Running a business is challenging enough with all the responsibilities an entrepreneur has to deal with. From long-range planning to day-to-day tasks, there are many — sometimes even too many — things going on. But what do entrepreneurs do when faced with the realities of a global pandemic like COVID-19? Decisions must be made, plans must be changed, employees must be considered, and business must continue to move forward, if possible.
The past several months have thrown a monkey wrench into the state of “business as usual.” Currently, not much is taking place in a very routine manner. Many company owners are struggling to keep their doors open and their heads above water. It’s a test of leadership mettle to be able to break even, much less make a profit, when the world’s been turned upside down and, in far too many cases, business is drying up.
The good news is that many leaders of many entrepreneurial ventures are meeting the challenge. Sure, a few months ago everything was a bug question mark, even for a lot of businesses that were metaphorically printing money before the virus arrived on North American shores. Today, a plethora of companies like Harbor City Capital, a multinational enterprise, are meeting and overcoming these challenges, soldiering on in spite of the weakened economy and continuing to move full steam ahead.
There are those who believe that being agile during times of uncertainty is a key driver of business continuity. It’s no secret that COVID-19 quickly changed supply and demand patterns Some companies, like Zoom, the virtual meeting software, were thrust into the spotlight virtually overnight. “This type of situation pushes innovation from businesses that want to hold their new position, as well as from those forced to find ways to stay afloat,” said Mahka Moeen of Kenan-Flagler Business School at the University of North Carolina-Chapel Hill.
One thing entrepreneurs learned back in April was to look for opportunities to provide help during the pandemic by leveraging their companies’ resources, products, services, and people to make a difference. They could keep their companies operating, but instead of doing routine business, many shifted gears and realized that there were possibilities in redefining their target market, at least for a while. Consider the liquor and health and beauty products industries that began manufacturing such items as hand sanitizer, for which there was immediate demand.
Louis Roy, the President of OPTEL Group and the 2017 Ernst & Young (EY) Entrepreneur Of The Year™ Canada winner, recognized that fake COVID-19 test kits and vaccines were being introduced. Because his company uses technology that helps prevent counterfeiting in pharmaceuticals and medical devices, they were able to quickly develop a mobile app that digitally authenticates COVID-19 test kits and vaccines before they are administered to the public.
“The first step is to react, and you need to be very fast and agile,” said Roy. “And then, the second is to look at ‘What do I do to improve my chance of survival?’”
While survival was at the top of many entrepreneurs’ minds back in the spring, a number of companies have not only survived but thrived. The Brokerage House Realtors in Portland, Oregon say they experienced success during Covid-19. CEO Aaron Rian, who founded the company in 2008 during the last economic recession, made significant changes to the company’s agenda including going lean and focusing on sales training and lead generation. This approach has led to a consistent flow of sales. According to Rian, it’s important to “always know your numbers and never take on unnecessary expenses”
In addition to sales and developing new leads, many entrepreneurs and business experts, including those at Harbor City Capital, agree that effective communication is essential during trying times. It’s important to let all stakeholders know what you’re doing and what you plan to do. It’s easy for many people to get wrapped up in a crisis situation, but as an entrepreneur, you do need to keep these lines open.
“One way to choose is to consider what is truly important to your business,” writes Erin Joy, founder of consulting and executive coaching company Black Dress Circle. “For most of us, that’s our people—employees, customers, vendors, partners. Your first priority should be the safety and well-being of your employees. Up next would be communicating with customers.”
As a number of entrepreneurs have stated publicly, success during a pandemic — or any challenging time — depends on a combination of strategy, agility, determination, and the willingness to adapt when it’s necessary.