DO GOOD X Podcast

Ep. 43 DO GOOD X Insights: Building a Resilient Business in Uncertain Times

• Kimberly Daniel & Stephen Lewis • Episode 43

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Change is inevitable, but adaptability is the key to long-term success for entrepreneurs. Welcome to the DO GOOD X podcast, where hosts Kimberly Daniel and Stephen Lewis explore building and maintaining resilient, purpose-driven ventures. In this episode, we’ll discuss how staying attuned to customer needs, embracing financial planning, and utilizing available resources can help entrepreneurs thrive in an ever-changing landscape. Whether you're bootstrapping your startup or looking for ways to pivot your business, this conversation will provide practical strategies to navigate challenges and sustain growth. Stay tuned as we discuss insights to support your business, starting small with practical tools and tapping into resources available in the DO GOOD X  community.

IN THIS EPISODE:

(00:00) Introduction

(01:30) The only thing constant in life is change

(02:45) Entrepreneurs must remain aware of the needs of their customers and be willing to pivot

(05:06) Financial planning and business adaptability are essential

(08:17) Operating on a bootstrap to achieve your goals

(9:44) Entrepreneurial support is essential. Care for all aspects of yourself 

(14:44) Find tools to assist in starting a business in the DO GOOD X Community

KEY TAKEAWAYS: 

  •  Entrepreneurs must remain flexible and anchored in solving problems rather than being attached to a specific product or service. Economic shifts, unforeseen events like the pandemic, and changing customer needs require businesses to pivot in pricing, customer focus, and service offerings.
  • Diversifying revenue streams and maintaining a financial buffer can help businesses navigate economic uncertainties. Entrepreneurs should have contingency plans, distinguish between necessary and optional expenses, and practice good financial stewardship to sustain and grow their businesses.
  • A community of peers, mentors, and like-minded entrepreneurs is essential for navigating challenges. Additionally, personal resilience—caring for one’s mind, body, and spirit—is fundamental for sustaining a resilient business in the long run.

RESOURCES: 

DO GOOD X - Website

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DO GOOD X - YouTube

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DO GOOD X -  Instagram

Episode 43-Transcript

Narrator: [00:00:00] Welcome to the do good X podcast, a sanctuary from the entrepreneurial grind host Kimberly, Danielle, and Stephen Lewis advocates for impactful entrepreneurship guide you on the path where purpose meets business. Join us to slow down, reconnect, and explore the challenges of under resourced entrepreneurs, uncovering the unique journey of building businesses.

That make a difference. Now you're host.

Kimberly R. Daniel: Welcome to the Duke edX podcast. My name is Kimberly Danielle, and I am a communication strategist, a coach and a community builder who comes from a generations of faith driven leaders and entrepreneurs who believe that our purpose should drive us to contribute to the common good. And as always, I am here with Steven.

How are you doing [00:01:00] Steven? 

Stephen Lewis: I am doing well, and I'm a catalyst for positive change in communities and businesses. And for over two decades, I've inspired leaders and entrepreneurs to live and work on purpose with intention, faith. And a commitment to their wellbeing. And so I'm delighted to be here with you today, Kimberly.

And I want to thank our listeners for tuning in. 

Kimberly R. Daniel: Yes. Thank you. Thank you. Thank you for being here with us. So what are we going to dive into today, Steven? 

Stephen Lewis: Yes. So today what we're going to do is we're going to talk about what is constant in life. It's change and uncertainty. We're going to talk a little bit about economic shifts, things happening that we can't foresee, like the pandemic specific fields of change, and as a result, resilience as an entrepreneur and for our businesses.

Is necessary and we're going to chat a little bit about how to build a [00:02:00] resilient business. 

Kimberly R. Daniel: Yes, I think we are in a time consistently where changes among us, unexpected things happen like the pandemic, the political climate shifts, which impacts the economic. Landscape and just there's so many things that are constantly shifting around us that we just do not have any control over.

