We Talked to 4 Biz Owners About How They're Tackling COVID-19
Lauren Kleban, Dianna Cohen, and more weigh in.
As a small business, we here at Create & Cultivate understand how much the COVID-19 outbreak is impacting companies across the globe.
By shuttering offices, disrupting supply chains, canceling events, and clearing out public spaces like malls, restaurants, and gyms, the coronavirus’ impact on companies—particularly startups that don’t have the resources of Fortune 500 companies—is significant. However, as our founder and CEO Jaclyn Johnson says, a company’s success comes down to how it pivots and responds during times of great uncertainty.
Of course, we know that you, our Create & Cultivate audience of entrepreneurs and founders, are also grappling with this right now, so we reached out to some of the savviest business owners we know to find out how they’re handling the news, responding as a company, and, most importantly, pivoting their businesses in response. Scroll on to read how four founders are confronting the coronavirus crisis head-on.
Dianna Cohen, Founder & CEO, Crown Affair
How are you handling the news as a founder? Is your team working from home? How have you pivoted to that schedule?
The wellbeing of our team and customers is the most important thing to us. Our brand was built on the concept of the ritual—all the things you do to take care of yourself and make you feel whole. Whether that’s journaling, stretching, or brushing your hair before bed, we’re all about taking those extra few minutes to reset and recharge. During this time of uncertainty and unrest, we're letting our community know it's key to time for themselves and their friends and family that might need support and care as well.
How have the announcements impacted your business operations and financials? What tactics and strategies have you put in place to pivot and ensure your business is successful through this period?
We're monitoring the guidance of the CDC and health officials, so we're currently remote and will keep our scheduled meetings and touch bases, but do them via video or phone. Tools like Asana and Slack have been helpful for daily stand-ups to make sure as a new business (we're six weeks old!) we're staying on track and actively communicating. Because we're a digital-first company that sells products online, we've been able to continue connecting with our customers and growing the business. When the news first hit, we were mindful to order into inventory that wouldn't impact supply chain for our customers, and internally communicate updated daily goals and KPIs given there are global updates daily.
What advice can you share for small business owners, founders, and entrepreneurs who are also reeling in response to the news?
1. Have honest conversations with your team and community, we're in this together.
2. Your senior leadership team should plan into a mindful monthly spend to make sure you're preparing for any potential changes in supply chain or any area of the business that might be a meaningful part of your overhead.
3. See this as an opportunity to evaluate your strengths as a business and focus on clever, new ways you can still bring that to your audience.
Madison Ruggieri, Co-Founder, Onekind
How are you handling the news as a founder? How have you responded as a company? Is your team working from home?
As a founder, we’re really trying to carry on business as usual. We’re an online retailer and a very small team in a large office space, so, as of now, we’re still working from our office but thinking ahead in case that needs to change with a moment’s notice. Luckily, most of what we do can happen remotely if need be.
We fulfill all orders from our office, but if we were working with a 3PL for fulfillment, I’d be concerned that they might be shutting down temporarily. For brands who do rely on a 3PL, that would significantly impact their ability to continue processing orders.
How have the announcements impacted your business operations and financials?
Right now, we’re most concerned about the financial impact COVID-19 is having on those who are out of work because of it and whether it’s affecting our customers. We’re very aware that this could have an impact on people’s spending habits and that’s something that definitely worries me as a small business owner.
What advice can you share for small business owners, founders, and entrepreneurs who are also reeling in response to the news?
My advice to small business owners is to stay as calm as possible, stay informed, and try to plan a few steps ahead. If your business model allows for the ability to focus on digital sales/work, put your energy there. Most importantly, take care of your own health and the health and well-being of your team. Also, remember there’s a whole community of entrepreneurs dealing with the same issues right now, so let’s support each other in any way we can as we all get through this together.
Sonja Rasula, Founder & CEO, Unique Markets
How are you handling the news as a founder? Is your team working from home? How have you pivoted to that schedule?
As a founder, I'm in emergency-mode, which means I went from being in shock and assessing the situation, to now doing all I can to ensure my employees have jobs and income over the next few months. Every day this week has brought new information and bad news, but as a leader and founder, it's my job to now push emotions aside and turn this situation into an opportunity, to be responsible for my team and put on a happy face. As a company, we are working from home. But to be honest, it's not that different because I offer weekly "work from home" days already, which means we're all used to communicating via Slack or video already. One good thing! :)
How have the announcements impacted your business operations and financials? What tactics and strategies have you put in place to pivot and ensure your business is successful through this period?
My business is events based. We create amazing, community-based IRL pop-up markets that feature hundreds of small business owners and designers. Because we had to cancel our spring markets, I'm literally dealing with zero income for the next 3-4 months. In my past life, I designed and launched Fortune 500 websites and integrated e-commerce, so creating an online store as another revenue stream for us is the most obvious answer, but that takes a huge amount of resources and roles we don't currently have. While it's now something I'm looking at for 2021, we're going to do a few smaller, more manageable things over the next few months:
We've released online tickets to our summer markets already and are asking our community to purchase them and spread the word, which will provide some income and cash flow.
