25 – The week every Small Business became an Entrepreneurial Startup
This special COVID 19 Podcast looks at Leadership, Runway and pivoting for small businesses in the face of COVID.
Business has changed massively and runway is now key. Businesses need to cut expenses very quickly but they are also looking for new ways to grow their revenues as the business and consumer worlds are changed massively.
As the business, economic and social environment continues to change, each and every small business owner will have to reassess the strengths and weaknesses, opportunities, and threats that they have. This needs to be aligned with personal goals as well and once this is done, a new course charted. Some businesses will see their traditional sources of income dry up and others will see big opportunities.
As a small business, flexibility and speed of pivot are key capabilities so keeping an eye out for how the situation is changing and giving yourself the time to reflect in the best way to respond to threats and to capitalise on opportunities is really important.
This podcast discusses the concept of runway, traditionally the metric for entrepreneurial startups, but now a concept that many small businesses need to understand as they react to the impact of COVID-19 on their business and on their customers. Looking for additional sources of income and looking for ways to cut costs are the name of the game as you increase your runway to survive.
We discuss the role of Leadership in managing and leading a company that is dealing with COVID-19. The impact on your staff could be profound and this is where small business leadership becomes all that more important.
Have a listen to the podcast and do some marketing to get those customers in.
You can listen to the podcast and get a lot more detail about today's subject.