fbpx

Entrepreneurs show creativity amid pandemic

By Jennifer Kovach

During the COVID-19 pandemic, the type of industry you are in and the location of your business determines whether you are thriving, just surviving or, in some cases, whether it is time to make that difficult decision to close. While South Florida is among the areas hardest hit by the pandemic, I have been inspired by the creativity and drive exhibited by many of our local entrepreneurs to keep things going. When the economic effects of the coronavirus became apparent, South Florida small business owners who participated in the Jim Moran Institute for Global Entrepreneurship’s programs gathered virtually to discuss how to respond, what is working for them and how to pivot to turn challenges into opportunities. The following insights—gathered from nearly 100 local business owners—can benefit every company and its employees.

The spirit of entrepreneurs

Throughout my interactions with small business owners, I have found there remains an overall determination to persevere. Afterall, entrepreneurs by nature are driven to succeed and find creative ways to produce a product or service that consumers want or need.

Even if you are still at home, find ways to be productive and strategically think about how you can utilize your strengths. It may require pivoting your current business plan to serve other markets. For example, a small company that makes window treatments may be able to use its inventory to make surgical masks and gowns or your company could use its fleet of vehicles to transport someone’s products.

We’re all in this together

Being a CEO can be lonely, but understand you are not alone, and no one could have predicted the current situation. We are all in this together, regardless of business sector. Reach out to company owners and managers you respect for the answers you are seeking, and, at the same time, provide advice when you are asked. 

Hustle: Follow the money

You may have already applied for PPP funds. Other ideas: Is it possible for you to defer payments to any of your creditors? Also, ask yourself if you have clients who owe you money? Don’t be shy to reach out and ask for their payment. Consider offering a discount for customers to buy a gift card now to make purchases from you later.

Keep in touch with customers

Many businesses have gone virtual and even those open could find benefit from a better online presence. Find creative ways to keep that “open” sign on the door. For instance, many real estate agents are using virtual tours to show properties. Stay on top of customers’ minds by regularly posting news on your website and social media. Update your email list and send alerts. Describe how you are operating: limited hours, online or by appointment. Describe the steps you are taking to ensure your business is minimizing exposure to infection.

Ask customers how you can help them. Contact past clients to see how they are doing. Reach out to leads you declined earlier and accept their business. The economic downturn caused by the virus s is creating opportunity. Think about how you can turn a customer into a business partner.

Giving to others

Forbes recently shared 50 ways companies are giving back during this pandemic. If you are in the position to do so, consider giving back as well. Good deeds performed now will be remembered by your customers and clients later. Consider ways you can provide in-kind support to others, including your own staff members. Your employees may have children out of school or elderly relatives who require assistance. Be flexible with their work hours or split shifts to accommodate schedules when you can.

Planning for the future and staying positive

Most business owners I have spoken with are staying positive. This includes reviewing marketing plans.  Things are hard, but try to find the positive in each situation. Use downtime to work on other projects and get organized.

Even harder: take time off. Talk to people you think about, but never seem to have time to call. Those conversations will relieve some of your loneliness. Let those people know you care, which could be the greatest gift you can give in these difficult times.

Jennifer Kovach is the director of South Florida Operations at the Jim Moran Institute for Global Entrepreneurship, part of Florida State University’s College of Business. The Jim Moran Institute for Global Entrepreneurship cultivates, trains and inspires entrepreneurial leaders through world-class executive education, applied training, public recognition and leading-edge research. For more information, visit JimMoranInstitute.fsu.edu

You May Also Like

Quality Ingredients Made Legendary

Angelo Elia creates a restaurant empire.

McCawley Family Continues to Lead the Way in the Dental Industry With Innovative Solutions

The Father/son duo pioneer treatments for bad breath, failing dental implants and laser therapy for inflamed gums.

Hit the Road? Not This Jack

Seiler has had a long and distinguished public service career serving South Florida.

Other Posts

Broward Behavioral Health Coalition and Community Partners Host Mental Health Panel

The nonprofit recently marked a decade of bolstering behavioral health and wellness in the community.

Broward Partnership’s “Silver Soiree” Gala Celebrates 25 Years of Community Service

The event recognized the nonprofit’s focus on shelter support, healthcare, workforce development, and fostering hope, transforming over 34,000 lives since its inception.

Boca Raton Earns Top Meeting Destination

The recognition by Cvent highlights the city’s group business appeal and commitment to corporate event success.

Top Meeting Destination

Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.