It is awesome to see many businesses rise above the pandemic restrictions and take actions to keep them successful even when they cannot operate in their normal course of business. It is wonderful to see other businesses that cannot operate at all promote themselves and create/support community projects and goodwill. Unfortunately there are some businesses that are doing nothing and their future is bleak by contrast. The best thing is that it is not too late for any business to look at the tough times as an opportunity to learn something new, apply some new business practices and stay in the race.
THIS IS THE TIME TO TAKE A LONG HARD LOOK AT YOUR BUSINESS! Ask yourself...do I have a business that is setup for success or do I have a talent that is allowing me to experience some great opportunities? The answer is the difference between long-term success and 15-minutes of fame.
Take this time to hone your business plan! As business owners, we know business plans are fluid documents that span your business's lifetime that are often the most neglected todo item. Make time to sit down and gauge where you are versus where you thought you would be and where you would like to be. Determine your strengths and weaknesses. Work on a plan to compensate or strengthen your weaknesses. Ask yourself are there areas your business can expand? Scale down or cut back? Operate differently due to the current circumstances? New areas you can easily explore? Is there a better way to handle certain situations? Do you need help? Where can you find help? What help is available?
I have a client that is GREAT at what she does (her talent) but initially she had no interest in or knowledge of how to setup or run a successful business. She was doing very well for a few months right out the gate but then she began slamming into brick wall after brick wall. When we met, she was planning to close her business and return to work for someone else. Today, just 7 months later, her business is correctly structured, she is experiencing personal record setting profits and considering hiring more employees and taking an active role in learning the business of doing business for long-term success!!!
Realistically not all businesses will make it for a variety of reasons, especially when tough times roll in. IT IS POSSIBLE for every business to do their best to position themselves for profitability and long-term operations. It's much too easy to get caught up in the emotional frenzy and pandemic panic right now. Make a decision early to not get swept away. Decide to be aware but to be logical as far as your business is concerned. Even more than any other time, it is extremely important to separate personal from business. Determine who you are and draw a line of separation between you and your business. Staying conscious of the fact you are the person who runs/operates/manages/owns your business and knowing the business is not your identity is critical during these times. The success or failure of you the person is not the same as the success or failure of the business. Learn from your neighbors and industry leaders. Pay attention to what big businesses are doing and scale back and implement their efforts to fit your business. Trust experts and reach out for help when you need it. Take a few minutes and check out my Capabilities Deck to see how I can help you today.