There is no question that we are in difficult and challenging times, and it can be hard to know how to guide your business through tough times.
I’m sure there are many people who are feeling anxious, uncertain and stressed, from both a personal and business perspective.
I’m not an expert in viruses or in any of the health concerns that are going on right now in relation to coronavirus (COVID-19).
However, I have had businesses that have survived recessions and financially crippling times.
So I wanted to share with you some of the ways that I’ve ridden these recessions to help you understand what you can do, even when it feels dark and overwhelming.
1. Look After Your Health
Now is not the time to hustle and get really overworked and overwhelmed, because that will lower your immunity.
Things to consider:
- Get the sleep that your body requires – whether you feel great on 6 hours of sleep or if 8 hours is your sweet spot, make sure you’re getting the sleep you need to feel rejuvenated and refreshed.
- Fuel your body with nutritious food and good quality water.
- Take time out for self care – meditation, reading, self-education, or just sitting quietly with a hot drink, can all be nurturing.
2. Master Your Mindset
We all understand that we have a health crisis affecting the entire globe at the moment. We also have mainstream media creating pandemonium by selling headlines that are sending people into a panic.
It’s important to be educated about what is going on so you can make educated decisions. Don’t get caught up in this hype of the media. Be mindful about where you’re getting your information from, and don’t get sucked into the black hole of social media – not everything you see in your newsfeed is true. Who would’ve thought?! 😉
Here are some reputable sources to get up-to-date information regarding caronavirus disease (COVID-19)
During the next few months, the normal services you sell may not be required, and many industries have taken a big hit almost overnight. Things will eventually move back to normal, but in the meantime embrace innovation to give yourself the best chance of your business surviving and coming out the other side.
- What is it that I can do to create different streams of income?
- What can I create to help people that are going through a tough time?
- What services could I provide?
- What can I do for my clients to show support and love at this difficult time?
Important points to consider:
- Listen to what people are saying, what they are being challenged by, and start to explore how you could help these people.
- Use this opportunity to think outside the box.
What I’ve found during previous tough times in business is that, whilst it feels awful at the time, it can really draw out all sorts of innovative ideas. Consequently, when things begin to improve, you come out the other side stronger and have the ability to build quite quickly.
- People are looking to you for leadership, certainty and confidence.
Now is the time, more than ever, to really show up and hold space for them. We really need to step up and show our leadership even more than ever. Help them whether it’s in health, in business or something else.
What can you do, as an added benefit, to really show confidence and step up to the plate?
- Think about how you can innovate to create new products and programs to bring in new income sources.
Things you can implement in your business:
- Online courses
- Online Masterminds
- Coaching online
- Start a podcast
- Do Facebook lives
- Run online networking events
4. Use This Time To Prepare
In the early 90’s, when interest rates were at almost 20%, business was tough. So many businesses around us closed and we were one of the lucky ones to keep our business afloat.
While it was quiet, we used this time to get the foundations of the business strong. By doing so, when the economy started to recover, we were also able to recover financially, very quickly.
- Get your systems in order.
Look at how you can reduce your operating costs and also look at all of the processes that are happening in your business. The times will be quiet so use this time to really look into the effectiveness of your systems. What works, what needs to change an what other things you can do to make it more efficient.
- Build and nurture your network. This is the time to show up and be top on top of mind for your audience, not the time to shy away in the corner.
How to nurture your connections online:
- Use LinkedIn.
- Host Zoom meetings.
- Use the time to get those jobs done that have been pushed aside for too long.
- Get clear on your message
- Optimize your website
- Launch a podcast
- Write your book
Like every downturn, there will always be an upturn. Whatever it is that you need to do, put the steps in place, so that when we come out of this downturn, you are prepared. Stand out and position yourself so you’re the person that gets the work coming out the other side.
5. Don’t Isolate Yourself
In these times of great challenge, it’s hard to focus on the business. Surround yourself with people that are in similar situations or people who have gone through these situations before, to keep you on track. Find Facebook groups, chat online with like minded people or have accountability buddies to keep you on track.
It’s easy to think about the bad things. But in this time, what would benefit us all more is to come together and keep each other accountable.
We are not helping anyone by stopping our business.
The economy needs us to keep going. It’s our responsibility to keep going.
We may be going through times of recession with limited travel and conferences shutting down.
However, there are still opportunities. You need to be innovative and proactive.
Times of recession can be a gift (although it does NOT feel like it), to help us to really get clear on our business and be ready to take it to the next level.
We are in the times of “survival of the fittest”.
In times of recession I’ve seen so many people lose their businesses, but I’ve also seen people come out the other side.
It is about innovating, it is about being empowered. It is about surrounding yourself, with the right people. It is about looking after yourself both physically, mentally and spiritually.
My door is always open, especially at this time when I know that there’s a lot of business owners that are fearful.
Don’t isolate yourself.
Don’t let your health go.
Surround yourself by the people that can support you to do that.
Let’s stick together. Let’s empower each other. Let’s keep going. Let’s create an amazing world full of physically healthy, mentally healthy spiritual people that can get through this.
We can do this.