Business Daily Media

Men's Weekly

.

As a small business owner, here’s how I’m dealing with the coronavirus crisis

  • Written by Nick Morgan, CEO and co-founder, Vudoo


Just two years ago I launched my dream company, alongside co-Founder Andrew Spalding, venturing into the world of interactive video. We noticed a gap in the market and jumped at it – raising $2m in seed funding along the way.

Now we have a 20-strong team spread across two hemispheres – and we are steely in our determination to keep our business strong, even in tougher times.

There are many ways to tackle a crisis such as what we are currently experiencing with COVID-19. As a small business owner myself, I know the importance of knowledge-sharing, which is why I’ve compiled my top tips for survival at this time.

  1. Look for guidance. Seek out others who may have been through this type of thing before, such as the global financial crisis. You don't need to go direct, you can simply follow and listen to what certain individuals are publishing. Adir Shiffman, Executive Chairman, Catapult Sports is being very generous with the insights he's sharing through his experience of the global financial crisis.

  1. Get on top of every single dollar - complete a zero-based budget as soon as possible and understand where your flex points are. Once this is done, undertake scenario modelling and establish a plan A, B, and C... D if needed!

  1. Bring your team closer. If you have a management team, even closer. Ensure you are sharing and talking through your macro and micro challenges. Now is the time to be frank and transparent and ask for their help - they'll be steeled by you leaning on them. You'll benefit from sharing what you're experiencing too. 

  1. Don't stop marketing. Yes, you may have to cut some budget, but don't bin the activity, share the load with team members who are capable. Now is the time to clearly articulate your value and why your customers need you during this period and on the other side. 

  1. Step away from the laptop, take a long walk and decompress. Charles Darwin walked for an hour each lunchtime and he developed the Theory of Evolution - imagine what you can conjure up!

Tacking the skills shortage — why L&D is failing and what to do about it

The Australian economy is in a tough spot right now, and a huge part of the problem is a massive skills shortage. Late last year, businesses were st...

How reducing revenue leakage could help your business stay in the black in FY2026

It’s time to stop legacy revenue management platforms and processes draining your profitability. Is boosting the bottom line an overarching goal ...

Technical Debt Stifling Path to AI Adoption for Global Enterprises

Outdated legacy technologies costing organisations the ability to innovate, money, time and potentially, even customers Technical debt and an ov...

Attract. Impress. Keep. The new small business growth playbook

Running a small business is a marathon that often feels like a sprint. You are chasing leads, juggling admin, building a brand and trying to carve...

Amazon to expand data centre infrastructure in Australia and strengthen AI

Amazon has announced plans to invest a new total of AU$20 billion from 2025 to 2029 to expand, operate, and maintain its data centre infrastructur...

How AI is Reshaping Banking in Australia

AI in the Banking and Financial Services Industry  From fraud detection and credit scoring to personalised financial advice, AI is transforming t...

Sell by LayBy