The economic downturn has left us
trying to figure out the best course
of action. How do we navigate
through this uncharted territory?
Before you make your next
move, ask yourself – Are
you complying with the course, or are
you complying with the concern?
Let’s use the pandemic to illustrate. To comply
with the course is to be proactive – practicing
social distancing, washing your hands and
avoiding large gatherings. The concern is
our reaction – when you overexert yourself
in a behavior that is of no benefit (e.g. all the
toilet paper), while simultaneously ignoring
the course. There is no benefit to purely
reacting, because then you are disregarding
the course that will inevitably help you.
This scenario translates into your business
as well. You’re likely attempting to go about
business as usual in unusual circumstances.
However, you must adjust your business and
deliver your services or products in a way that
addresses the circumstances around you.
If you think you should take on debt, take out
loans, get more credit cards so you have more
money to keep your business afloat, please
reconsider. More money may (and I mean
may) help in the short term. But remember,
money will only carry your business as it is
today, without making the real adjustments
you need in the long term. Besides, you don’t
want to take on the burden of added debt.
Instead, analyze your business and define
what the core competency is that you deliver.
How will you adjust your existing offering to
the current environment? Maybe this means
moving to online services and training,
virtual conferences replacing in person ones,
or consultations for future endeavors with
clients. Invest in a new method to serve your
clients by asking them how you can serve
them in a way that will help them right now.
Ask yourself one more time. Are you responding
to the concern to barely survive, which will
have long term detrimental consequences? Or,
are you responding to the course in the best
interest of your business and to sustain it?