As we move into the second quarter of 2020 I can say that we’ve seen quite the upheaval in our communities, our country and the world at large. It has left many business owners wondering how their business will look when the dust settles and how to keep going in the midst of it all.
While this isn’t the first economic downturn that we’ve seen, I think we can all agree, that many of us have never seen anything like this in our lifetimes.
Here are some things that you can do for your business right now:
Review/update your contingency plan & review your numbers. I know I say this a lot, but if there were ever a time to take a look at your numbers, now is it. The reality is if you have a contingency plan, it may need a few tweaks. So now is a good time to review it and if you don’t already have a contingency plan it’s time to create one.
Many companies are having to make tough decisions about what is “essential” versus “non-essential”. As you are going through this process in your business, know that many of your clients are doing the same. Other numbers to pay attention include:
- Cash Flow
- Client Acquisition
- Client Attrition/Retention
- Account Defaults
- Cash Reserves/Savings
Keep an eye on market trends (global, national & regional). Not all markets are being impacted in the same way. Some markets or regions are thriving while others are not. Continue to track these to help your clients prepare and/or adjust as things continue to progress and unfold. For example, here in Phoenix the residential real estate market is still strong. Although, many builders have closed their show rooms and are now offering virtual tours or showings by appointment.
However, that market is bracing for a slow down as company leaders share their predictions of a ‘bad recession’. Other industries, such as the plexiglass industry see a shift as more grocery stores are having shields installed to better protect their workers.
The key here is, keep an eye on the markets and help your clients adjust as needed.
Continue your lead generation and relationship building strategies. Now is not the time to pull back from generating leads and strengthening relationships with clients and prospects. What are fun and creative ways that you can connect? Now is a great time to position yourself as a strategic partner. Some people may not buy now, but when they are ready to move forward, you will be the person they think of because they’ll know who they can trust.
Adjust pipeline and offers (if needed). You may need to take a moment to adjust your pipeline. That could look like adding more nurturing touch points or even adjusting the order in which you offer your services. It could also mean being creative. For example, I advised one of my clients to break her larger offer into phases if it would help her prospect move forward. At the end of the day, she would still provide the same service for the same investment, but it would break it up into bite size pieces for her prospect.
Don’t neglect your health (physical, emotional, mental & spiritual). I know I talked a lot about the financial health of your business, but please take care of your mental, emotional, spiritual and physical health as well. Make time to pray, meditate, cry (if you need to), and move your body. Many of us are dealing with a number of different stressors, but none of the above will matter if you’re not well. So please take care of yourself.
During this season, you could position yourself and your clients to not only excel, but to skyrocket. Be strategic. Be flexible. Be innovative. This storm will pass and you have the power to ensure that your business will not only survive, but will thrive.