In life and in business there are many things that will happen beyond your control. The question is, how do you deal with it effectively while adapting strategically?
In business, there is a tool called the S.W.O.T. Analysis which stands for strengths, weaknesses, opportunities and threats. The S.W.O.T. analysis is a strategic planning technique that compiles your company’s strengths, weaknesses, opportunities and threats.
- Strengths: characteristics of the business that provide an advantage over others typically competitors
- Weaknesses: characteristics of the business that place the business or project at a disadvantage relative to others.
- Opportunities: factors in the environment that the business or project could utilize to its advantage.
- Threats: elements in the environment that could cause trouble for the business
In today’s business climate, the coronavirus is an external threat to many small business owners, entrepreneurs and corporations alike. It is quickly becoming a crisis and epidemic. According to the (CDC), The Centers for Disease Control & Prevention, research shows that COVID-19 or better known as the coronavirus was first reported in Wuhan, China in the winter of 2019. As of this writing, the coronavirus cases top 125,000 globally. Since the news of the early cases, the virus has ascended on the United States of America. The number of reported cases seems to rise daily in the United States. It is alarming and unfortunate that this virus is spreading so quickly. It seems that the United States government was ill prepared to deal with this crisis. Many wonder how this type of virus could even happen? What has the U.S. Department for Homeland Security been doing the last 12 to 18 months? (Another story for another day.)
There are at least 1629 cases of the novel coronavirus in the United States, according to the state and local health agencies, governments and the U.S. Centers for Disease Control and Prevention. And so far there have been 41 deaths in the USA due to this virus.
Many countries are issuing instructions to stay home. The terms “self quarantine” and “social distancing” have emerged. These terms refer to isolating yourself in your home environment as well as maintaining at least 3 to 4 feet away from anyone else in public, respectively.
For business owners that rely on foot traffic, they most certainly will be affected.
How will this virus effect the economy?
How will this virus effect small business?
How will this virus effect solo-entrepreneurs?
There are so many questions, and so few answers.
When it hits home, it hits home. So the question for many entrepreneurs is simply…
What is one to do when external circumstances threaten your business and your livelihood?
Some would say there’s not much to do by ride it out and hope it goes away.
As entrepreneurs, we are charged with being innovative and remaining on the cutting edge if we want to survive and thrive in business.
That said…the only thing you can do as an entrepreneur in business right now is…
You must think of ways you can still do business, make money and thrive not just survive.
CHOOSE TO THRIVE.
Below I have outlined a few suggestions around suggestions for PIVOTING in your business when change is necessary.
- Choose a positive mindset. Change requires positive thinking. You can’t pivot in your life or your business if your outlook is doom and gloom. Get your mind prepare to think outside the box and reimagine ways you can get creative rather than trying to do business as usual. Many people find i helpful to keep a journal and write their thoughts. Some people prefer to record their thoughts. Either way, be sure to read inspirational messages and keep your mind in a positive state.
- Assess the impact of the change or external situations beyond your control. Determine what the loss in revenue will be (if there is one) and then go about creating alternative measures to compensate for what you may lose or fail to bring in…if something doesn’t change. Here’s a quick tip. For every dollar you may lose, create a counter dollar to replace it. Begin by bundling your products and services. What can you sell more of, if you were to offer a special rate?
- Create digital products and services. There is one very smart way of making money these days and it is through e-commerce. When you sell your products and services online, you don’t have to worry about anyone visiting your physical store, or having meetings or gatherings face to face. One thing for sure, people will shop online whether or not there is a crisis. It stands to reason that every business owner should have some of their products and services offered online.
- Reflect on the changes that you’ve had to make in the past. No matter when the situation causes for us to make adjustments in our lives or businesses, somehow we manage to adapt. As a business owner, you’ve likely dealt with change or trauma. It could have been that you lost a contract or your shipment didn’t arrive on time. Whatever happened, you found a way to work around it. If you are a corporate professional, likely you have adjusted to change. Whether we had to adjust to a new building, new job, new manager or whatever the case was. How did you weather the past storms of doing business? What did you do? There is always more than one way to skin a cat, as the saying goes. So get busy and figure out how to make things work.
As you can see, there are several ways you can adapt and adjust to change even when it is negative or the outlook is quite gloomy. There will always be external circumstances and issues beyond your control that may effect the flow of money to your business. However, you must keep your thinking cap on and remain optimistic, creative and positive. Now is the time to ensure that you are operating several revenue streams in your business so you remain profitable.
What are your thoughts? How do you handle crisis or change in business? Weigh in with your thoughts and leave a comment below. I’d love to hear from you.
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This article was written by Lori A. Manns.
Author, Lori A. Manns is a multi award-winning marketing mentor, sales coach and trailblazing business strategist who works with small business owners and entrepreneurs to help them grow and scale their businesses. She specializes in sales and marketing strategies that result in her clients attracting their target market, gaining brand visibility and growing revenue. Lori is President of Quality Media Consultant Group, a consultancy firm specializing in media, advertising, marketing and sales. She is the founder of the Trailblazer Business Academy. where advancing entrepreneurs go to learn growth strategies and how to run a profitable business the soulful way. Lori is also the creator of the Sponsorship Sales Secrets System;™ which shows business owners how to get more corporate sponsors and sales for their business, guaranteed. To learn more about the work Lori does to help business owners and entrepreneurs all across the U.S. to accelerate their revenue and succeed in business, visit www.qualitymediaconsultants.com
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