As a company that is focused on helping small businesses from startup to growth and beyond we wanted to talk about how to take advantage of opportunities when they happen.

First, I want to be clear we are in no way trying to diminish the horrible situation that COVID-19 has brought to our world and the losses so many people have had to deal with.  We just want to point out solely from a business perspective that moments like these allow a smaller business to gain market share, increase sales and bring on quality staff.

As a startup and small business, you are constantly explaining to potential customers why they should use you instead of one of the larger players in your industry.  You hang onto your “niche” or your special features or whatever it is that you have that the big boys don’t have.  Usually that has something to do with your care, customer service and focus on them.  Well, in times like these and other moments like the financial crisis, 9/11 or the tech bubble bursting it opens the door for the smaller nimbler business to thrive.  This is for a few reasons.  

The larger companies are typically losing enormous amounts of money, are forced to lay off many people and cut back.  They continue to focus on their core business but are just too big to move fast.  This allows a smaller business to get into a new area, call out to customers in need and offer them a better deal and build more relationships that will turn into business.  If you can find a way to save a client or improve their company in a down time they will certainly never forget that.

The other key area to take advantage of is in hiring and the use of consultants or part time work.  In economic downturns typically, the large layoffs from the big companies will mean that many more people are out there looking for work.  Now all of the sudden as a small, profitable business you can offer monthly fees, commission-based programs or full-time work to staff that may not have come your way when they can work for a larger more well-known company with all its perks and benefits.  You can let them work from home, give them more freedom, let them open their mind and have real impact at the company.  These are intangibles that small companies can offer a staff member that they may not see at a larger company.  Consultants are really great too.  You can hire extremely talented people for affordable hourly or monthly rates with no long-term commitments.  Also, from a tax standpoint consultants are much more affordable and beneficial to the bottom line than the costs of a full time employee.

All in all, a bad economy, national disaster, health crisis and so many other issues that hurt so many people are never good, we of course don’t want them to ever happen.  However, if you are running a business that feeds your family and provides a life for you and the people you care of, then you always need to keep an eye out for opportunities to grow sales, grow staff and make your company stronger.  These are hard times allow for that, take advantage.