COVID and My Small Business

The last 6 weeks have brought some COVID driven challenges to our small business. We're in the millions of sales, not tens of millions, so I have a lot of flexibility to adapt, but it's still impacting us. In case you want to understand the mindset of one owner, in beauty/skincare/intimate wellness, here's a little glimpse inside.

1) Supply chain. We only get a few things from China (gift boxes, gift pouches, tissue paper and sample glass). The first 2 are still not here with no ETA, and we've been out of stock for weeks on the full size sets as a results, resulting in ten$ of thousand$ in deferred or lower cart sales. Also, buying local supplies is 10x the cost. However, as the impact spreads, my glass comes from Italy, my ingredients are global. I am inclined to stockpile the long leadtime and hard to get ingredients now.

2) Trade sales. Trade sales not impacted. As retail feels the impact of fewer people going out in public, we will see if that changes.

3) Trade shows. Mostly cancelled through May as people try to figure out what's safe and when transmission will peak. Translates to lower expenses, but since we open dozens of new wholesale accounts this way, this will have a likely impact on sales.

4) Customer psychology. eCommerce sales took a little dip since the Dow plummeted, which is expected in times of fear and uncertainty, but restored today. Our customer seems unaffected now.

5) Midterm practical impact. Watch costs closely. Don't hire extra people. Limit product lab investments. See how customers respond over the next 3 months. Move live events online. Focus on online content instead of in person talks. Focus on need segments, deemphasize pleasure segment.

6) Bring the Mystic to the Market. This is a chance to learn how we all react to potential for less: less distraction, less money... can we sit with ourselves in this? Also, how do we react to fear and potential loss? This can be a time of deepening connection to our inner lives, who we really are. Of making space, of more self care and embodiment. Since this is part of my core message as a brand, we will continue to speak to our customers about this.

Long term, the needs of our customers aren't going away, nor is our ability to fill them with the best products anywhere. We will stay on course to lead in this segment that is growing globally.

As a human, I hold space for fear, sickness, loss and grief, and support healthcare workers who will feel the most stress.

As a leader, I stay happy, calm and hold the long term vision.

All part of the cycles.