Let’s face it; the current situation will have a global economic impact that will likely touch nearly all of us.
This is my fourth time a major economic crisis is impacting the world since I started being my own boss and running my own businesses.
The first time I was just getting started in retail. The last two times I was already in the consulting, coaching, and info-marketing business.
Each time my business emerged better off afterward.
I was actually really conscious about my response during the 2008 – 2010 “Great Recession.” Here’s what I did then and what I plan on doing now.
1st: Stay in action and use the time of global change to expand.
This is not about greed and taking advantage of people. It’s about being open to opportunities. (I’ll probably write more on that in a different post.)
Times of uncertainty are when some of the biggest redistributions of financial resources often take place. (Think about this for a moment.)
Nothing ever stays the same. If your business is thriving today, there will come a time that things will get tougher. And vice versa; if you have it tough right now – it will pass.
The key is to know it and to be prepared.
When you’re thriving, don’t spend it all and save up your resources for the bleaker days.
When you’re in a tough spot, tighten up in smart ways, refocus on what you actually can still do, and hang on because better days are coming soon.
In uncertain times the toughest thing to cope with is the lack of predictability. But freezing into inaction is the worst you can do.
There are still things you do have a good amount of control over; focus on that. Do what you can with what you’ve got. But keep doing things that are of service to others.
Re-read that last sentence! It’s a bonus “secret” key!
2nd: Become the oasis of sanity and a beacon of hope in the time of craziness and despair.
We can all be LEADERS to those around us. Everyone has someone looking up to them.
When you’re in business you have people relying on you: clients, employees, vendors, and everyone who relies on them.
Spread the message of hope.
Focus on celebrating all the wins – even the smallest ones.
Showcase examples of people who are doing amazing things (even if they are not “global-scale” initiatives.)
For example, right now one of my clients and a great friend, Molly Mahoney, is doing some amazing things to lead her community.
She’s doing even more free training on how people who sell services typically delivered in person can shift to do more business online to combat travel restrictions and fear of meeting in person.
She’s also offered one of her really cool paid programs on a “pay what you can” basis.
AND – this is the coolest part – she’s donating all that revenue to a cause that supports people impacted by the current crisis.
That’s amazing. We all can do more things like that! (Molly, you rock!)
3rd: Overcome fear and resistance with results.
I’ve made it my mission to create a #ResultsRevolution in the professional advice / coaching / consulting industry.
And delivering great results is absolutely critical in times of economic uncertainty.
Want to shut up the critics? Want to win over the skeptics? Create results that can’t be argued with.
This is how you can not just survive but expand and thrive.
Create real results for your clients. Track those results. Document them. Showcase them. Sell them!
The great thing is that these three steps don’t require any financial capital to implement. Or any special skills that you don’t likely already poses.
What’s needed is a shift in your outlook and approach to the current situation. And maybe a bit more of your sweat equity; don’t be afraid to do the work that needs to be done.
Bottom line: Stay in action, be open to new possibilities, and deliver great results – and you’ll more than survive these (and any future) challenging times.