Kedma Ough and Rashedia Mayhane spoke at the Survive and Thrive Summit about money tips and tools for your small business. Hosted and produced by Ramon Ray of Smart Hustle Media, the first two Summits were held in April and August 2020. The next one will be in this spring of 2021. It's free, so sign up for updates and registration information.
Kedma is a small business superhero, an advocate to those navigating entrepreneurship and trying to be successful. During this challenging time, you need as many superheroes as possible who have your back since there are many new challenges we’ve never faced before. Read on to learn about money tips and tools that will help your business now and in the future.
“Every difficult circumstance has a silver lining.” - Kedma Ough
Kedma has researched publications about how businesses thrive during and after a recession. Basically, the economy rewards the aggressive advertiser, not the business that pulls away and overthinks their next move. People are still spending money, but they are spending differently.
For instance, COVID-19 has forced people to spend money online in ways they never have before, which is making off-line businesses move more into the digital space. You need to serve your current customer base and see what you can do to support them during this time.
During and after a recession, the economy rewards the aggressive advertiser, not the business that pulls away and overthinks their next move.
Rashedia explains how much we learn when we hit rock bottom, which has happened to a lot of people over the last several months. This is the time for small business owners to really see what skills they have in-house and utilize those skills and resources. Whether you have one team member or ten, see what additional tools you can pull from your current staff that could save money from having to use vendors or outside resources.
Money Tips to Make Each Dollar Go Farther
1. Look over personal finances
Rasheida tells us how it’s hard to focus on business matters if personal matters aren’t in place or are in a stressful period.
Many business owners who have been in business for less than five years use personal money for funding, which isn’t a bad thing. But this is the time it’s ok to take a pause and reset if you need it. It’s important to just breathe and take a break from self-funding so you can make decisions with a clear mind, especially if personal finances are stressful.
2. Consider talking to your credit card companies
It’s possible they will be able to reduce your interest rates or work out a deal if you just call and talk to them.
3. Collaborate with competitors
This might sound counterintuitive, but this is the time to pivot and think of new ways to get people to spend money. Sometimes a collaboration actually reaches more people, and there are ways to market together by still showing each business's unique features.
The campaign for “Got Milk?” was actually put together by a bunch of dairy farmers who were technically in competition. But the campaign created a big spotlight on milk, which in turn got people talking and spending money. It was less about each specific brand and more about the product.
4. Find funding
Head to Google and search for COVID-19 Small Business Funding (Your City). Kedma told us how there are many ways to get funding, but they aren’t highly marketed because they are more niche and specific.
So set some time aside and start doing a little research, go below the surface and see how your gender, demographic, and type of business might be able to receive other types of funding. A lot of help for small businesses is out there, so don't throw in the towel too easily.
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