Several years ago, One of my friends asked me, how can I survive this time. Since then, I’ve heard it again and again over the years. Sometimes the crisis was financial, Sometimes it was personal.
And sometimes, like it is in today’s world, it was global. The truth is that the tragic challenges the world is facing now aren’t the first. And it won’t be the last. So what can you do during these times to protect your business?
How do you survive today in 2020?
Here are 5 strategies you can put in place right away to keep your business going:
Communicate with your clients and employees
Don’t hold back when communicating with your clients and employees. Instead, talk openly about these uncertain times and your business.
When you address these matters head-on, you position yourself as a leader, a lighthouse. You’ll be a beacon of hope, perseverance, and empowerment for them.
So do whatever you can to maintain strong relationships with your clients and employees. Why? Because when this crisis ends – and it will end – they will be there for you too.
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Consider re-packaging your products and services
If you are struggling to sell your services and products right now, consider other ways to offer them.
For example, you could break your high-ticket items into smaller modules that you can sell individually at a lower cost.
The goal here is to find ways to generate at least SOME income (which is better than no income at all).
Create lots and lots of educational content
As more people stay at home, they are interacting on social media more and more. So if there ever was a time to create content, it’s now.
But don’t make just any content. Try to produce content that solves your audience’s problems. When you can entertain and educate your audience at the same time, you will build up your authority and expertise,
Become the go-to person in your niche. Generate new leads for now and the future.
Cut-back on spending as much as possible
This might seem obvious, but many entrepreneurs and business owners overlook this. Yes, cut out any unnecessary spending. But also consider that you might have to lay off some of your personnel.
I understand how difficult this can be. Most of you are conscientious business owners and entrepreneurs who genuinely care about your team. So think of it this way:
What will your team come back to if your business doesn’t survive? It’s better to let them go so that you can survive now to thrive in the future. Then you can re-hire them and re-build your team again.
Construct a “wind-up” plan (just in case)
As I mentioned at the beginning, challenges come and go. The problem is that we don’t know how long this particular crisis will last.
So as unpleasant as it might be to think about, consider how you can prepare your “wind-up” if you have to.
Create a detailed plan of what needs to happen and how you will execute it. This way, you will be ready if the unthinkable happens. You will be able to quickly and effectively shut down operations while holding on to as many assets and as much wealth as possible.
Then you can regroup, and when you are ready, reemerge stronger and better. These steps alone might not be enough, but they will help you head in the right direction.
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