Stay Focused on the Guideposts and Alert for the Opportunities
If you’re like millions of people, you turned on your computer or TV this morning and swiftly got caught in the swirl of anxiety-inducing news, opinion, advice, complaints, misinformation, and grief mixed in with random cat videos and inspirational quotes.
It’s enough to make you want to go back to bed, pull the covers over your head, and hope for a miracle.
So, stop for a minute. Breathe. Clear your mind. And focus on guideposts to help you stay on track. When your mind drifts away in scary “What If” scenarios, return your attention to the basics of what you can do about it.
Expenses vs. Investments
What are some investments that you must maintain, even during tough situations? Here are three that will keep you strong now – because this is no time to become a weaker business.
- Marketing. Communicating with your market is always critical. Every day — period. Keep reaching out to clients, nurturing prospects, and generating leads.
What are your differentiators? Some larger chains can’t provide the virtual options that you can. Some of your other competitors are refusing to market and will disappear over time. If they’re around when this all ends, what kind of relationships will they have with clients and prospects then?
- Consulting. You don’t want every negative comment on Twitter to send you into a tailspin. By the same token, you need coaches, mentors or consultants in your corner to help you see the big picture.
It’s so easy to get in our heads, lose perspective, or miss valuable insight that can come from someone removed from the daily grind of our business. A good coach or mentor is watching the industry overall and talking with others in your situation, so he or she can reveal connections and pathways to consider.
- Personnel: Your team is a vital resource. It’s invaluable to delegate to employees so you have time to focus on mission-critical activities.
Divvy up duties. Assign trainers to lead online sessions. Put some in charge of updating individual clients. Your employees are valuable assets to deploy strategically.
Costs You Can Manage Right Now
- Cancel non-investment costs: These produce no income and are not required to keep your business alive (premium versions of apps, software subscriptions, entertainment, etc.)
- Apply for government aid: Assistance is available to help small businesses. Look into your options, starting with the Small Business Administration. Once you’ve taken steps to increase revenue like this, you can try to trim basic expenses.
- Then, negotiate with people you pay: Talk with your vendors, suppliers, accountant and landlord to explore flexibility they might have. Try to meet in the middle somewhere.
- Hold off on upgrades: That big piece of new equipment you’ve been wanting to buy? Delay purchases like this for now.
Amid all this uncertainty is great opportunity. More will be emerging that you might be able to see today. Keep your eyes open. Remember the guideposts and the principles that put them there.