As the coronavirus pandemic continues, small businesses have reopened across the nation but certainty and optimism are a long way from being restored.

 Spikes in infections in many states, double-digit unemployment, consumer and lender concerns, and steep economic challenges in the wake of a long shutdown make it difficult to forecast if and when many companies will fully recover. 

Small-business owners — many of them baby boomers and in the retirement-age range — are in a difficult position trying to decide whether to risk staying in business or sell and cut their losses.

We are in the early stages of a depression that’s going to go on quite a while. Many small-business owners are in their 60s and 70s, and they’re tired and beat up. Some recovered from the financial collapse of 2008, but now they’re getting hammered again.

Customers and employees are scared or nervous. The supply chain is a big problem, and there is this crazy situation where prices are going up because of the shortages, but meanwhile we have a depression because there are not enough transactions.

 Here are three suggestions to small-business owners as they try to sort out their future amidst so much uncertainty.

• Quit. A lot of people are going to do that. And if that’s the decision, they should quit fast. Don’t drag this out. One of the things that happened in the recession of 2008 was people refused to face reality, and it cost them everything — their savings and retirement. If you are 60 to 70 years old right now and don’t know if you can gut this out another 10 or 15 years, then cut your losses. You will have a little nest egg now as opposed to spending all of it trying to bail the business out.

• Reinvent. If you’re not going to quit, then you have to change. Just slugging it out and hoping it’s going to get better or that it will get back to normal — that kind of thinking is ridiculous. We have huge structural problems as a country. So if you’re going to reinvent, you have to come back to the fundamentals of business. The owner has to back up and say, “What are the fundamental concerns of customers we are actually trying to address here?” And focus energy on those prime areas that are going to move people to pay a good margin for your product. Don’t ask why it’s not easier; ask how you can get better.

• Be flexible. Given the fluid state of our world, changing some of your business model and processes may have to become a habit. The next thing business owners have to do is realize what they changed today may need to change tomorrow. The innovation has to happen every day. That has a lot to do with listening to customers and anticipating what they would respond to. Engaging with customers and engaging in the innovation process for owners is absolutely critical. If an owner is not willing to try to get that figured out with and for their customers, they’re going to fail.

The business has to be infused with a fresh energy and a fresh passion. If you’re not going to quit during these extremely difficult times, that means you have to get back in the game. And you have to play hard because this is going to be tough.   

Michael Sipe, author of “The AVADA Principle,” is founder of 10x Catalyst Groups (www.10xgroups.com), which helps entrepreneurs grow profitable and thriving businesses organized on a foundation of Biblical principles. Sipe has also enjoyed a successful 30-plus year career in mergers, acquisitions, and business development as the founder of CrossPointe Capital, a middle-market investment-banking firm. 

“Do your little bit of good where you are; it’s those little bits of good put together that overwhelm the world.” — Desmond Tutu 

This is the essence of how our community has come together during the COVID-19 crisis. We were recently proud to celebrate the best of our community by partnering with NewsChannel 9 WSYR for the hour-long program, “Central New York Resilient.” If you missed it, we invite you to watch it here: https://www.localsyr.com/news/local-news/central-new-york-resilient/

Together, we shared the stories of businesses pivoting to provide critical resources to the community, from hand sanitizer to test kits; firms donating masks for frontline workers; small businesses adopting new operational models to serve customers and clients; and financial institutions and nonprofits creating grant programs to bridge funding gaps. At a time when our country is still reeling from the health and economic impacts of this virus, business and community leaders across Central New York have responded with compassion and action, showing that, together, we can drive a strong recovery. Thank you to all those who participated in this program and helped make it a success. 

Even now, several months into this crisis, the business community continues to find ways to meet the ongoing needs of its neighbors. [In two successive weeks], CenterState CEO provided more than 2,000 free personal protective equipment toolkits to small businesses across five Central New York locations, thanks to a generous grant from Excellus BlueCross BlueShield. The toolkits included hand sanitizer, protective masks, best practice tips and guideline posters from local partners: Lock 1 Distilling Company, Beak & Skiff/1911 Established, Dreissig Apparel Inc., Oswego Industries and Dupli Envelope & Graphics. We thank them for their support. 

As we work to rebuild and drive a more robust, inclusive, and resilient economy following this pandemic, there is both opportunity and obligation for the business community to respond with similar compassion, action, and intention as it examines its corporate responsibilities for social and economic justice. We must not lose sight of the racial and socio-economic disparities that persist within our community, and prevent the realization of CenterState CEO’s vision for a region where all people prosper. In this moment, the business community must lead and model the change that we so desperately need and want to see, with greater equity and opportunity for everyone who calls Central New York home. I invite you to watch the recording of our webinar from [July 16], called “Driving Equity and Inclusion,” for an excellent dialogue on how leaders in our community are [creating] and inspiring change through their work. It’s available here: https://www.youtube.com/watch?v=XChjJy0jKKc&t=295s.

While there is no way of knowing how long this crisis will last, what I do know is that our resilience will continue to drive our ability to overcome whatever challenges we face. It is that spirit that makes me proud to be a part of this community, and incredibly hopeful for our future.             

Robert M. (Rob) Simpson is president and CEO of CenterState CEO, the primary economic-development organization for Central New York. This viewpoint is drawn and edited from the “CEO Focus” email newsletter that the organization sent to members on July 16.