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RachelM
Community Manager

Office Hours with Next Street team to discuss Healthy Small Business Tips & PPP

Thanks to the Next Street and GoDaddy teams for their see insights on healthy small business tips to start the new year as well as the latest update on PPP (Paycheck Protection Program) and how you might qualify. We were here in the GoDaddy Community forums on Wednesday, January 27th from 2:15-3:00pm PT, 5:15-6pm EST to answer your questions and share information.

RachelM - GoDaddy | Community Manager | 24/7 support available at x.co/247support | Remember to choose a solution and give kudos.
39 REPLIES 39
RachelM
Community Manager

What types of things do you recommend for self care? 

RachelM - GoDaddy | Community Manager | 24/7 support available at x.co/247support | Remember to choose a solution and give kudos.

There are so many ways to engage in self-care and since self-care is a very personal experience, the sky’s the limit when identifying self-care routines. Some popular self-care routines include meditation, long baths, travel, massages, therapy, volunteering, high-impact or low-impact workbooks, quality sleep, or engaging in a “social media” diet.

Small Business Expert
RachelM
Community Manager

I'm certainly tried certain things as part of my self-care but have had challenges being consistent. What are some suggestions on how to stay consistent? 

RachelM - GoDaddy | Community Manager | 24/7 support available at x.co/247support | Remember to choose a solution and give kudos.

I think starting off with an easy win will give you a boost of confidence and keep you encouraged to stay consistent. Also, consider involving an accountability buddy to make it more social and increase the chances you’ll stick with your routine.

Small Business Expert
RachelM
Community Manager

How can technology help in our self-care routines? What types of apps do you suggest to use? 

RachelM - GoDaddy | Community Manager | 24/7 support available at x.co/247support | Remember to choose a solution and give kudos.

Following informative and inspiring social media accounts can give you new ideas or expand on the ones that you have. You can use scheduling apps or something as simple as Google Calendar to make sure you schedule your self-care and never forgot about it. Finally, podcasts with wellness angles and resources are a plus for making self-care a priority.

Small Business Expert
RachelM
Community Manager

Are there any other self-care tips that weren't mentioned in the Next Street webinar? 

RachelM - GoDaddy | Community Manager | 24/7 support available at x.co/247support | Remember to choose a solution and give kudos.

There are so many ways to engage in self-care and since self-care is a very personal experience, there are really no limits when identifying your own personal self-care routines. Some popular self-care routines include meditation, long baths, travel, massages, therapy, volunteering, high-impact or low-impact workbooks, quality sleep, or engaging in a “social media” diet.

Small Business Expert
RachelM
Community Manager

Why is budgeting for a small business considered part of a self-care plan? 

RachelM - GoDaddy | Community Manager | 24/7 support available at x.co/247support | Remember to choose a solution and give kudos.

Spending the time to develop a thoughtful, flexible budget for your business helps you prepare to navigate the year, and will help to inform the business decisions you make along the way. By creating a budget and tying that budget into actionable goals such as S.M.A.R.T. goals, you'll not only be able to improve the financial wellness of your business, you'll also be able to monitor it along the way.  Understanding the financial wellness of your business goes a long way towards your own personal wellness, so for a lot of reasons, budgeting for a small business can very much be part of a more holistic self-care plan.

Small Business Expert
RachelM
Community Manager

What are the most important things I should be thinking about as a I create my 2021 budget for my business? 

RachelM - GoDaddy | Community Manager | 24/7 support available at x.co/247support | Remember to choose a solution and give kudos.
Elsiaga
Next Street Team

Creating a holistic budget carries many important components but some of the most important pillars are: 1) understanding what your goals and objectives are by making realistic targets with the help of industry benchmarks 2) leveraging strengths you currently possess within the business to potentially expand and 3) financially speaking, what kind of funding is needed to reach these objectives and if short-term funding is required - what is the desired amount and rate that is needed and can be sustained by my business to carry out the projects ahead.

