news: Coronavirus: Are You able to Ride the Waves of Change?

news: Coronavirus: Are You able to Ride the Waves of Change?

Emerging Prepared with an idea during a Post Pandemic Economy

It's April 2020 and as I awaken and begin my day, there's always the nagging questions lingering in my head. What the heck will my business appear as if in three months or maybe six months from now? Will I still have a business to run or will the way during which I earn a living cease to exist and can I find yourself doing something entirely different?

It's hard to understand what state my business is going to be in one month from now, including three months later. Unfortunately, I do not have a ball that will predict the longer term on behalf of me or anyone else I do know for that matter.

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One thing I do know needless to say is that things will never be the way they were four months ago. If you're one among those people expecting the 'old economy' to return or recover, then you're certain a rude awakening, because it isn't getting to happen.

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I'm guessing that the majority of people don't need to entertain the thought that they might be out of business during a matter of months. Heck, it isn't something that I wanted to believe either. To be put out of business due to an invisible predator that has spanned the world and disrupted peoples' lives and therefore the global economy just seems unfathomable.

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As my husband and that I watched what was happening within our own country and around the world and therefore the impact it had on our businesses, we did a financial assessment of how long we could sustain our current standard of living. for a few reasons I felt okay knowing that we could get to a particular period within the year. It never occurred to me that I wasn't allowing myself to believe what would happen if we did run out of savings.

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My husband on the opposite hand had considered it. Hearing him verbalize his 'before we get thereto point' plan of action forced me to finally attend that place in my mind where I needed to possess the interior conversation, 'what would happen if I could not maintain my business?'

The AHA Moment

When I did finally 'go there', I had a serious AHA moment. Suddenly I noticed something that had never occurred to me before.

Oh my God, yes, that's right-I are here before. I even have had to unexpectedly close a business thanks to circumstances beyond my control-an depression.

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It was 18 years ago. I had a women's fashion mercantile establishment during a major mall in Singapore. the shop was operational for an honest part of 3 years, and only one year at the mall premises. The business was good. that's until we got hit by the Asian Financial crisis of '99.

As we moved through the year 2000, we witnessed the decline within the daily number of shoppers. People began to hold onto their money due to the uncertainties that lay ahead. very similar to what we are experiencing today.

news: Coronavirus: Are You able to Ride the Waves of Change?

Eventually it reached some extent where there wasn't enough business to hide the monthly overheads and therefore the tough decision was made to shut the shop. Yet it wasn't as simple as just closing the doors. While the landlords could see for themselves that there was no pedestrian traffic for all tenants, they still demanded to receive payment for the remaining months on the lease. That resulted during a painfully written $40,000 cheque to the owner. Making that payment just added insult to what was already a really difficult moment of getting to shut thanks to depression.

When the premises were vacant and therefore the doors shuttered, I allowed myself to possess a personal pity party. I gave myself permission to feel pitying myself for 2 weeks. When the pity party was over, I knew it had been time to urge up off the bottom and obtain busy contemplating what subsequent plan of action would be.

Even though my despair, I used to be confident that there would be another business in my future and that I would wish to be prepared and prepared to pivot.

Remembering that I have been here before and knowing that I had the resilience to recover and are available out the opposite side, reassures me that I can do that again if necessary.

news: Coronavirus: Are You able to Ride the Waves of Change?

Every company or business owner will get to find out what's best for them post-pandemic. Maybe you've got even begun to think this far ahead. Maybe you have, yet still haven't any idea of what you'll do once we all resurface during this new c-economy (COVID-economy).

Instead of expecting circumstances to dictate what is going to happen in one to 3 months from now, I view myself as a surfer who must be out there within the blue ocean, judging, calculating, expecting just the proper wave to leap onto and ride through the barrel all the thanks to the beach.

This time I will be able to ride on top of the wave rather than finding myself being tossed around within the surf and not knowing which way is up.

Preparing for the C-economy

No one is going to be ready to say surely when countries, states, and communities are going to be open their doors for business, yet it is vital to be ready with an idea of action.

Here are just a couple of thoughts for business owners and business leaders to think about immediately in preparation for the resurrection of their business.

Establish product-service relevancy

There are a couple of vital inquiries to address before you start to make the recovery road map.

Is my product or service still relevant to my target market today and may it's relevant post-pandemic? Will the audience remain the same or will it change altogether?


