Contributed by Women’s Enterprise Centre.

When the pandemic first started causing business closures in BC, it brought a wave of uncertainty. Now, as the government supports are helping some businesses, and customers are finding creative ways to keep supporting their favourite shops, we’re entering a second wave of settling into the ‘new normal.’

Women’s Enterprise Centre (WEC) is a non-profit organization that provides support to current and aspiring women entrepreneurs throughout BC. They offer complimentary one-on-one appointments with Business Advisors, as well as business loans, training and mentoring.

Since mid-March, WEC has been flooded with inquiries from women business owners who are dealing with a wide range of situations and emotions – from distraught, to hopeful, to determined. Here they share some tips to help business owners find their stride for the long-term:

  1. IDENTIFY THE THINGS YOU CAN AND CANNOT CONTROL

At any stressful or challenging time, identifying the things you can and cannot control helps to put the immediate tasks into perspective, and can create a more productive action plan.

You CANNOT control when all of this will be over. You cannot change the regulations governing what businesses can or cannot be open; and you cannot change the value of the Canadian dollar.

You CAN control: how you do business; where you do business; and with whom you do business. And, especially, your cash outflows.

Dawn McCooey is an Entrepreneur in Residence at WEC and one of the Business Advisors who works one-on-one with women entrepreneurs.

“Many of our clients are doing the best they can and they are on track,” she says. “They just need that validation and support.”

  1. REFER TO PUBLIC HEALTH AUTHORITIES

Be accurate in your information to employees and others – always source the updates from reliable health authorities, like the BC Centre for Disease Control.

Stay informed about regulations and advisories, and keep your customers and stakeholders updated on the status of your business and how you’re ensuring everyone’s health and safety.

  1. MANAGE YOUR CASH FLOW

Cash is king – this is even more true during a time when your revenues are negatively impacted.

“The initial concerns were cash flow. Due to a lack of understanding, many of our clients were catastrophizing instead of analyzing,” says Dawn.

At this time, you will want to take a close look at your cash outflows in order to preserve your working capital. All of the payments that you make – your accounts payable, your rent, suppliers, taxes, utilities, bills,  wages, advertising – need a close magnifying-glass look.

Once you lay it all out, the first step is to prioritize your expenses. Some payments cannot be left unattended – BUT keep in mind that, during these extraordinary circumstances, there is an opportunity to find out what may be either forgiveable, or what payment options may be available to you.

Compare what you think you spend to what you actually spend.

  1. LEARN TO NEGOTIATE

This is the time to discuss rent or other payables with your suppliers.  No one wants you to go out of business – especially those to whom you owe money!

This may be the time to contact your suppliers or others and discuss the challenges you are experiencing. Keeping open communication with lenders and others during challenging times is key to managing through a crisis.

You may be able to set up a revised payment plan, or reduced interest. Ask for what you need, and listen to what the other side is saying. That is the art of negotiating.

  1. BUILD RESILIENCE

Did you know that some of the most successful businesses were started in a recession?

Building resilience is largely about innovating. There may be more time now to work on your business, not so much work in your business. Take good care of your team; together, you will re-build and recover.

Now is the time to inspect all aspects of your business. Ask yourself lots of questions and especially ask ‘why.’ Beware of the answer: ‘because we’ve always done it this way.’ That is a surefire way to get stuck and to kill innovation.

What is working? What could you do differently? Where are your customers coming from? Where else are they that you haven’t tapped into yet?

  1. LOOK FORWARD, CREATE AN ACTION PLAN

“If you cannot be in direct contact with your customers, now is the time to be in their minds – for example, via social media, email or friendly notes to clients in your neighbourhood,” says Dawn.

If you pivot your business, it must have some direct relevance to your core business, skills, competencies and areas of expertise. And, as the saying goes, ‘a goal is a dream with a deadline.’ So set small, achievable goals.

Think back to times when you successfully navigated difficult challenges in your business or elsewhere. If you take charge today of the things that you can change, your business will be stronger tomorrow.

Women entrepreneurs all over BC can connect with Women’s Enterprise Centre for personalized advice and guidance. For more information about COVID-19 support for women business owners, a list of government support programs and resources to help with each of these tips, visit wec.ca/COVID19.