Protecting your business during the coronavirus pandemic is going to be challenging. But there is hope. The first thing that you should remember is that chances are extremely high that you’re not going to die. So you can get that thought out of your head right now. However, let’s be honest…things will be different.
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For many entrepreneurs this is going to be a time where you will be forced to pivot. And what I mean is that you are going to have to change directions or set your sail to go in a different direction. You may not be able to function in your current line of business, especially if your business is to provide a non-essential product or service (which is quite a lot of us). Do not be discouraged. I know this is easier said than done. But this is the time for you to really lean on your faith and trust that everything will be okay.
A lot of us came into 2020 hopeful that this year was going to be the year of plenty. I know that I did. I still believe that it will be the year of PLENTY. But I guess there will be plenty praying, plenty fear, and plenty worry. I probably should have been more specific in my declaration. Nevertheless, I am still committed to helping those as promised to pivot and manage during this time. One of the things that I am doing is working with our members to help them take their expertise and convert it to a digital product that they can offer via digital delivery. I started off the year with a special 3-part training series called, “How to Turn Your Expertise Into a Viable Digital Product.” It is available now for anyone interested at no cost. Check it out.
How to Protect Your Business During the Coronavirus Pandemic
Many people want to know what you can do and these are my thoughts:
- First of all, accept the things you have no control over. Oftentimes as business owners you try to control everything. But this is something that you will absolutely have no control over and you need to accept it.
- Put People Over Profits. Don’t worry about making money. All abundance comes from God. Concern yourself with being a contributor to society versus how you can make money from this situation. Having money will not help.
- Journal. This is the time to journal and document all of your processes and procedures. Because once all of this is over you will have to consider what your next move will be and if you built a strong business once, then you can definitely build it again.
- Brainstorm Ideas. This will be a time to think strategically. Forward thinking and planning will be a must for how you will operate in the next new normal (whatever that will be).
- Meditate and Pray. If you don’t find ways to calm yourself, then you will be a nervous wreck. Don’t give yourself a heart attack watching the news. The future needs you.
- Be honest. One of the reasons that we have gotten to this place is because of all of the dishonesty that has been happening all over the world. We have to be honest.
- Check your financial health. How much money do you have access to? If you don’t know this is a good time to be aware. Do your financial projections now.
- Check your financial portfolios. Remember that what goes down must come back up. But know where all your money is. And also give the necessary individuals access to it.
How to Pivot Your Business During the Coronavirus Pandemic
- Become more philanthropic. Think about giving versus receiving.
- Think about the Rebirth. If you have to shut down, don’t worry about it. Think about the come back.
- Ask yourself questions. Good questions can yield great results once this thing is over. For example, how will we operate once this is over? What will our business look like once this is over?
- Think about what will be available once this is over? There may be some things available, but their may be some things that will not be available.
- Run What If Scenarios. What if the Internet is not available? What if masks are not available? Can your company make them? Maybe the business for you will be to make stylish face masks…who knows.
- Pivot to With Integrity. If people are not buying your items, then what are they buying? Find a niche that makes sense for you to pivot into and aligns with your mission and vision.
Final Words About Managing Your Business During the Coronavirus Pandemic
The truth of the matter is nobody knows. No one knows what is going to happen going forward. (Maybe some people do know, but I don’t want to spend my time on conspiracy theories or psychic predictions). What I believe will be the most important thing to do is protect yourself and your family. You should know how you will handle and conduct yourself at all times. Be a person of integrity. Don’t try to capitalize on a bad situation, that’s just not cool. Be of service and help others in need. But most importantly protect yourself and your family because if you get sick, then you really won’t have a business.