Posted by Craig Boesch on Mar 26, 2020 01:47:36 PM
As I write this, economic uncertainty is a growing consideration as significant stock market volatility flares, and a global viralpandemic is forcing us to consider dramatic alterations to our current lifestyle standards. It remains to be seen how this will affect all businesses, small or large.
I find I’m optimistic; curious, and as always, a little nostalgic. With this latest disruption, new challenges will certainly arise. I feel confident, those challenges, will spawn adaptations. We will again, overcome, and carry on. Unforeseen results can arise from crisis, transitions are pushed beyond consideration, as they become necessity. Those positioned to help, will be very busy, and, may gain in the process, as will others that pivot to join in. For the adept, and nimble; new challenges can represent opportunity. Other’s will carry on stalwartly, as it’s what we know, and do.
Disruption, as a term, has always been part of the business landscape. A new way of doing things, all be it, typically somewhat gradual in implementation. Natural disruption, (and the unwelcome element of destruction), cause the most abrupt, and significant change.
The effect of change, gradual, or abrupt, on small business can be significant. Examples are easy to reflect upon. In my lifetime, the retail scene has evolved dramatically, the once bustling heart of small communities: Main Street, has been slowly set adrift with the arrival of Big Box, and now, Big Logistic. Compound this with the rise of e-commerce, more consumers turn to the internet to buy. As this new method of sales develops, small business owners need to embrace these changes and adapt to the demands. By doing so, they have the capacity to thrive.
Governor Pete Ricketts recently posted on how businesses can be flexible during this time:1. Offer drive-up service to customers:
Through it all, small business has thrived, in some capacity. It’s certainly true, that not all have survived, and it’s easier to point out what’s not there any longer, than to mentally catalogue what is. Particularly when we may not recognize each as the store fronts as they once were; yet, the business is there. Many small businesses now serve a much larger geographic than they once did, and, may provide products or service that locals don’t immediately consume. 99.1% of the total number of businesses in Nebraska, are considered small businesses; employing just under half of all those working in business in our state.
One of the best things Nebraska small business owner can do is connect with the Nebraska Small Business Development Center (SBDC). Since1977, NBDC has been offering business consulting. We have over 40 years of experience serving Nebraska's small business owners. NBDC offers free, confidential consulting for start-ups and small businesses no matter where you are in your business journey. Need additional resources? Check our our Business Resiliency Resources page.