No doubt small business owners have been impacted the most by the Coronavirus crisis.

Small business owners typically don’t have the sophisticated technology and infrastructure in place to keep their business afloat. It is a struggle to stay marketable in a downward trending economy especially when everyone is staying home. Being digitally prepared has never been so important!

Y2K was supposed to showcase the need for digital preparedness, but the Coronavirus crisis has done so 20 years later. Click To Tweet

What Can Small Business Owners Do to Re-Focus, Re-Tool, and Re-Deploy?

First, don’t think what you have done in the past that has worked well will continue to work well moving forward. It may or may not. Now is a great opportunity to refocus and retool your small business by finding more efficient, effective, and new solutions to expand your business opportunities. Leveraging technology would be the first place to look. What technology can you implement that will help your business?

Re-Purpose. Re-Tool. Re-Deploy. @JeffHoffmanClick To Tweet

I recently helped a small business owner in the rental industry make some critical changes to their technology solution in order to better adapt to the rapidly changing business conditions.

Another thing a small business owner should seriously consider is how to engage in the sharing economy. What are some alternative ways products and/or services can be distributed into the market?

Inverse Relationships & Diversification

Consider what products or services you can offer that are inversely correlated.  In your industry and type of business, what complementary offering would counterbalance your current products or services you are offering now? Sometimes it is just a matter of offering the same product or service but in a different way.

Small Business Owners Look For Inverse Relationships & Diversification Opportunities. @JamesZimbardi Click To Tweet

Next Steps

Rent Items helps entrepreneurs and small business owners immediately have access to the necessary software tools and rental community to put their assets sitting idle to better use.

If you are a small business owner and struggling to determine what steps to take at this time, please feel free to contact me about your business situation.

Join Rent Items' Marketplace

Let’s Connect

If you have any ideas, thoughts, or suggestions on the topics of small businesses as it pertains to the new norms being established because of the Coronavirus crisis, I would love to hear from you. Please reach out to me via LinkedIn, Twitter, or leave a comment below. Remember to follow us on Facebook or Twitter to stay updated with the latest information about rental marketplaces, new sustainability concepts, and the sharing economy. Lastly, don’t forget to make an impact by registering and listing your items sitting idle on the Rent Items Marketplace.