Tirsza Brooks

Having weathered a layoff in 2017, I've learned valuable lessons. First, negotiate a severance package of at least three months to ease financial strain during the job search. Prioritize building an emergency fund now. During my layoff, I utilized various strategies: selling belongings, driving Uber, and meticulous budgeting. Despite three months of unemployment, I never missed a mortgage or bill payment 🙌🏾. If late payments are unavoidable, communicate with creditors for extensions, especially with those who report to credit bureaus. I wish I had known to utilize local food pantries to reduce expenses. Strategic decisions during a layoff can be the difference in landing a career or settling for the worst job ever. Trust me, I know!

To effectively network in the small business sector, offer value first. Be genuinely interested in their work and ask insightful questions. If you can help them, clearly articulate how you bring value. Follow up with a personalized message recapping the conversation on LinkedIn or text. This method is best for managing connections, recalling where you met, and topics discussed. Moreover, seek out professionals who can support your business, such as bankers, CPAs, and attorneys. Offer value by referring clients or providing relevant insights. Mutual beneficial relationships are key to successful networking in the small business sector. Side note: Using a digital card isn't practical. It's challenging to locate among thousands of contacts.

One can foster collaboration in business strategy by: -promoting open communication, -sharing a clear vision, -organizing team-building activities, -defining roles, -encouraging cross-functional collaboration, -providing incentives, -leveraging technology, -fostering a culture of continuous feedback. This creates an environment where team members feel valued, motivated, and empowered to work together towards common goals, leading to more effective strategy execution and business success.

Financial institutions recognize how overwhelming analyzing financial data can be for a small business. They offer free tools, tutorials, and demos to simplify the process for their customers. Some cash flow tools sync with your business checking accounts enabling analysis of inflows and outflows for insights into your business's current performance or as a forcasting tool to run different scenarios. You can also analyze competitor and client data to streamline business operations and uncover opportunities to expand your business. Online resource centers have helpful articles for startups to managing and growing a business. Ease business stress by utilizing free resources to help analyze financial data. Get started at cashflow.chase.com

If you lack experience when starting a small business, you can utilize free resources like the SBA, incubators, SBDC, SCORE, and the internet. Lack of experience is most common in the nonprofit sector. Consider volunteering or working in similar organizations to understand the nuances of the industry. Seek mentors in both the nonprofit and business realms, learn grant writing and fundraising, and establish a network of similar businesses through conferences and business events. In addition to researching the industry, do not neglect to research the financial aspects of the industry. Your banker, attorney or CPA may be able to introduce you to experts in your field. There are a plethora of free resources available to small businesses!

Your business plan not only helps you clarify your goals and strategies, but it also identifies your motivations while you're still highly motivated. When you wrote your business plan you had the opportunity to reflect deeply on what motivated you to start the business. Revisiting your business plan can remind you of your initial inspiration and reignite your passion for your venture. Additionally, mission and vision statements, crafted during this phase serve as guiding principles, providing a clear sense of purpose and direction. Investing time in creating them ensures alignment with your values and long-term objectives, helping sustain motivation and focus as your business evolves. Dust off your business plan to revisit your motivations!