What do you do in this turbulent time, when there are so many unanswered questions – not only about our personal health, but the health of your business?
While it may feel heavy and disconcerting, you can take action to make positive changes in your business – and make it stronger in the long term. One positive is that this situation will force you to learn how to build a stronger, healthier business.
The best action you can take as a business owner is to quickly develop an offensive line. When you are sick you drink fluids, get rest and eat nutrient dense foods (I try to do this on a constant basis, but who’s perfect?). Along those lines, what can you do to strengthen the health of your business when disruption threatens it?
Marketing – adapting to the environment. Literally
- First, a little humor (we could use it!). I had a call with Jesse Cole, owner of baseball team Savannah Bananas. As an event based company, they are taking a major hit. We had a quick brainstorm about how we as business owners can possibly use this latest outbreak to our advantage. One idea was to dress the players in hazmat suits and record the game. It could become a media sensation, illustrating that there is a way to “go on”. Maybe it will happen, who knows. The point is it is important to create solutions to adapt to our times. Besides, they’re not called the Bananas for nothing. Their eccentric style is what’s made them so incredibly successful in the first place. Seriously. These guys sell out every game. The point is, it’s time to get creative about how to pivot your present buisness model – if you want to keep your business.
Survey your customers
- This is the time to respond to what your customers’ vital needs are. It’s important to survey the community you serve. Let them know that serving them is of critical importance to you, and due to the current circumstances you know that you need to serve them in a new way. What can you do that will provide the level of service they require, while protecting their exposure to potential health risks?
Remember, small businesses bounce back better
- I think most important to note is this: If the Coronavirus pandemic triggers a recession or financial struggle, we have the right to say we are not going to participate in a downfall of our business. What I mean by that is for a small business, losing five or six of your clients can be extremely devastating. But the thing is you can pick up those five or six clients again if you focus on doing that. It’s the big businesses that are stuck with the economy and will be affected first. Big businesses are at a disadvantage because when they lose clients, those clients will then seek service from a smaller business. Small businesses are at an advantage in that a few right moves can get you back on track. Make the decision not to participate in the downfall of the economy, and proactively devise a plan to attract new customers for the future of your business.
You are the backbone of the economy. This is not an occasion to let squash us, but rather an occasion to rise to. Rise up!
Thanks Mike
In times like this our business should be morphing true, but expanding as well. We are a Global Alliance, so now we should be showing the strength of that very Alliance.
Thank you
Thanks for the encouraging article Mike! We’re in the wedding and events industry and being ravaged by cancellations and postponements here in NJ. Trying to service our clients as best we can through this crisis and come out whole when things get better.
Mike, I seriously needed this today.
Our team was in a leadership meeting that ended 15 minutes ago, where we dived deep into our financials and discussed our growing out-of-whack OpEx from a few clients pausing services and unnecessary staff salaries.
We made a touch call to lay off two people, but we’re pushing HARD into our marketing & have been able to get strong commitments from the rest of our customers that they need our services.
WE SHALL PREVAIL!
-Josh
Hi Mike, thank you for this! I think of the Pumpkin Plan book and specializing in a core niche without losing focus, but it looks like this is a time where we go back to the BHN to the very bottom of the pyramid!
Yes…. we may need to sure of the base foundation of the BHN.
The research is pretty clear that businesses who can weather storms like this are the ones that come out on the other side stronger and more successful. This isn’t the first economic crisis my business has weathered, and I’m sure it won’t be the last. Onward!
#truth
Thank you for all you do. This is my first economic crisis. I just bought the company in October of 2016. Unfortunately for me, my service-based company relies on people traveling. We are preparing and looking forward to this subsiding because once they lift the ban on travel, we’re going to be inundated. That’s what we’re looking forward to. The other upside to this is that we will be better prepared for the future.
Hi mike my business is affected by the virus, so I will take the time to binge on your podcast amongst others. and sharpen my skills for when this passes. so hi and keep up the good work from the UK
Definitely needed to hear this! It’s difficult being a business owner in itself, let alone in a young business that is experiencing borderline recession for the first time.
It’s time to have faith that things will work out in each of our highest good. A positive attitude is key.
We refuse to let survival mode take over!
Thanks for all that you do, Mike! Wishing everyone the most success.
Thanks Mike,
It’s great to be reminded that we already think on our feet. Appreciated the Henry Ford Quote.
We also need to think of how we would use a quarantine period (apart from using all that toilet paper – some of us are toilet paper entrepreneurs….). How can we make use of the time? I thought about it and realised that if I didn’t leave my house for two weeks, I have enough stuff to do that I could be busy for the whole two weeks, we just need to rearrange our priorities.
Excellent advice Mike, always happy to hear you thoughts, your profit first and pumpkin plan books have transferred my business. I routinely recommend them to everyone I meet. This is the first economic crisis we are facing but we are all positive we will come out better the other side. We have already changed our service offerings to clients. ”Postivity always wins”
Timing, couldn’t have been better. Tact and opportunity is a delicate balance. Self-fulfilling prophecies are often accomplished by the shadow of the leader. As the leader of the business, it is imperative that we set the tone verbally and non verbally.