The majority of America’s startups, scaleups and small businesses have shuttered in the past 30 days. The women I mentor are all asking the same thing: how do I navigate this; what are the steps I need to take to get through this and, will I be able to save my company? The honest answer is; it depends.
It depends upon how long the external factors will keep the economy shuttered. It depends upon how much money you have in reserve if any, and your burn rate over the next few months. It depends upon how rapidly you will be able to ramp back up when this is over.
But most of all, it depends upon whether your heart and head, your grit and stamina are aligned to do this next thing. There are known moments in every business life where we are given a key to exit. Those doorways present themselves every so often; a fire, a theft, a downturn, or in this case a virus. It is at these times we are provided an opportunity- a key of sorts- to exit.
The 3:00 am question we should be asking first is, ‘Do I want to navigate this?’
This question demands honesty, even if only a response into the darkness of your bedroom ceiling. You have a set of keys in your hand and one of them opens a door to something different from the life you currently lead as a startup founder, a business owner or a growth company president. You are sanctioned by this crisis to choose and it is one of the few times when your choice will be viewed as wholly legitimate. In or Out.
You won’t find too many entrepreneurial support organizations (ESO’s) willing to have these conversations. We don’t talk about it or bring it up but we should. If you aren’t ‘all in’ during the next few months, it is far more likely that you will struggle and fail. There is very little middle ground.
I believe this because I have seen it first- hand. I served as the University Of Northern Iowa’s disaster recovery liaison to small business in Iowa in 2008. Over the course of 24 months, we had a front row seat to the recovery or closure of thousands of small companies. Those companies who took the crisis head-on were the ones who remained in business and subsequently thrived. These companies had founders who, on the outside, showed great confidence; inspired their customers, their employees and their investors in ways that accelerated their brand- and their recovery. I was honored to be a part of the uncertainly, fear and doubt that lived behind the curtain. Here at #Rosie, we have a backstage for you if you need it. Bring passion for your business and together, we will help you bring it back.
If you cannot bring that passion, know it now and take the door. We can help you with that too.
Over the course of the next few months, there will be scores of strategies floated, financial assistance offered and ideas generated for how startups, scaleups and small businesses can make it through the Covid19 crisis. One or more of those strategies, sources of capital and alternative business models will likely be useful to you. One might save you. But it is going to be hard work and your passion matters.
I will be at #RosieWasRight on Facebook for anyone who wants to continue the conversation over the next few weeks.
