How Business Owners Can Stay Optimist Amidst the Pandemic

There is no doubt that people owning small businesses are natural optimists who find opportunities even in difficulties. But the Covid-19 pandemic has taken a heavy toll on everyone. Many are tired of lockdowns, continually changing rules, challenges in dealing with government programs and policies, and even shortages of resources and employees. So, how can one get back to their positive mind frame? 

Below are three things small business owners can do to remain optimistic about the future. 

Watch the trends:

Even in these difficult times, some favorable trends will help small business owners, among others, to continue to be optimists.  For example, The NFIB Optimism Index rose for the first time in June last year since November 2020. As the optimism rating is significantly higher now compared to what it was ten years back, many believe that things are moving in the right direction. 

Another positive trend worth noting is that earnings over the last three months have improved somewhat. Presently, business owners hope that business conditions will improve considerably over the next six months. 

Keep things in perspective:

If you are still running your business, there are several reasons to be optimistic. Things could have been worse. According to estimates, during the Great Depression (2008-2010), a whopping 170,000 businesses were forced to shut shop. The number is several times more than the average 7.5% of businesses that close doors every year, irrespective of the prevailing economic conditions. 

The Federal Reserve estimates that 200,000 businesses closed doors during the pandemic. However, even 200,000 businesses shutting down is a relatively smaller percentage compared to the number of businesses that exited the market during the Great Depression. Moreover, the number of businesses closed during the pandemic was much less than what experts had projected.   

The Federal Reserve says that the number of businesses that closed doors differed substantially depending on the industry. For instance, the number of barbershops that shut down during the pandemic was much higher than historical averages. According to the Fed, this is “excess establishment exit.” In other words, it means that the 200,000 businesses that closed down during the pandemic were only partially higher than the historic closure average. 

Stay positive:

Some people are always optimistic. They make lemonade out of lemons. However, most have to work consciously to remain positive. Here are a few suggestions on how we, especially business owners, can stay positive even on these difficult days. 

Always keep an open mind and when things are unstable, try not to get stuck. Listen to all possibilities that may help you to recover from your situation. In addition, you need to allow yourself to have some bad days. It is always challenging to remain positive no matter how hard you try. Sometimes things happen to dislocate your business, affecting your thoughts and feelings. You should allow those things to happen, feel them and then move on again. 

At the same time, prepare a list of things that you are capable of managing. While something that happened during the Covid-19 pandemic was beyond anyone’s control, there are always some things that you can manage. Therefore, your focus should be on what you can do and not on things beyond your control. 

Meanwhile, Harvard Business Review has offered some different suggestions to help business owners to remain positive during the pandemic. It suggests you be more mindful, practice gratitude, and share kindness. 

As the economy shows signs of improving, we must remain optimistic. It is an important part of your business strategy. After two years, the prospects are looking better despite concerns about the new Covid-19 variants, inflation, government responses, and other challenges. Challenges will always be there, but you can deal with them when you have a positive attitude. As Norman Cousins said,

“Optimism doesn’t wait on fact. It deals with prospects.”