Do you ever think about what it was like when you first opened your business? You were enthusiastic and full of energy for the promised future of your enterprise.
Few people knew about you and you had a long way to go, but you were excited! You dug deep for creative ideas and scrappily got the word out. As customers started to show up, you were beaming with pride and ready to serve.
When they gave you feedback, you listened, you incorporated the new information improving your offer, and you created something that was exactly what your target client wanted to buy. This is what business coach Danny Iny calls the irresistible offer. Selling your offer got easier and easier the better you understood your client and their needs.
Things were going great!
And then, BAM — the coronavirus pandemic changed everything. Remarkably, the impact has been uneven.
The Impact of COVID-19
For some, the irresistible offer of yesterday looks different from the one for today. If you’re one of those owners, you feel like you’re starting over. Your sales have gone down and the impact is material.
For others, sales have gone up and the opportunities are clear and abundant.
If your business is struggling and sales are in decline, you probably never thought you’d have to return to the scrappy early days, but that’s exactly where you find yourself.
Only this time, your wiser, older self, has years of industry and customer experience to leverage in your decisions for how to move forward.
If your business is growing, you also feel the strain of the early, scrappy days. You’re working overtime to deliver on promises made and you’re burning the candle at both ends.
Both situations come with stress, and figuring out how to survive and do what’s right is hard. Regardless of which scenario you find yourself in, it’s possible to come out of this crisis better than before.
So how do you adapt and make smart go-forward decisions?
Preparing Your Business for Future Resiliency
Reflecting on pre-corona days, make a list of the areas where you knew things weren’t as stable as they needed to be within your business. Then, revise the list with new issues that have appeared in the first eight weeks of quarantine and what you anticipate for the new normal.
Prioritize the list according to what you know you need to survive and find your new success.
Create a “Plan to Resiliency” chart to help you uncover solutions for the top one to three priorities and determine the next steps you need to take.
This chart shows how to create this plan.
|PLAN TO BUSINESS RESILIENCY|
|Insufficient cash to cover crisis period||
|Loss of revenue due to loss of:
|Some employees failed to meet the heavier demands our sudden growth required of us and we upset or lost clients.||
Build Your Company to Survive in Future Crises
Recent history shows us that these disruptions are only going to increase as the volatility of the world gains speed. Disruptions to systems and logistics, access to markets, social unrest all over the world (e.g., Hong Kong, Chile, and Iran ), wildfires in Australia, heat waves in Europe, Brexit, fires in California, and a predicted destructive hurricane season on the horizon for 2020 are sounding alarms to business owners to prepare for what’s next.
While COVID-19 is the crisis we’re managing through now, the next one may be just as bad. No business is immune to sudden change, so take these warnings from Mother Nature and put your Resiliency Plan in place.
The Bottom Line on Ensuring Business Resiliency
Before you decide this is too much work, take a moment to reflect on times before the pandemic:
- The successes you’ve experienced
- The ways you’ve grown, personally and professionally
- The relationships you’ve nurtured.
Remember the spirit that you got you here. Don’t be afraid to go back to basics where you first started with a long way to go, re-imagining your promised future to ensure the resiliency of your business. Now get back to work and keep #ChangingTheWorld #OnYourOwnTerms.
Belinda DiGiambattista is a serial entrepreneur, business coach, and financial controller and can be found at www.belindadi.com.