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!

Changing the World One Bite At a Time: IKU Turns 40

One of Australia’s first plant-based, chef-led eateries and now ready meal provider IKU is celebrating its 40 year anniversary with the business e...

Three generations marking 45 years in hot-air balloons

Australia’s leading hot-air balloon company is celebrating 45 years in the sky and its 700,000th passenger, driven by the passion of father-son du...

Workplace DMs, Reinvented: Deputy Messaging, Purpose-Built For Shift-Based Teams

Deputy, the global people platform for shift-based businesses, has launched Deputy Messaging, a fully integrated, real-time communication tool designe...

Revolutionizing Fulfillment: How Virtual Warehousing is Changing the Game?

The e-commerce landscape is evolving more rapidly than ever, and the way businesses are managing their fulfillment is also revolutionizing. At the...

SME lender Dynamoney welcomes new CEO, Brett Thomas

Strengthens growth ambitions and signals expanded offering Dynamoney, a leading commercial finance provider for Australian SMEs,  has today appoint...

The cost of ignoring AI governance in business

Artificial intelligence (AI) is no longer the promise of a distant future: it's active, embedded, and already shaping decisions across industries. H...

Sell by LayBy