Key Advice To Small Business Owners During These Challenging Times By Nunzio Presta

Small Business Canada

Nunzio Presta, BCom is an ex pro hockey player turned entrepreneur and is currently the Founder & CEO of Buy and Sell a Business – an online marketplace where people can buy, sell and grow businesses or franchises every day. He is known for his speed, endurance and strong leadership. He has helped build, grow, advise and set the tone for businesses with one main goal: to add value to the world.

Nunzio is equipped with a wealth of knowledge when it comes to identifying, building and funding businesses – in addition to being a thought leader on product development, leadership, business & marketing strategy and building culture. He sits on the board of multiple startups and is part of Startup Canada’s Entrepreneur Success Advisory Council, in addition to being a Startup Canada Advisor on #StartupChats.

Nunzio is a mentor to many entrepreneurs, small business and franchise owners, and is a regular contributor to Thrive Global, a digital resource for individuals and corporations spearheaded by Arianna Huffington.

Nunzio graduated from the Ted Rogers School of Management at Ryerson University in Toronto, Canada with a Bachelor of Commerce. 

What is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis?

My advice is broken down into 5 key areas that I have put a lot of time and effort into for the past 6 months:

Be okay with not having the answers

These challenging times are uncharted territory, there’s no playbook for this. By dropping your ego and accepting this, you’ll make more room for collaboration, learning and growth – all the things needed to thrive during challenging times. How you lead, motivate, inspire and trust people during challenging times will speak volumes about who you are as a leader and what kind of organization you have moving into brighter days.

Look at the Big Picture

Just because there is a challenge or crisis, don’t forget your “cause” and why you are growing, building or operating your business. Don’t fall victim to attack the obvious or immediate problems of today, which can be extremely difficult during a pandemic. You need to create space and time so you can step back and look at the big picture to see what is still working and what might need changing. As a business owner/leader you need to be humble enough to understand that, especially during a pandemic, you can’t control the timeline, but you can control the outcome.

Don’t Sacrifice Quality

When it comes to both relationships and products/services, you need to keep a handle on costs, of both time and money, especially during tough times. As an owner, you need to stay on the offensive and get employees on board with changes that are being made. However, be cognizant of not sacrificing quality when making these product/service or relationship changes.

Double down on S.E.T

Stay a couple steps ahead of the pandemic. Audit your business against Social, Economic and Tech trends, to ensure you can thrive and capitalize. When you are more prepared and ahead, you’ll be in a position to think clearer and find opportunities among the challenges.

Don’t Bet Against the Future

If you didn’t take digital transformation more seriously, you will now. Being well positioned from a technical and social perspective is an absolute priority. Never bet against the future, we’re going there whether you’re uncomfortable with it or not.

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