But what we can do is do our best to really focus on how we might possibly build a resilient business for times like this, where change is always among us. So, you know, just to kind of get us started. Stephen and I have talked in previous episodes about not being wed to a specific idea, but more so being focused, primarily being focused on what is the problem that you want [00:03:00] to address.

Or potentially solve and in order to have a resilient business, you need to really be anchored in that problem because, you know, let's be clear, the product that you're developing, the service that you offer, it may not be necessary in the form or in the way that you're offering it should something happen like the pandemic should, you know, there be a problem with your ideal paying customer.

All right. No longer being able to afford what it is that you're offering. And so being clear about how you adapt and pivot in these times is important. That might mean you pivot your customer, your product, your service, your pricing, where you get your materials, so many things. And, you know, I just want to underscore that, especially for social entrepreneurs.

You all are focused [00:04:00] on not just revenue to keep your businesses going, but you're focused on what do our communities need and how do we make this impact? And so that problem that these communities are facing, your customers or beneficiaries are facing is so important to be well connected to that.

Because if something happens, you go back to that problem, you think about in a time in a moment like this, how can we now better address this? So do that, keep that in mind, because that will help you in your business and what you offer to be resilient, your team to be resilient. It may be challenging. You may have to put on your creative thinking cap, you may have to lean in on your mentors or your community or your peer entrepreneurs, but regardless, doing this anchoring in your problem could yield better results for you in [00:05:00] times of change.

Anything you want to add to that, Steven? 

Stephen Lewis: No, those are all good points. I think the next point really is thinking about your financial buffer. So I think the opportunity is always to be thinking about how do you diversify the streams of revenue. So you may have kind of your primary customer or that you actually generate most of your business, but you may need to also think about who are your secondary, or you may need to think about a different Business line in order to bring a tertiary customer that can help bring in some of the resources that you might need.

And part of that is really thinking about, you know, sometimes you have to think about kind of a contingency plan. So, you know, you have a budget about which year your projections, your financial projections within a given year or within a given period. But, you know, projections don't always take in consideration of economic shifts.

[00:06:00] Related to the political environment or shifts that are related to, as Kimberly said, your customer, no longer being able to be your primary ideal customer that is actually purchasing. So, then you have to figure out those differences. And so it's always good to have a backup plan. It's better to have a plan and not have to use it versus to not have a plan at all.

And it particularly is important when it comes to your finances. So it's really important to be clear about what is necessary for your business to operate versus what is a nice to have. And sometimes it requires you to sharpen your pencil. You know, if you have a seasonal business where it's up or down, depending on the season, then, you know, in those lean months, you need to be able to take resources that you had in those very kind of abundant times to be able to get you through to the next period of time.

So really thinking about. How you make money [00:07:00] financially in terms of your revenue, but also then is it something that you can make monthly? Is it something that you're going to look at seasonally and then build your budget on that? And then think about what is your contingency? How do you think about, ah, I might need to reduce my costs by 5%?

Or, you know, I might need to shave off two or 3 percent and have a much tighter budget in order to accomplish what I need to accomplish if my customer or the economy or some other type of, you know, pandemic related type of thing were to happen, then you at least have a plan that you can actually work.

And then there may be times where, you know, you are doing really well. And so, you know, you figure you can spend a little bit more money on advertisement, but instead of doing that, maybe it's taking that access that you make in a given period and you sock it away for moments when you actually might need to draw in your savings or where you have those additional resources in order to cover the lean times within your [00:08:00] particular work.

The point really is, is that you will really want to think about your finances in the buffer that you need in order to think about different types of scenarios in which your finances may shift within a given year or the period of time that you're trying to operate your business. 

Kimberly R. Daniel: Yeah, I think that is an extremely important.

Talking about the financial piece makes me think about a conversation I had with an entrepreneur this week who has a business, a successful business pushing nine years, and they bootstrapped the entire way her and her co founder, and she was talking to me about how important it is. To not just be clear about the projections, but to be good stewards of the money and to have that contingency because there were down periods.