Small Business Expert
RachelM
Community Manager

I know I need to get creative to adapt or pivot my business, but don't know where to start. What should I be thinking about as I consider pivoting my business?

 

RachelM - GoDaddy | Community Manager | 24/7 support available at x.co/247support | Remember to choose a solution and give kudos.
Elsiaga
Next Street Team

Figuring out the best way to make your next sale or increase your cash flow is at the forefront of every small business owner’s mind these days, and it may take some new ways of thinking to generate new business. With so much change in consumer habits, it's a great time to reconsider WHAT you sell, and WHO you sell it to. Think about:

WHAT you sell
• Has demand for your product or service changed?
• Are there ways to adapt your product or service to capitalize on this new opportunity?
• How can you differentiate your product or service from competitors? Pricing, service, delivery, pick-up, etc.
• Are the poor-performing or low-margin products that you can stop selling?

WHO you sell it to
• Is there an opportunity to provide your product or service to a new type of customer?
• What new types of customers may exist that don’t look like your current customer?
• Are you utilizing new marketing platforms that reach your customer? (i.e. social media, text, game ads etc.)

New opportunities to shift your business to meet a new demand or market may be out there, and asking yourself these questions is a good place to start. You may also consider partnering with another organization to expand or enhance your product or service. Strategically partnering with the right business or organization is an effective way to expand your own offering without losing focus on your core business and offerings.

Small Business Expert
RachelM
Community Manager

Do you have some suggestions on how I can talk with my customers to understand how to adapt or pivot my business?

RachelM - GoDaddy | Community Manager | 24/7 support available at x.co/247support | Remember to choose a solution and give kudos.
Elsiaga
Next Street Team

COVID-19 has changed the way we all live our lives, and it’s no different for your customers. Their needs and behaviors have changed in response to the pandemic and will continue to change even after the pandemic has passed. As a business owner it is important to understand how your customers have changed in order to evolve to meet their needs.  Your customers can be a valuable source of information, so take this opportunity to think about who your best, most loyal customers are, and find ways to reach out to them directly to understand how you can best support them now.

Also consider that COVID-19 has created a uniquely human moment.  Customers may not remember exactly what you say, but they will remember how you made them feel. Personalized communication can go a long way not only connecting with your customers now, but also in ensuring they are willing to remain a customer long term.

 

Small Business Expert
RachelM
Community Manager

What are some other healthy habits that I can start doing to help improve the financial wellness of my business?

RachelM - GoDaddy | Community Manager | 24/7 support available at x.co/247support | Remember to choose a solution and give kudos.
Elsiaga
Next Street Team

Improving the financial health of your business goes beyond your understanding your financial documents.  Establishing healthy habits can help improve your financial wellness as well. There are many ways to build healthy habits to improve the financial help of your business, including:
• setting achievable, measurable goals such as S.M.A.R.T. goals
• dedicating a specific time and/or physical location each week to review financials
• journaling regularly to reflect upon your successes, failures, and decisions made. 

Small Business Expert
RachelM
Community Manager

How can my credit score impact my business and help me to better understand the financial wellness of my business?

RachelM - GoDaddy | Community Manager | 24/7 support available at x.co/247support | Remember to choose a solution and give kudos.
Elsiaga
Next Street Team

Yes, understanding your credit score is a great way to better understand your business' financial wellness. You can request a free copy of your credit report from each of three major credit reporting agencies, Equifax®, Experian®, and TransUnion® –at AnnualCreditReport.com. Normally, you are able to access each credit report once each year, but due to the COVID-19 pandemic, you can now access your credit reports online for free weekly, through April 2021.

 

Any additional request will be subject to a cost, and multiple checks of your credit over a short period of time may actually hurt your credit.  However, there are free apps that will give you a general overview of your credit report without impacting your credit, including Credit Karma or Experian.

 

Typically, for business credit score reports there is a fee to check. You can check from any of the three bureaus Dun & Bradstreet, Equifax Business and Experian. You may have to apply to these bureaus in order to be tracked.

Small Business Expert