5 Lessons for a Small Business Owner in the COVID-19 Crisis

5 Lessons for a Small Business Owner in the COVID-19 Crisis

First, we are apprehensive about using the word “crisis” in the title because it conjures up images of fear and destruction in our minds, in short, nothing but bad news. This is a crippling rather than an empowering mindset.

We would have preferred to call the “crisis” a “New Normal” as it simply means a new way of doing things. Nevertheless, for an easy frame of reference to the current situation, we have stuck to the term commonly used in the media – “crisis”. If you are reading this, you probably already have the right mindset to seek out the lessons in this “crisis” and make good on the opportunities that arise.

Lesson 1: Acceptance

In any survival situation, accepting the reality we find ourselves in is the first step. COVID-19 and its hazards are very real and so are the numerous restrictions imposed on individuals and businesses. Suddenly, we can no longer gather in a group outside our homes. Non-essential businesses are forced to shut down with possibly no income for an indefinite period. Queues for essential services become common, leading to more inconvenience and waiting time.

The opposite of acceptance is denial which is of no help to cope with the situation, much less thrive in it. COVID is here and it will stay for months or years. Period. No one will be spared from its consequences. Even in its aftermath, expect that many things will not return to business as usual.

Lesson 2: Sitting it out isn’t an option

Acceptance is only the first step. If you decide to just play defence and minimise your losses, understand that hardly any business will go back to the way it was before the crisis. Be proactive, play offence and bring the fight on. Adapt to the situation, look for opportunities and act on them so that we become stronger as a business.

Lesson 3: Be fast, not perfect

Our response to the mandatory closure of all tuition centres was to convert our business to an online tuition model. It was an obvious though tedious solution. Our status quo (and most of the tuition industry) has always been face-to-face teaching. Online tuition capabilities have never been part of our modus operandi.

However, in this current crisis, the writing is on the wall – COVID-19 and the resultant restrictions do not appear to be going away any time soon so we might as well bite the bullet and get our online operations started. It was a mad scramble in the first few days to set up our learning management system and video conferencing platform. The learning curve was steep. We were unfamiliar with many aspects of these systems but getting them up and running was imperative. Sure, the final products did not come with bells and whistles but at least they worked well enough for our purposes.

Lesson 4: Communications, communications, communications

As in any crisis, be it war, natural disaster or pandemic, a whole lot of people will not know what is going on and wonder what will happen next. Rumours and fake news tend to spread faster than wildfire.

Our job is to extinguish those doubts and speculation. We talked to our customers as soon as we had a solid plan laid out for the near future, reminding them that our operations were still running, though in an online format. We gave them details on how to access our online tuition, minimising their anxiety to adopt these new practices.

Just as importantly, we held a meeting as soon as possible with all our tutors, sharing with them our plan of action. It was also a training session for them by getting them to try out our online tuition platforms. They might not be experts at the end of the session but at least they were competent.

No matter what your mode of communications is – email, phone call, face-to-face, WhatsApp, talk to your stakeholders about your plans. Reassure them that life still goes on, albeit with differences.

Lesson 5: Adaptability is King

Whether as an individual, a business or an organisation, survival hinges on the ability to adapt to the new circumstances. But we should do more than survive. We want to change ourselves into a more capable person/business/organisation through the crisis.

Be flexible. Be open-minded. Sure, we still hold tightly to our most cherished principles i.e. providing educational support to our students and helping them to do well in their studies. At the same time, we should not be afraid to adopt new methods i.e. online tuition despite having little experience in them.

Life in the New Normal

Changes are inevitable. This is the nature of life and the world. Who knows when the next COVID is going to hit us again? Our job is not to gaze into the crystal ball and predict what will come to pass. In an uncertain world, our job is to keep our noses to the wind and be the first to know when (not if) something is coming. Ideally, we should have done some scenario planning and included that as one of our scenarios. This allows us to be the first few to respond and come up on top of the situation, if not, the industry.

iMatter Learning Centre has since been running its lessons online. For more details about the centre’s responses to the initial announcement of mandatory centre closure, read Adapting to COVID-19 through Online Teaching and Learning.

Please contact us for the latest fees and schedule of our tuition programmes.