Michael Vick, the famed NFL quarterback who served a prison term for his role in dog fighting has not only been reinstated by the National Football League but also given a second chance by signing a contract with the Philadelphia Eagles (whether or not you believe Michael Vick deserves a second chance is not the point of this blog post). All throughout the business world there are also opportunities for second chances. Here are five ways small business can take a page from the Michael Vick saga and benefit from a second chance:
–Damaged Reputation: Some small businesses face adversity from doing the wrong thing to customers, employees or other stakeholders. When your reputation is on the line, taking the proper PR action and crisis management can go a long way towards securing a second chance from those who’ve been affected. It’s important to gather the facts, take responsibility, make the necessary changes and then communicate your actions through public relations, marketing and social media. People will give you a second chance if they know you’ve made every effort to correct the problem.
–Unemployment To Entrepreneur: Millions of talented professionals have been left unemployed by the most severe recession in decades. Although many are trying to find employment with another company there may never be a better time for these people to chase their dream of owning their own business and become an entrepreneur. For those that successfully open their own business now is the time to get a second chance at becoming their own boss to follow the American Dream.
–Small Business Lending: This second chance isn’t just for the small business owner; it’s also for the banks. Up until now small business has largely been shut out of any bailout money set aside to once again stimulate the economy. If there’s a perception that every large bank (Citi), company (General Motors) and industry (Wall Street) have received bailout funds, it’s because so far it’s been true. But even when a large institution (CIT) that is closely tied to small business tries its luck at getting a bailout, even then it’s unsuccessful. That all being said, the banks need to do a better job at lending money to America’s Job Creators (small business) so that entrepreneurs can get a second chance at securing more financing to pay down debt and focus once again on expansion.
–Going Green: It’s often easy to discard the notion of becoming more environmentally friendly because you’re running a business. But that excuse isn’t good enough anymore. Small business can do a better job of getting greener as pointed out in this blog which offers all kinds of great environmentally friendly tips for entrepreneurs like getting energy-efficient products and cleaning supplies, using less paper and more recyclable products.
–Leveraging Social Media: Saying you don’t understand is simply no longer a valid excuse. Starting today entrepreneurs have a second chance at learning how to incorporate social media into their marketing mix. Start a Facebook
What kind of a second chance do you wish for today? Share a comment here and then go make it happen.
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