As a pandemic and racial unrest continues to turn the world upside down, businesses are feeling the financial impact of it all.
The reality is, even if COVID-19 didn’t emerge as a pandemic, economists and market gurus have hinted at an impending economic downturn, even a potential recession, for some time now.
As a Mompreneur, I’m sure you can relate to some if not all the above. You’ve probably asked yourself, “How can I fight for the survival of my business?” I also believe, even amid such economic uncertainty, there are immense opportunities for small businesses to emerge as leaders on the outset of this crisis.
Here are 3 things Mompreneurs should do during an economic crisis:
This is a summary of my “Thriving Mompreneurs: Overcoming Economic Uncertainty” Ideation Workbook that you can purchase HERE for ONLY $7 for a limited time!
- Brace for the Impact“
Ecclesiastes 9:11 “…But time and chance happen to them all.”NIV Bible
It’s hard to fully predict the depth and severity of an economic crisis. The goal is to do what you can as an entrepreneur to brace yourself and provide some insulation.
- Invest in Yourself
“As you grow your business will grow” – Coach D
Identify ways you can increase your skills, value and knowledge base. This can include informal learning opportunities and formal trainings and certifications.
- Honestly Evaluation the Status of Your Business
Be open to fully embracing what you discover. Take time to revisit your business plan, strategy and SWOT analysis. It is important and you have a firm understanding of your business status as this should drive your future business decisions.
In the workbook, I dive more into the strategies about. In total, I share 7 proven strategies to help you maneuver through uncertainty.