Episode 18 - Assess, Adapt, and Control: COVID Reprisal

Traversing Entrepreneurship

In previous episodes of the Traversing Entrepreneurship Podcast, we asked our guests about their experiences with COVID-19—how they navigated it and how they adapted to the situation. At the height of the pandemic, the future was uncertain for business owners, who were without concrete guidance. But, despite the drastically different ways COVID-19 impacted businesses, there are common threads in how our podcast guests successfully navigated it.

In this episode, we summarize and discuss COVID-19’s impact on our guests’ businesses and how they adapted. We reveal the importance of keeping cash in your business and focusing on what you can control in times of crisis. We describe how the adoption of remote tech and nimble, flexible, and transparent leaders allowed companies to survive the pandemic. We also highlight how assessing your business’s finance, revenue, and expenses can help you weather a global pandemic and underscore the value of knowing when and how to adapt.

“The ability to adapt is what got a lot of people through COVID-19.” - Melissa Niedzielski

This week on Traversing Entrepreneurship:

• COVID-19’s impact on businesses in 2020
• The importance of keeping plenty of cash in your business
• Focusing on controlling what you can control
• Flexible leadership and the importance of communication among employers, employees, and customers
• How tech adoption became a critical component of businesses during COVID-19
• Understanding your business’s finance, revenue, and expenses

Our Favorite Quotes:

• “Employees are your number one asset. Companies who work with their employees to find solutions are the ones that came out of COVID-19 less scathed.” - Derek Dall’Olmo
• “Cash is an emotional matter—always. Getting your hands on it, spending it, or saving it are emotional.” - Melissa Niedzielski
• “Know how to adapt when the situation calls for it. Learn when to be flexible and nimble, both on the employee and employer side.” - Derek Dall’Olmo

About TreMonte and Traversing Entrepreneurship Podcast

Traversing Entrepreneurship is a show for and about business owners in Traverse City, Michigan and beyond. In each episode, co-hosts Derek Dall’Olmo and Melissa Niedzielski sit down with local business owners and the professionals who serve them to talk about business building, life, money, taxes, family — and all the ups and downs that come with doing something different. Join us to hear their stories and lessons learned — and to get inspired about what might be possible in your own business.

Derek and Melissa work together at TreMonte Financial Consultants, LLC and TreMonte TreMonte Tax Solutions, LLC (together referred to as "TreMonte"). TreMonte works with business owners and entrepreneurs to develop a proactive tax strategy that maximizes after-tax profits. It is our goal to bridge the gap between Financial Advisors and Accountants by serving as CFO to their clients.

This show is for informational purposes only and should not be viewed as personalized financial, investment, tax, or legal advice. You should always consult an attorney or tax professional regarding your specific legal or tax situation.

Please email Derek Dall’Olmo at [e-mail] with questions and comments or to schedule a one-on-one conversation.

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