What COVID19 is reteaching Small Businesses

I have been in the promotional products industry for over 20-years and each day, there is a new discovery, new product, new method to doing business. I was drawn to this industry for many reasons including the love of products, finding solutions for any marketing challenge, and the evolving changes that occur on a daily basis. No day is ever the same and that ensures that I am constantly challenged both personally and professionally. COVID19 has brought new perspectives as well as sage reminders of how to successfully stay in business.

Cash is and always will be king. When I started InTandem back in 2013, we never took a loan. We saved. We used personal assets to build the company. We waited to find a space. We didn’t rush out before we had the funds to purchase one and the savings to keep it running. I didn’t hire new employees until I knew I could sustain salaries for several months. 29% of small business fail because of cash flow and lack of capital. I was not going to fall in that statistic. And now, years later, cash is still king. For many businesses across the globe, the faucets of client spending have been turned off. And companies are holding funds until they have handle and understanding of what is happening, going to happen, and how we are moving forward in this new economy. Large corporations have sent letters stating that they are delaying payments 60, 90, 120 days past their standard and negotiated terms. It's a new world and at least for the moment, cash is the only way that your organization is going to make it through. InTandem started using the Mike Michaolowicz principle of Profit First about a year ago. In so doing, we have built up a nest egg to sustain payment of taxes, operations, and build a savings to sustain us through this crisis. Yes, we have applied for all of the support that is being offered from the SBA. But at the same time, we are not dependent on those funds to keep our business moving forward. Nor can we wait for the funding to arrive to move forward.

Establish a strong relationship with your bank. This is not big brother. This is smart business. Share what is going on in your business so that when there are challenges, your bank is able support you, provide you with services that you may not have been aware of, review your accounts and offer advice, and offer insight into changing markets that you may not have been aware of. We have worked with BB&T (now Truist) since we opened our doors. Our relationship has enabled us to be quickly informed during this crisis, open up additional funding opportunities, and sustain us. They are invested in us, have watched us grow, and want us to continue to do so during this time. Their support both in times of turmoil and in times of high success have continued to ensure cash flow, profitability, and funding as needed. Remember, cash is king and your bank is the best way to access, build, and maintain that principle.

Networking and relationships matter. Your reputation matters. As I built InTandem, I have never stopped networking. Never. Scroll through our social media and you will see the number of events, projects, fundraising, organizations and shows that we have participated in. In good times and in bad, as a small business, never stop filling your pipeline. The theory that you have too much business, don't have the time, or have too many clients, doesn't net long term success. Now, those networking relationships have become our lifesaver moving forward. Our clients are checking in on us! They are asking what they can do to help. They are referring us to new business opportunities now more than ever. They are paying us earlier than net terms to keep our cash flowing. Being part of organizations such EO, The Partnering Group, MM2, and other masterminds has ensured that I receive information, resources, and support faster. We have been able to lean on each other and build each other up throughout this pandemic. Networking may look different now than it did earlier this year but stay engaged. Continue to reach out, participate in webinars, and zoom calls. Let your clients, friends and peers, see and hear you. Text and reach out to your clients. Send out notes, care packages, and love. Use this time to build your relationships deeper and stronger. And, when this is over, get back out there. Don't allow your pipeline to dry up.

Diversify, Diversify, Diversify. And I'll say it again, diversify. Diversity in your business, client industries, social media, communication strategies, business offerings, and product packaging is paramount. This became my mantra during the Dotcom burst in the early 2000s. Many of my peers were solely focused on these big spender organizations. And who wouldn't be! There is an old adage that says, "Go to where the money is." Money was pouring out of these organizations. They were receiving investment dollars and the spend was on the lavish, insane, unique, and custom. We created products like custom swimsuits for incentive trips, custom beer taps for in office kegs, custom pool tables for game rooms, and more. And then...the bubble burst. The technology industry stopped spending and many companies were bankrupt or went out-of-business. This was a hard, but well-timed lesson in the early stages of my career. Never again was I focused on one industry and this has enabled not only consistent but solid growth in my career. During this crisis, being diversified in business has provided InTandem with new, different and increased revenue streams. We are working with clients that are flourishing during this period of scarcity. In having a diverse client base, it has kept the cash flow still turned on and us moving forward. We continue to leverage different social media channels and are expanding our product offering and how we are positioning ourselves in the market. Additionally, we have created packaged/bundled pricing programs to help our clients as they are planning for their next stages of growth. Stay diversified. Seek out new markets. Create new communication avenues. Enhance your product offering.

Become indispensable. When I first started cashing a paycheck, I received some advice that has stayed with me always, "Work like you are working for your higher power." Many employees act like they are working for a boss or a company and that can often times breed dissatisfaction, disgruntlement, and discontentment. Many employees are going about their day-to-day with a sense of entitlement. Working nine-to-five and running out as soon as the clock hits five. Now, I'm not saying to work yourself to death. But have pride in your work. Whether it is a short-term position or your lifelong dream career, work like you are working for yourself (or your higher power). As an employee, my mission was always to be as indispensable in that organization as possible. Whether focused on my current position or jumping in where it wasn’t my position, my goal was always to be so indispensable that the company I worked for could not live without me (or at least really missed me if I left). Many times, employees come into a role and make assumptions that they are indispensable. COVID19 has showed us that this is not the case. Decisions have been made. Cuts are taken. And organizations are making the very hard choice on employees and positions to layoff (whether temporary or longterm). Make sure that you are fully diverse in your role and are able to step in to any other position that is or may become available. By holding a position of power and value, you make the hard decision a lot harder. Don’t come into the office late. Don’t just put in your eight hours and walk out the door. If you are spending time at work, make an impact with the time that you are there. Look for the additional need within the organization. Find solutions to the challenges that you are seeing. The same is true for your clients. As an owner, my main focus is to become so indispensable with our clients that they can't live without InTandem. My goal is to be the first one that they come to with any branded challenge or opportunity. Become indispensable in all that you do.

