American entrepreneur and investor, Mark Cuban, the owner of the National Basketball Association (NBA)’s Dallas Mavericks encourage small business owners to do something a little different during the coronavirus outbreak.
Experiment with new ideas
“If you can find other services to offer, do it,” Cuban respond to avoid layoffs in the event industry, as trade shows, sporting events and concerts are being canceled. “Since you have holes in your schedule, it’s a great time to experiment with new lines of business and see what sticks.”
He also recommended brainstorming not only with your peers, but also with your competitors: “They are all in the same boat. Try to figure out the best way to reignite the industry.
“Cities will want to recapture the business as well. I’m guessing that the cities who are not hit hard may be more aggressive and have more funds to try to attract shows and events. And of course work with the promoters and stay in touch with them.”
Know your employees, and stay flexible
Cuban recommends CEOs and managers take the time to understand the individual circumstances of their employees, especially if they’ll be cutting hours or initiating layoffs.
That way, “if you do have to change circumstances you can make decisions based on the circumstances of each employee,” he advised.
Control what you can control
Control what you can control. “Rather than focusing on how bad it is, focus on how you can use this time to connect with your future customers,” Cuban wrote. “This is also a good time to clean up all the little messes every small business has. Everyone has things they wish they could re-do.”
“Now is the time to make those changes.”