May 14, 2020 Aaron

Coronavirus – Crisis and Economic Collapse

How do I run a successful business in uncertain times

No comet had hit Earth, no missiles had been launched, no world war had been declared, yet one day in March, the streets went silent. The schools closed their doors, the businesses followed suit, and the people stayed in their homes. Everyone watched the news in silence as the leaders of the world laid down the new restrictions. And everyone knew: The world was about to change forever.

If you run a business, the current crisis is likely to affect you in some way. The stock market is collapsing, people are losing their jobs, we can’t leave our houses and if we are to believe the analysts, we are going into a financial depression like one of the 1920’s. What a time to be alive, huh?

A lot of you will now wonder: how do I run a successful business in uncertain times?

Two words: Dynamic management. Change is imminent, so embrace it and adapt accordingly! 

Let’s take a look at the past, shall we? Not in the history of man or business-making has there ever been a time where NOTHING is working. Sometimes a LOT of things are not working in your business, but there’s never been a time when nothing is working. 

This is the time to take stock of what actually works about your business. You’ll now have to shift focus and offer what the market specifically needs right now. 

 

On that note, your business should have more than just one offering. Even if it has one center offering, or core offering, that probably has ‘babies’ – little subsets, that may be more suitable for customers now. If you don’t, then that’s now becoming glaringly obvious.

 This is the perfect time to prepare your new offerings, so that when you re-emerge after this uncertain time you’ll have your bases loaded. You’ll have done the right preparation.

Let me give you an example. If you have a consulting business like mine – if the only offering you have is just back-and-forth live conversations with people, you may be having a difficult time right now. You’ll have to get used to remote working and video and phone and what have you, but that’s good news. Not only will you now have your physical consulting offering, you’ve added remote consulting, and if you also record your knowledge, record your IPO, record your teachings, that’s yet another offering!

This is a good time to record your knowledge, because recording a quality offering takes a lot of time; from scripting to the technical part of it. What still works about your business is what you know, and that hasn’t changed. Write down what you know. You know so much, you’ve learned so much, and these are simply new ways of sharing your knowledge.

 

Read more about it here:

 

Dynamic management – better decisions in uncertain times (McKinsey)

How To Build Renewed Business Relevance In Uncertain Times (Forbes)

Four Tips for Managing Your Business in Uncertain Times (JumpStart Inc.)

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