Stay the course. With any disruption, it is easy to forgo your routine. To be honest, the first week that COVID19 hit and my kids were at home, it literally took everything that I had inside to get out of bed, get dressed, and keep moving. I was scared. I wanted to sit on the couch, watch tv, and brain numb until this crisis was over. That would have been the easy way out. When you avoid, you have made the decision that negatively impacts your future. I have had to force myself to continue to work my day. I get up, I workout in the morning or the afternoon, I shower, I keep my house clean, I put on my makeup and work clothes (unless I am on a deadline... and then all routines are off). We have reestablished a routine at home as well as at the office. Create your rhythm. Keep it healthy. Figure out ways to pull out your normal from all of this. I am a huge fan of Brenden Burchard. One of the things that he says is to establish a role model mentality. Just when you think that no one is looking, someone is. No matter your role. No matter if you are working at home or still going into the office. Every action you take, every comment, every step is being watched. Make the choice to contribute good energy vs fear and added angst whether you are an employee or an employer. Take control of your routine. Stay calm in the chaos. And keeping moving forward.

Manage today. Focus on tomorrow. During this season, my team and I have used the opportunity to create and plan how we are moving forward. At the beginning of the year, you know how adamant I am about my calendar. Well, my beautiful color coded calendar with all of my plans has literally been thrown out the window. We no longer have the events that had covered up our date blocks. Travel has ceased (at least for the time being). So we have adjusted our timelines, rethought our objectives and planned for a new way to do business. We are working through today with current orders, networking, reaching out to our clients but also staying focused on our tomorrow. What projects did you have planned for later in the year? What items have been sitting in the parking lot until you have time? Take complete advantage of this time. We have no idea if this will last weeks, months or quarters. No idea when the faucets will be turned back on. Use this time to your advantage. At InTandem, we have ordered our self promotions for what we hope will be more events later in the year (and if not, we'll repurpose them for another opportunity), we have developed our direct mailings, we have refocused and adjusted our strategies for how we are going to present at our shows. We are revamping our customer stores with new creative and design. We are cleaning out our warehouse, redoing the layout for increased efficiencies, and restocking our shelves. We are updating and further documenting our processes, rebuilding our onboarding experience, and updating our employee handbook. We have created new products, new packages, and new ways of going to market. We are learning new communication and social strategies of how to reach out to our client base (and what we are thinking will be our new normal). Just keep moving. Plant one foot in front of the other. The pandemic will end. There will be a new way to do business. And when it is, where are you going to be positioned in the marketplace?

Keep learning. I am on more webinars and reading more than ever. I even have phone acne from being on so many calls these days. Recently, my learning has been all around COVID, how to manage working from home, employees safety, understanding the loans and financial opportunities, and listening to different theories of the impact of the crisis. Prior to the pandemic, the sales team at InTandem was doing a book study on The Challenger Sale. Determine areas where you need to improve, something that you needed to learn but haven't. Investigate new potential markets and how to engage them, learn a new technology or tool that help your business grow. 60% of small business owners aren't confident in accounting and finance. Now is the time to take an online course (many are being offered for FREE right now). Use this time to better yourself - whether personally or professionally. In so doing, you will be amazed at the connections that your brain makes, the ideas that pop into your head, and the solutions that you find. Take the time that you are investing in scrolling through social media, the frequent news updates, and the drama and learn something new. Come out of this crisis ahead.

Have a support system. Throughout this process, I never realized how important my support system was to me until it was tested. 79% of small businesses didn't have the proper support and it was the cause for their failure. I am sure that I would have fallen in this statistic had my support system not been in place. My husband, Matt Webb who has held me up when I just wanted to collapse. My friends like Gene Hammett who reminded me to stay calm and has coached me as a leader through this and Keera Brooks who has been my sounding board and informational support as well as Tyler Persaud who is not only my banker but my friend. My team at InTandem who have fought for the company as hard as I have and kept us moving forward. And my clients who have paid bills early, forwarded and liked our posts, offered referrals. Not to mention my networking organizations that I am part of have all enabled me to stay on task, held me accountable, checked in on my mental, and propelled us forward. It’s so easy to stay in a bubble. Having a strong support system can make or break you as a small business. Build your support system and continue to lean on them in times of roaring success and wrenching challenges.

COVID19 has reenforced the necessity to stick to basics. That even in times of fear, chaos, and trouble, the basics will always get you through and enable you to not be a failed business statistic. Connection and human interaction is more important than ever. Find the right rhythm. Stay connected and engaged. Keep moving forward.

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InTandem Promotions is a branding and promotional powerhouse. Guided by the belief that emotions are at the heart of a truly memorable experience, InTandem creates meaningful, measurable branding programs that connect companies with the people they care about. We deliver products and programs that reflect a company’s characteristics and principles while resonating with the core aspirations of customers, prospects and employees. 

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