Fortunately for them, they've kind of had incremental increase over time, but that's the way that they've been able to continue to bootstrap because they [00:09:00] specifically didn't want to be bound to an investor and all that that comes with. So I think it's just an example of, you know, if you are All right.

Aware of your money, where your money is flowing, being good stewards of it. You can better position yourself like they did for the moment that the pandemic did hit. And now that dream of having a factory for their particular product is reality. I'm sitting there talking to her on the video and she's looking out and she was like, I didn't ever think that this was going to happen.

So think about how that can really set you up, not to just. Have a resilient business, but to even grow that business even further. The last thing that I'll mention, and it's really kind of related to being open to pivoting and shifting, but just in general, be agile, adapt, and have a strong support system.

I mentioned this a little bit earlier. [00:10:00] But having a community of support is so important peers who are entrepreneurs, because let's be clear. Sometimes people who are not entrepreneurs. Don't fully understand what it takes. So many people get, you know, there's the glamorization of, Hey, you get to work for yourself.

You have a flexible schedule. You have this, that, and other not being aware of all of the challenges that can come with it. As well. And so while friends and family who are outside of this world can definitely be a source of support, it is also a very, very important to have peers and friends who are entrepreneurs that you can connect with to have a mentor or mentors that you can reach out to, and that is so important during times where you need to bounce back and most importantly.

Most importantly, y'all take care of yourself. [00:11:00] Having a community is a part of that, but at the end of the day, you are responsible for yourself, take care of your mind, take care of your body, take care of your spirit, all of that, because in order for you to have a resilient business, you have to be resilient too.

And in order for you to be resilient, you have to care for yourself. 

Stephen Lewis: That's worth saying again. 

Kimberly R. Daniel: In order for your business. To be resilient, you have to be resilient. And in order for you to be resilient. Y'all, you have to take care of yourself yourself in all aspects, your mind, your body and your spirit, all aspects of yourself.

Stephen Lewis: Yeah, I mean, I think, you know, at the end of the day, it is how do you keep putting one foot in front of the other and moving your business along? And sometimes, you know, you have to pull back. [00:12:00] I know people who close their businesses. Certain days of the week, because it just wasn't enough business. So it wasn't no point of like operating on a Monday or on a Sunday.

And so, you know, they would find really, what was the best times to be open or businesses that were open, then they say, you know, I'm just only going to be open for lunchtime. And this doesn't always mean that it has to be forever, but sometimes that is how a business take care of itself and be resilient to not say we're not going to be open five days a week or seven days a week, that type of thing.

I know when I came into my particular role and we was thinking about, you know, cost savings and that type of thing, you know, we kind of shut down a large part of our operations for a year, which then freed us up to then come back and do another set of, you know, aspect of that work. So it doesn't have to be ever.

Be forever. But I do think that how [00:13:00] you take care of your business is a reflection of how you take care of yourself, finding times to be able to rest and find Sabbath and to find respite in order to come back and live another day. And I think, you know, the more that you can think about the relationship between how you tend to yourself, Kimberly, I think then you can also think about how that then spills over into your business and how the business takes care of itself.

But one, both of them are inextricably tied together, I think. 

Kimberly R. Daniel: Yeah, you all listening in, this is what we have for today. Being resilient, positioning yourself to be resilient. And to also build a resilient business, whatever that looks like for you. I hope some of these things we talked about today can really get you to reflect and think about what you might need to [00:14:00] be more mindful of in your business.

As we continue to move into this year, because we want you to succeed. We want you to succeed as an entrepreneur. We want your business to succeed in whatever shape and form that it evolves. Too. 

Stephen Lewis: Yes. So let us know ways that you've built a resilient business, join our LinkedIn community at do good X dot org, and share with us there, and don't forget to subscribe and leave a review.

Until next time, be well and do good. 

Narrator: Take care.

Thank you for listening to the Do Good X Podcast. To continue the conversation or access our resources, visit www. dogoodx. org. Join us again for conversations that will nourish your soul, ignite your dreams, and empower you to build an impactful business, one [00:15:00] intentional step at a time. Until then, keep striving, thriving, and doing good.