Posted by JuJuan Buford @JSBUFORD
YouTube Version of Article: https://youtu.be/lOOEg0ol0Yw
As COVID-19 continues to sweep across the United States, claiming lives and the financial solvency of households across the country, the growing comparisons to 2008 are more than appropriate. The combination of soaring unemployment, stock market volatility, the inevitable descent of the GDP, coupled with increasing sense of helplessness is enough to smother even the most ardent optimist.
Some would argue what makes 2020 fundamentally different is that the collapse of the U.S. economy is due to an external factor, as opposed to structural frailties; leading some to posit that when the virus recedes the economy should recover quickly. It's quite a whimsical narrative...if not for the disheartening state of affairs.
In many corners, this overlying narrative is being met with great cynicism. If you were to take a cursory look at those fomenting this thinking, they tend to be the same individuals waxing poetic about flipping the pandemic on its head as an opportunity for self care or a kind of pseudo-vacation allowing for some much needed pampering.
The reality is the pandemic may be more psychologically debilitating than the recession of 2008, because of the inability of those who had scant time or resources to even conceive of a vacation before COVID-19, aren’t able to hustle, acquire side gigs, or pivot as easily due to the physical distancing and the general quarantine being required of citizens. These conditions have served to shine a bright light on the extent that a supposedly robust economy wasn’t serving everyday citizens, but I digress.
Given the aforementioned, should entrepreneurs simply give up, put their heads in the sand, and ride the pandemic out? Reads insane as a type this… Staying put is not what entrepreneurs do, and during these trying times, the nation needs the vigor, restlessness, and fanatical problem solving idiosyncrasies of entrepreneurs more than ever. So what is the most appropriate response?
DOUBLE UP on promoting and marketing your business. The typical response of most small business owners is to pull back, cut all expenses, and hoard as much as their resources in their man and woman caves as possible. And that is what creates the opportunity. At the end of the day we are all competing for the attention and disposable incomes of the public. Turn up the volume while the competition is sleeping. So, how can you ramp up your marketing and business development efforts without coming off as offensive or exploitative? Begin with the end in mind (serving others) by taking the following steps.
1. Find ways to ask or survey your clients and prospects to uncover and understand what their most pressing needs are. And ask yourself, how can I either meet the need directly, or connect them with the resources they desire?
2. Cut your prices and find areas whereas you can add value for free or very, very inexpensively. In other words if you typically charge $200 an hour for your consulting services, you may need to dial it down to $100 an hour.
If you’re in the business of delivering cakes or chocolate covered, berry flowers and decorations, take orders at a steep discount with the promise to deliver once the virus containment measures are relaxed. Send people a picture of their anticipated delivery, or a short 30 second video recorded on your phone thanking them for continuing to patronize you.
Here’s the thing. You’re going to have to start cold calling again. Sending thoughtful, well timed email campaigns again, including individual emails. You’re going to have to spend late nights responding to every social media like, share, and comment again. In other words you’re going to have to take on a greater volume of clients to offset the losses of charging less.
Is it going to hurt? Yes, it’s going to hurt. Do it anyway. Now is the time to sprint!
3. Spend more time sifting for mutually beneficial relationships, specifically with those who are in your industry. This may not be an option for some, but lets take the real estate industry for example. There are some real estate professionals who are much more effective at bird dogging and prospecting than others. They just have a knack for engaging people and uncovering opportunities better than others.
There are some professionals who are better at qualifying, being empathetic and uncovering the needs, wants, and dreams of others. They are able to quickly and thoroughly tickle others’ heart strings, gain trust, and communicate in such a way whereas even the most difficult decisions and solutions feel right as rain.
And then there’s the bean counters. They can quantify the value prop in seconds, and quickly deduce whether a buying or selling decision is profitable or punitive. Oftentimes, these same individuals may be particularly adept at identifying creative or unconventional terms that serve the needs of buyers and sellers.
Very rarely do you find professionals with all three traits. In other words, be aware of where your peers are weak or disadvantaged, and find ways to serve them. Depressed economies tend to depress egos. In other words don't be surprised by the willingness of individuals to entertain affiliate relationships or partnerships, who may have previously blown you off. Remember the goal is to win.
4. Cut expenses, but remember you can’t cut yourself out of a financial hole. At some point you have to find, create, and manufacture new opportunities. You must continue to take on new clients. Or at the very least finds ways to engage and service your already existing clients. And yes again, continue to take on new clients.
Think about your dollars metaphorically like soldiers. Ideally, you want to send your soldiers into the field to secure resources, tools, skills, and return back to base after having captured additional soldiers.
You still have to make smart legal, financial, and marketing decisions. You still have to find ways to market your business even more so. Make cuts and reduce your overhead, but don’t be so draconian about it that you cripple yourself. In other words be willing to embrace the ugly duckling stage of your business (before you could afford the secretary, one thousand dollar suits, twenty dollar lattes, and the $2,000 to $5,000 per month office space), and be creative about finding services that still allow you to function intelligently.
I’m a huge fan and an affiliate of cost effective services like SmallBiz; which helps small business owners to conduct research, acquire clients, become loan ready, protect their intellectual property rights, navigate their estate planning needs, reduce operating expenses, and make better tax, financial, and legal decisions. Click the link to learn more.
5. Take this time to reflect on the things you need to learn or skills you need to acquire. I’m not a social media guru, and I don’t enjoy the best vanity statistics across any platform. However, I regularly take on clients and establish new business relationships on a weekly basis due to my social media presence. And I decided today to learn Pinterest. I'm sure my partner in grow giving and digital marketing strategist, Rachele Wilson, will be happy to hear this news.
If you’re a writer, perhaps it’s time for you to invest in the Well Fed Writer, the Writer's Market, or a grant writing book. Here’s a huge, huge clue. The moment this pandemic subsides there's going to be a significant outpouring of monies in the private and non profit sectors of the economy geared towards entrepreneurship and small business development. There will be no shortage of work for those who can write winning grants, business plans, and proposals.
Money doesn’t disappear. It just changes hands. Get on the right side of the fence, meaning you may have to make a hard, dramatic pivot. If you're business is reliant upon new home purchases, now is the time to focus your attention on residential and commercial refurbishment and cleaning services instead. Mortgages will need to be refinanced. The Cannabis industry. Grief and psychological clinics will thrive. Keep in mind, there are some industries and investment opportunities that are recession proof.
6. Focus squarely on the things you can control, mainly your attitude. The pandemic is going to end, and the goal should not be simply to simply survive, but find ways to thrive during this unfortunate period. And depressed, strained, and stressed minds don’t make good decisions.
Turn off the television and constant social media feeds clamoring about the end of the world. Find a podcast, a book, or social circle that is focusing on the things that can be done to emerge stronger or more fortified than before.
JuJuan Buford is a Detroit native, entrepreneur, Founder & CEO of JSB Business Solutions Group, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.
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