SPONSORED

Planning Your Business Strategy and Succeeding in Hard Times: How Your Small Business Can Weather Any Economy

Apr 30, 2020, 1:46 PM | Updated: May 20, 2020, 9:39 am

small businesses...

Photo: Getty Images

This article about small business success in any economy is sponsored by Altabank. Member FDIC.


If you own a small business right now, you probably feel a lot of financial stress. But how can your small business be successful even in downturns in the economy like the one caused by the coronavirus?

Plan for Changes

Small Business Plan

Photo: Getty Images

When you wrote your business plan, a pandemic likely wasn’t something you planned ahead for. Of course, it’s hard to anticipate change. But your business should have a worst-case scenario plan in place for any instance. Don’t be shy about asking for help early and often from peers and organizations that can be trusted advisors.

Find a Great Trusted Advisor

Small Business - Small Business Ideas

Photo: Getty Images

Find someone with knowledge and experience who can understand your unique needs and help develop a plan that meets those needs. Having an advocate who can guide your business towards the best options is critical in order to make sure you’re ready to thrive when the worst is behind us. It’s not too late to find someone like this. Just be aware that the options change based on the environment.

As a business owner or leader, you want to be in a position to take advantage of opportunities that present themselves during tough times.  You don’t want to become an opportunity for your competition. Start to envision how you want your business positioned as the economic cycle shifts.  Then utilize trusted advisors that can help you achieve that vision.

Relief Programs for Small Business

Small Business - Small Business Loans

Photo: Getty Images

If you didn’t make that plan in advance, there are some great options to offer relief if your business has taken a hit. The SBA recently announced several relief programs for small businesses. These include the Paycheck Protection Program and the Economic Injury Disaster Loan. The Paycheck Protection Program can provide a directed incentive for small businesses to keep their workers on the payroll. The Economic Injury Disaster Loan is only up to $2 million but is intended to fund working capital in order to help small businesses maintain operations. 

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Today’s Top Stories

Sponsored

close up of rose marvel saliva blooms in purple...

Shannon Cavalero

Drought Tolerant Perennials for Utah

The best drought tolerant plants for Utah can handle high elevations, alkaline soils, excessive exposure to wind, and use of secondary water.

11 months ago

Group of cheerful team members high fiving each other...

Visit Bear Lake

How To Plan a Business Retreat in Bear Lake This Spring

Are you wondering how to plan a business retreat this spring? Read our sample itinerary to plan a team getaway to Bear Lake.

12 months ago

Cheerful young woman writing an assignment while sitting at desk between two classmates during clas...

BYU EMBA at the Marriott School of Business

Hear it Firsthand: 6 Students Share Their Executive MBA Experience at BYU’s Marriott School of Business

The Executive MBA program at BYU offers great opportunities. Hear experiences straight from students enrolled in the program.

1 year ago

Skier being towed by a rider on a horse. Skijoring....

Bear Lake Convention and Visitors Bureau

Looking for a New Winter Activity? Try Skijoring in Bear Lake

Skijoring is when someone on skis is pulled by a horse, dog, animal, or motor vehicle. The driver leads the skiers through an obstacle course over jumps, hoops, and gates.

1 year ago

For the second year, Utah Transit Authority (UTA) will be hosting “My BeUTAHful” art competitio...

Elizabeth Weiler

Win a UTA pass, art supplies and gift cards in student art competition

For the second year, Utah Transit Authority (UTA) will be hosting “My BeUTAHful” art competition. From now until March 20, students k-12 may submit their original art following the theme "Imagine + Lead + Change".

1 year ago

Banner with Cervical Cancer Awareness Realistic Ribbon...

Intermountain Health

Five Common Causes of Cervical Cancer – and What You Can Do to Lower Your Risk

January is National Cervical Cancer Awareness month and cancer experts at Intermountain Health are working to educate women about cervical cancer.

1 year ago

Planning Your Business Strategy and Succeeding in Hard Times: How Your Small Business Can Weather Any Economy