Deja vu Part Deux

May 6, 2020

Remember these words of wisdom from last week?  “Pivot” and “you’re already critical to somebody.”

You really can make your business easier during these challenging times by remembering what you learned and put into play during the 2008 economic meltdown.

You discovered how to handle a crisis in 2008.  Let’s pull out everything we learned and applied then for your advantage now. You have got a tested role model at your fingertips.

Last week we began the first in a series of eight insights proving…maybe reminding…you’ve already learned how to handle a crisis.

Dig just a bit, and 2008 actually offers something seriously positive to small business owners.

Guidance.  By recognizing the parallels between the two crises, small business owners uncover beacons to put in play right now to stay healthy or afloat until the incoming waters recede.

Starting last week and continuing for the next several weeks,  we’ll share key parallels you’ve already learned, implemented and maybe forgot.  Here are the second set of two of the eight:

  1. Diversify who and how many you serve. Many small business owners, including consultants and coaches, do business with only a very small handful of clients.  If one industry is smacked particularly hard, the small business owner suffers, too.  If the small business owner works with just a few clients, losing one causes monumental harm.  Begin now to consider who else you can serve.  Start to build in some resilience for the next crisis…because there will be a next crisis.
  2. Continue to market and sell. So many small business owners retreat, pull in their efforts to find new customers during difficult times. Perhaps you feel it’s highly inconsiderate to call and seek new business when you’re unsure of the condition of your prospect.  There are lots of reasons to continue.  Remember #1 above.  If you solve a critical problem, people might need you now more than ever.  If you stop marketing and selling, your business will slow to a crawl.  If your competition stops marketing and selling, they are leaving the entire market to you! When you stop, recovery becomes that much more difficult.  Who said, “an object in motion stays in motion?”    Newton.  Thank him because that goes for your business, too.

Thank 2008.  While we didn’t like it at the time, 2008 has handed us lessons for right now to better navigate our small businesses through rough times.

Use these lessons from 2008 well, and we’ll see you smiling when we reach the other side of this pandemic.

Remember:  good things fall apart so better things can fall together.