some suggestions for considering your business’s options:
- The freeze option is not an option.
- “Fight” sounds brave and macho but a realistic assessment might suggest “flight”.
- Objective, realistic input by a third party may be what you need.
- An accountant or financial adviser can help you decide between fight or flight.
- Read as much objective material as you can about the economic outlook.
- To understand the virus and its impact, consider the opinions and assessments of scientists.
- Stay in touch with as many trusted and knowledgeable sources as you can about all matters pertaining to the current circumstances.
These are difficult times but, to repeat, freezing in the headlights is not a good option.