By AAA Director John Macalyk
With restrictions of all kinds sweeping across Australia due to COVID19, many small business have taken a hit. Unfortunately a lot is out of our control in this time, but this kind of uncertain economy is not totally unprecedented.
The age old expression 'the best teacher is experience', is very relevant in today's economic environment. If you've weathered some tough times before, try and remember - did you do it well or not so well? With experience, you are your own best teacher. Strategies you've implemented before to increase business may be useful; its easy to stop and panic, but remember you're a business owner for a reason! Putting your business smarts to use may seem obvious, but many people panic. Stop and think about what you've done before, and try do it again.
But lets say you haven't come across a situation like this before in your business life, Who are you going to call? No not Ghost Busters. Turn to someone who has been through a rough financial patch previously and ask them. Though we have more tools at our disposal now (i.e. Social Media, UberEats, or delivery services) its likely the same principles will still apply. Learning from others allows us to avoiding the same mistakes that were made in the past, so don't be afraid to reach out and ask for advice.