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If my audience remains the same albeit with minor changes, then ready to |i'll"> i will be able to be able to move forward with my recovery roadmap.


Anticipate, ask &answer

Read the most recent research findings in your industry, alongside reports from economists. As business operators we'd wish to research the market and anticipate the wants and needs of the customer so on supply appropriate solutions.


Creating ideal solutions for consumers cannot happen while brainstorming in isolation. Ask your clients what they go to wish during a post-pandemic business environment.

Armed with research and thus the requirements of the target market, answer their requests, and deliver your best solution that addresses those immediate needs. this might require the event of a completely new product or service.


Double down on the low cost, no-cost marketing activities

Global health and depression have left many businesses without incoming revenue for months, therefore the last item most would want to undertake to try to to is fork over an outsized sums of cash for marketing campaigns.


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However, that doesn't mean that a business should go underground and not market within the least. On the contrary. There are things that any business can do to continue marketing their products and services using low cost or no cost marketing activities.


news: Coronavirus: Are You able to Ride the Waves of Change?

Create content. nobody knows your business better than you (and your employees if you're employed for an outsized organization). Start by creating content that educates and helps your audience. Your content is usually distributed in numerous ways.
Write blog posts and upload them to your website, social media pages, and syndicated sites.
Conduct a survey related to your industry then distribute your findings that to your audience if it'll help their business.

Use free creative sites like Canva to form visual content like banners, posters, social posts, animated posts, etc.

Use the free tools to form infographics that educate.
Create short videos that educate, motivate, or demonstrate a product. Everyone features a camera on their smartphone so pick it up and hit the record button. there is no excuse to not.
Seek synergistic collaboration
One of the upsides to all or any or any of the chaos we're all browsing is that the change we are seeing in humanity. The giving economy is on the rise and rightfully so. you're of greater value to your clients once you offer them more of what they need .


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Seek collaboration with business partners who can add value to your client base. What can others bring back the table that's beneficial to your clientele that's not in direct competition with you, yet creates synergy for both of your businesses?

Reaching bent other corporates and business owners will stimulate the economy and creates a three-way win.


Learn and Go Digital

The way business is conducted today has already changed. Operating efficiently within the new c-economy, would require the use of more technology and apps for conducting business remotely with clients and team members.


Businesses that when offered their services face to face, must adapt to digital platforms within the new normal. this sort of communication once thought to be a 'nice to try' has moved into the realm of a legitimate way of doing business.


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Not only will the need arises to seek out out new technologies for virtual engagement, the need to know the thanks to protect our privacy would require us to spend a short time understanding cybersecurity also.


There will be a learning curve, yet failure to dive in and embrace the new wave of technology that has now become a neighborhood of our everyday lives, will mean that people who are unwilling to seek out out are getting to be left behind.


Repurpose to form Additional Revenue Streams

As a veteran small business owner, I'm a huge advocate of getting multiple streams of revenue. whenever I develop a replacement brand, I map the numerous ways I can sell my services at different price points and thru different distribution channels.


Having quite one revenue stream are some things that I push small business owners to undertake to initiate when crafting their business model from the get-go.


View your business with fresh eyes. At the onset of your business, the merchandise or service you offer may are created for a specific audience. Can what you offer now be re-purposed for a further audience or niche market?


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Case in point. I even have a deck of cards on entrepreneurship that was derived from the chapter action steps from my book, The 50-60 Something ™ Start-up Entrepreneur. The deck of cards was a bear from the book and has become another kind of re-purposing information and an additional revenue stream.


Given that the knowledge on the thanks to create a business is that an equivalent , I can now re-purpose the deck of cards with a replacement name, new design and sell this to a completely different market.


Is there a number of your business which can be splintered off to form a replacement product in another industry? What could potentially be re-purposed or even upgraded within your own business to form a replacement stream of revenue? With slightly brainstorming, you simply might surprise yourself with what you come up with.


Riding the Wave

A big wave of change is on the horizon for all folks. It's going to are available the form of a recession or possibly a depression. I'm preparing myself now. i might wish to be ready when the wave of opportunity surges toward me. I hope others will join me out there during this blue ocean which we will ride this wave together.


Pamela Wigglesworth, CSP during a world entrepreneurship coach, speaker, and CEO of Experiential Hands-on Learning. Residing in Asia for over 20 years, she is that the 50-60 Something ™ Start-up Entrepreneur and supports encore entrepreneurs in their business development and growth.

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