Check out the story from Madison Elliot, reporter for Spectrum News. As NY transitions from pause to open, business owners are being asked to operate under conditions that could not be imagined a few short months ago. Here are 3 tips that every business owner can use as they navigate NY Open.
1. Talk to your people early and often. By people, I mean your core constituents. Your customers and clients, the landlord, your vendors and employees, all will be critical allies in your efforts to succeed going forward.
2. Know your numbers. Business owners must be intimately aware of their income and expenses. Depending on the industry, the detailed level of understanding should be broken down, hour to hour of operation, per unit sold or dish served. If you can't do this yourself, you should talk to your accountant.
3. Make your plan(s). Failure to plan is a plan to fail. I am recommending that business owners make multiple (at least 3) income and expense projection driven plans for business operations. The plans should be compared against results on a weekly basis. Be prepared to act quickly based upon results.
While the government has provided some "bridge" assistance to the business community, ultimately there is only so much our elected leaders can do. They have made the hand off and now it is up to the entrepreneurs to take the next steps.
A new study released on Tuesday by the U.S. Chamber of Commerce found three in 10 businesses say they have temporarily closed in the last two weeks. But Taste Bistro & Coffee Bar in East Aurora just opened back up.