In the midst of a crisis or extreme situation its easy to think,
“I can’t wait to go back to normal.”
Not too long after those words you’ll probably hear,
“I’m hopeful that I will be able to make up lost revenue…”
“I hope to have surge after this is over…”
This is an issue! A BIG issue!
“Wait!” you might be thinking. “What’s wrong with wanting to make up lost revenue or even grow.”
“Nothing! Absolutely nothing.”
The problem is “normal” and “hope” seldom go hand-in-hand with growth and having a “surge”.
The hard part here is being honest about what “normal” looked like for you:
- Were you growing at your desired pace?
- Did you have a healthy profit margin?
- Were you set up to flourish in crisis?
- Does your marketing bring you new & repeat business whenever you want?
- Can you step away from your business and have it run without you?
- Are you afraid of success?
Over 100,000 small businesses have closed their doors forever already during this pandemic. (source) And a Goldman Sachs survey found 50% of small businesses couldn’t survive more than 3 months of current economic levels.
“We’re opening the economy up and it will bounce back!” I hear you shouting.
So what?
Are you ready to hire back all the employees you furloughed? And pay them their original pay rate, or match the current covid stimulus pay rate? Do you have revenue to your lease in full and all your operating expenses at pre-crisis levels?
If the answer is “No”, then I don’t see how we go back to “normal” or even “surge”. For that to happen we need customers getting paid so that they can spend and businesses evolving to grow even without foot traffic and store visits.
(Side bar regarding stimulus: The government needs us to have income to tax. That collected tax is used to pay out a stimulus or unemployment insurance. If we’re not generating wealth/revenue/income there won’t be any taxes to collect. So, the government will print money, which will only drive inflation. Inflation means prices go up. When prices go up the money we have is worth less, which means we won’t have the ability to afford to buy. When customers can’t buy, businesses can’t afford to have employees. Then repeat the cycle and follow it to its conclusion. I won’t go deeper than that.)
Which really means that when we go back to normal, there will be less.
“Boy, you’re really a BUZZ KILL!”
If you believe “normal” is what we need, then, yes, I’m a buzz kill.
Honestly though, did you start a business to be “normal”? No, we believe we are different, not normal, even extraordinary. And in the face of uncertainty we struck out on our own and took action.
We need more of that now!
Take Action
To “surge” in the face of crisis requires us to do what others are not. What might feel counter-intuitive. I asked a set of questions throughout this article. What can you do to solve those issues?
- Start a content marketing strategy to build a consistent pipeline of leads that can generate growth even in downturns
- Introduce a new product or service (an offer) that fits the current environment (virtual physically distanced) to generate revenue
- Advertise again. (Since few are advertising it will be very cheap.)
- Learn to systematize your business to allow for delegation and decouple success from time.
- Find someone to help implement any of this.
Are you paralyzed like everyone else, “hoping” everything will go back to “normal”. Are you content to have less than what you had before?
I didn’t think so! Go get ’em!