One of the unique aspects of running a business in Israel is the need to maneuver through emergency situations caused by our precarious security situation. In the past year and a half, we have experienced October 7, evacuations, constant rocket attacks and the intense attacks from Iran. In addition to the stress these events have had on our personal lives, they have also affected our businesses. Inability to concentrate, dips in customer interest, shipping delays and school closures can all make a serious dent in profit.
Since these events are unexpected, it’s hard to prepare for them, but there are some things that can be done to weather these challenges.
Passive income
It’s every businessperson’s dream to have passive income that comes in even when they’re not working. Of course, there’s no such thing as a free lunch, so you need to work hard to set up a passive income stream. If you sell products, set up a website so that sales can be made without you having to do anything. If you’re a service provider, consider adding products like ebooks or video courses to your offerings. Other ideas for passive income include selling software services, ad space, stock photos or membership to your website.
Volunteering
In the past year and a half, we have seen the great need for volunteers of all types – agriculture, support for our soldiers, workshops and products for evacuees etc. It may seem counterintuitive to volunteer your time or donate your products when your profits are already suffering, but this is actually a good way to increase exposure for your business, collaborate with donors who want to fund your work and find purpose in a confusing time.
Government assistance
The government recognizes that both businesspeople and employees suffer when the country is at war, and tries to help alleviate the financial stress. In the recent Iranian attack, income tax report deadlines were extended, small business loan payments could be delayed and business owners serving in the reserves received special grants. Although there has not yet been a law passed to provide grants to businesses which lost income during the attack, there’s a high chance that this will happen.
Lower expectations
Some of the stress that comes from running a business during wartime happens as a result of expecting that business will go on as usual. It helps to lower your expectations, of yourself, of your employees or freelancers and of your customers.
Use your time
In situations where you want to work, but emails are going unanswered, orders aren’t coming in and marketing seems insensitive, use the extra time to plan your next steps. Work on your social media calendar, create a business plan or clean up your database. Once things calm down, you’ll have time to focus on providing your product or service, since admin and marketing are already taken care of.
Running a business during wartime is no easy feat, but by approaching things strategically, especially in times of heightened security, you can ease some of the pressure and keep things moving forward.
