A "Brick and Click" Store
As an optometrist with an eye care clinic and an eyewear boutique, my biggest lesson during this pandemic was discovering how to quickly shift from a substantial brick and mortar to the newer "brick and click" model. Retail brick and mortar stores like mine are finding ways to change the way they do business. From telemedicine to shipping contact lenses to your door, this pandemic has taught me new and creative ways to do business and find other revenue sources to stay afloat.
Read MorePivoting Your Business
I pivoted my business twice, originally from a staffing/recruiting company to a recruiting/HR company, then to a live events company. Here is how some of this happened:
Read MoreSeek Opportunities in Times of Crisis
I’ve been in business for 30 years and survived the great recession and other financial crises, but this pandemic threw me into a tailspin as I tried to decide if and how to continue. I had to prepare for how this would affect the employees and our clients. It all seemed overwhelming, especially when my adult children were so concerned about me leaving the house. I had so many decisions to make in so little time and there was no roadmap or guidance. Everyone needed answers quickly and this truly was a life or death situation. Literally!
Read MoreBusiness Steps Taken for COVID-19
Here are some of the recent steps that we took to mitigate the downturn: Week of March 30th - reduced employee hours from 40 to 30. Week of April 6th - reduced employee hours from 30 to 25. We have since kept hours at 25. Continue paying for healthcare.
Read MorePearl of Wisdom from a NAWBO Chicago Past President
My main “Pearl of Wisdom” is to remind business leaders to Be Courageous; don’t let the fear overwhelm you. During the 2008/2009 downturn, there were several things we did to overcome the challenges and adversity at that time. I am calmer now because of what we did years ago, and I remember how we became a much stronger and thriving company due to the initiatives we implemented which became standard strategies going forward and propelled our growth. Today, I am helping other business owners with a few key concepts that I would like to share:
Read MoreLessons from the Great Recession
The year that the real estate market fell apart, 80% of my clients were real estate - related and I lost them all. But I was able to reduce staff while I diversified my client mix and I was able to eventually recover. This is a different world altogether. The only advice I can give is this: reduce expenses and look for ways to offer new services (services that may have not existed before) to those clients who are still operating.
Read MoreOur Members Are Pivoting Their Businesses During COVID-19
NAWBO Chicago members are more resilient than ever and their businesses are adapting in the same way. Read more to learn how five women business owners have pivoted their companies in response to COVID-19. Susan GothamThe Synergies Companies, Inc. Be prepared to pivot, if necessary. Evaluate where your business is strongest and focus on that component and those clients while reducing or eliminating services that are hurting the bottom line.
Read MoreA Message From Our President
Welcome to May – now entering our EIGHTH WEEK of the “shelter in place” mandate.
Read MoreA Message From Our President
It was nearly ten months ago that I was seated as President, anxious yet confident – similar to that feeling of starting a new job. I was excited and hopeful to assist our talented and dedicated board to foster growth and strengthen the organization.
Read MoreSelf-Care Tips for Stressful Times
Stress has a significant impact – on the mind, the body, and on our emotional landscape – which causes us to react quickly, often without thinking of the effects of our reactions. While the sudden impact of COVID-19 is undoubtedly a stressor for all of us, managing our own stress is crucial not only for self-care but so we can respond vs. react to these new challenges in our businesses.
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