Will Buckley

There’s one thing we can all agree on: these are Fucked Up times.

But given that every business is different, there is no template solution to navigate this uncertain climate.

Last week Fuckup Nights Toronto partnered with Xero and hosted a panel of entrepreneurs and small business experts who are in the trenches. They shared their knowledge of business pivots, mental health and resilience, and resources for businesses. And of course, they shared some failure stories as well.

Couldn’t make it? Don’t worry, we got covered you here with three significant takeaways. But first, who spoke?

Our speakers brought valuable insights and lessons to the panel.

Here are the three major lessons you missed out on:

Don’t change your goals. Your goals were put in place to make a commitment. When you set your goals, you mapped out your long-term vision into something attainable and something to ultimately drive motivation.

Rather than throwing your goals in the garbage, rethink your game plan.

One way you can change your game plan is by looking at your cash flow:

Something Sheena suggests for anytime is getting to know your company’s numbers. By this, she means looking into how you can better understand your book keeping, even if it’s something you delegate to a book keeper. She recommends consulting an accounting professional for guidance and help as well working to keep your own financial literacy up to date.

Looking to cut costs? Sheena called her insurance company and discovered with changing coverage needs during COVID-19, she could save over $100 per month. Try calling your insurance company and other service provides to see how you can save.

2. COVID-19 will be a catalyst for change, particularly in institutions which avoid change

This has been an opportunity for so many people to make change. Small businesses have been diving into e-commerce and exploring a variety of omni-channel experiences. Even institutions which never see change, like education for example, have been forced into becoming agile and creative.

This is your time to sit down and think, “what can I do stay relevant during COVID-19?”. There are so many creative routes a company can take.

3. Be kind to yourself… and others

This should go without saying. During COVID-19, there is a lot of pressure to stay productive and busy. Hey, we see it all over our Instagram news feeds — ‘Jacob’s online store is busier than it’s ever been!’ or ‘Melissa’s virtual fitness class has taken off!’ Not everyone is Jacob or Melissa, which is completely okay.

“Lower the expectations a little bit,” says Jennie. The world is changing around us and you’re not in this alone. Take this time and focus on you and go easy on yourself. Nothing right now will be easy and it’s okay to take a day off.

Sheena sets aside time every week to look at her calendar and ask herself what she needs to go to and what she needs to either cancel or delegate to someone else. Setting boundaries is a great way to keep your mental health in check.

Also, lead with compassion. “There’s a certain amount of fight in all of us that we all need to be able to survive and push forward in these fucked up times”, says Jennie.

Thank you to the speakers for sharing their stories and insights and to Xero for powering Fuckup Nights Toronto.

Written by Marlee Socket, Communications Specialist at Fuckup Nights Toronto

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