We're going to hold a series of live online workshops over the next two months, some free and some paid.
We're going to launch a weekly newsletter filled with stories of inspirational small business owners, design news, videos, and more.
What advice can you share for small business owners, founders, and entrepreneurs who are also reeling in response to the news?
My advice is twofold: First, take this time to pause. Seriously allow yourself to pause and evaluate what you are currently doing, what makes you happy, how you can improve. As entrepreneurs, we rarely get time to stop and breathe, so see this as an opportunity!
And then, second, get shit done! As the world slows to a halt, take advantage and use this time to redesign your website, take new product photography, work on your brand bible or style guide, watch YouTube or Skillshare to take a class and improve your skills (so many small business owners don't know graphic design programs like Illustrator, which could help them save so much money and have more creative control). Onward and upward!
*Also, I understand how daunting and downright depressing this is—I've ugly-cried too many times to count this week. But if you own a company that sells stuff online, you're already doing better than me, so cheer up a bit! And keep this in mind: You are a superhero, someone so strong and confident and passionate that you walked away from a 9-5 and regular paycheck to do your own thing! It's the harder choice. It's the lonlier choice. It's the challenging choice. You've made it this far, you've overcome too much to let a freaking global pandemic get you down. KEEP GOING.
Lauren Kleban, Founder & CEO, LEKFIT
How are you handling the news as a founder? How have you responded as a company?
We are taking the news day by day and not panicking. We have always taken extreme measures to maintain a clean studio space. We are a digital band first, and in a time like this, we take pride in knowing we can accommodate our customers as they are dealing with closures and quarantines. We maintain business as usual and believe that consistency is key for both our team and customers. The LEKFIT brand has consistently been a safe space both in-studio and online. We have taken major strides to provide a space for relief and our job is to remain calm for our customers.
How have the announcements impacted your business operations and financials?
We have not been impacted at this point, and hope that remains to be the case. We are slightly concerned this will delay the final week's construction of our flagship, set to open in April, but we will keep our pop-up doors open until we move.
What advice can you share for small business owners, founders, and entrepreneurs who are also reeling in response to the news?
Don't panic, and make decisions that are most beneficial for your team and customers. The best thing we can do is listen to the authorities, work together, and be kind.
For up-to-date information on the COVID-19 outbreak, we recommend referring to the Centers for Disease Control and Prevention or the World Health Organization.
Up next: We Scrubbed the Internet for the Best Advice for Startup Founders During the COVID-19 Pandemic
We Scrubbed the Internet for the Best Advice for Startup Founders During the COVID-19 Pandemic
Adapting to the ever-changing circumstances of the crisis is key.
Photo: Smith House Photo
The COVID-19 outbreak is impacting communities—canceling events, shuttering offices, and suspending classes—around the globe. Of course, the focus is (and should be!) on preventing the spread of the disease, but the economic effects of the outbreak are impossible to ignore as companies large and small adapt to the ever-changing circumstances of the crisis.
In the last few weeks, the OECD cut global economic growth projections in half, the JPMorgan Global Manufacturing Purchasing Manager’s Index (PMI) fell to its lowest level since 2009, and U.S. stocks had their worst day since the 1987 stock market crash. Needless to say, supply chain disruptions, facility closures, and staffing deficits can put extra strain on startups.
Here are three things that startup founders can do now to adapt to the ever-changing circumstances, according to the Harvard Business Review.
Set up business tracking and forecasting.
Fluctuations are inevitable in the midst of a crisis. "Put in place rapid-reporting cycles so that you can understand how your business is being affected, where mitigation is required, and how quickly operations are recovering," notes Harvard Business Review. "A crisis doesn’t imply immunity from performance management, and sooner or later markets will judge which companies managed the challenge most effectively.”
Plan for remote work.
With the CDC recommending social distancing and zero-tolerance sick policies to prevent the spread of COVID-19, planning for remote work is essential. “Be clear on your policies—where they apply, how they will work, and when they will be reviewed,” advises Harvard Business Review for the best results.
Microsoft, Google, and Cisco Webex are among a number of tech companies providing free remote working tools during the coronavirus outbreak. Additionally, Slack’s Guide to Working Remotely, Gitlab’s Guide to Remote Work, and Google are all great resources for setting up a successful remote work strategy.
Be a part of the broader solution.
“As a corporate citizen, you should support others in your supply chain, industry, community, and local government,” notes Harvard Business Review. “Consider how your business can contribute, be it in health care, communications, food, or some other domain. Focus on the intersection between acute social needs and your specific capabilities—in other words, live your purpose.”
Head over to Harvard Business Review for more advice on how to lead your business through the coronavirus crisis.
For up-to-date information on the COVID-19 outbreak, we recommend referring to the Centers for Disease Control and Prevention or the World Health Organization.