The effects of COVID-19 on small business owners

Small business owners have been severely affected by the COVID-19 pandemic. The majority of people who contacted me for help were also small business owners. I would like to reach as many of you as possible through this post if you are going through anxiety and financial crunch due to the current situation. Here are a few things that will help:

1. Embrace the uncertainty: Uncertainty is part of running a business. It is a fact that uncertainty gets worse in times of a pandemic. Even businesspeople that are established and experienced go through anxiety not knowing what their financial situation would be. It is imperative that you understand that during a pandemic not everything is under your control and we must let go of the things that are out of your control.

2. Be cautious: Learn to prioritize your projects that generate higher income. Stop and think for a moment before you jump into various projects, on whether the project will give you the revenue that you are looking for. It may have generated a high income for you in the past but it may not do so in a pandemic. I have been contacted by various clients who just needed some help organizing their projects and balance their personal and professional life.

3. Join your community: Join a community that is going through a similar experience as you are. If you are already a member be active in the community and be a leader by organizing various events and activities that will keep you distracted from the anxiety.

4. Keep a check on your emotions: Your emotions can take over at times like this. It is important to keep a check on them to avoid any activity triggered by your emotions. People sometimes buy and sell investments during a pandemic and regret the decision later. It is a good idea to write down your new ideas, ask what emotion triggered this idea, and the consequences of executing this idea in a pandemic.

Fun fact: The U.S. Small Business Administration (SBA) has a funding pool of $50 billion in response to the virus.

Hamna Siddique is a career and leadership coach focusing on confidence and personal development.

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