COVID-19 has fundamentally changed our world and accelerated business concepts that were already emerging, albeit at a significantly slower rate. These emerging verticals may have been adopted out of necessity, but now that they are here and being adopted successfully, they will become part of the new business as usual. Two such emerging industries are SAAS solutions for remote working and telemedicine platforms. Both have the potential to grow in scale and are ripe for those savvy enough to offer solutions to streamline efficiencies and functionality.
Many hardworking Americans have lost their jobs and a staggering number of small business owners have or will soon be forced to permanently close their doors. As the majority of working Americans are employed by small businesses, many a good American worker will be displaced.
Given the current sate of the economy, it would be easy to focus on the negatives of these unprecedented times and let fear creep into your thoughts; you certainly wouldn’t be alone in this thinking. However, I challenge you to adopt a different perspective. Instead of allowing oneself to be engulfed in the quicksand of fear and uncertainty, why not take this time to refocus your gaze upon the many opportunities that now lie before you.
Business Owners
If you are a business owner, I would challenge you to do the following:
- Look for additional verticals to add to your business. In order to position well for success, these additional offerings should be in alignment with your company’s “WHY”, with a focus on better serving your patrons versus merely creating an additional revenue stream. An example of proper product alignment, would be a pencil manufacturer adding paper products or pencil erasers to their product line up. These additions are a solid fit, since both are aligned with the company’s purpose of providing their customers with tools for the written word.
- Cut out all unnecessary expenses. Invest the time required to properly review and audit all expenses. Cutout any non essentials, source comparable solutions that are lower priced. Also, do not be afraid to contact your landlord to inquire about possible lease abatement or payment deferrals. Essentially, authentically share your struggles with the goal of renegotiating your lease for longterm mutual benefit; reducing financial pressures for you and ensuring a consistent longterm revenue stream for the landlord.
- Evaluate the need for a physical location. Take a look at how you currently perform business and ask yourself if your business can survive or even thrive as a fully remote organization. Given the plethora of existing and emerging tools to optimize remote team collaboration, going remote has great potential for your business and your team. If you determine transitioning to a remote company is doable, contact your landlord, share your fear of the inability to make good on your lease commitment due to the unforeseen economic changes to your industry and ask if you can buy out the remainder of your lease term for an upfront lump some. Many landlords will entertain this option as they would prefer to gain some income form your relationship versus loosing all income due to a tenant defaulting and vacating their unit. The worst thing that could happen is they say no, but if you ask, they just might agree to help.
Individuals
If you are an individual and have been displaced, hopefully any struggles caused by your current situation will only be temporary. Should you find your anxiety level growing and the fear of attaining another job in your industry as a W-2 employee building, I challenge you to consider adapting to the evolving landscape. A few items to consider:
- Look at fractionalizing your talents as an independent. By fractionalizing your talents, you will essentially begin offering your services to many different businesses as an independent contractor versus a w-2 employee. This affords the businesses to gain access to needed talent without making long term commitments they financially cannot commit to. It also allows you to distribute your risk of job loss amongst what will hopefully be many satisfied clients. Further, as an added bonus, becoming an independent will allow you to command more for your talents than a salaried role would provide.
Hope
In times of economic shifts and make no mistake, we are in the throes of a shift currently, money does not disappear, rather it merely changes hands. The key to succeeding in these uncertain times is to develop the foresight required to navigate this sea of change. In order to successfully steer through the turbulence, you must determine which direction the money is flowing and do everything in your power to position yourself within its path. With the right foresight, determination and luck, you just find income from new opportunities beginning flowing into your pockets.
Change is Never Easy, but Change is Necessary For Growth
Change is never easy and for many, merely the thought of changing careers, pivoting a business or restructuring the manner in which one contracts their talents from employed to independent, is paralyzing. However, fear or not, comfortable or not, the economic landscape has changed and will continue to change fundamentally. Challenge yourself to appreciate the opportunity for growth brought by each tragedy and hardship you face. Acknowledge what is happening around you, but don’t allow your mind to spend too much time on all the happenings of the situation. Instead, fix your gaze on the many opportunities that abound, search within yourself to discover the strength required to take charge of your prosperity, take action towards your goals and learn to appreciate who you become as you traverse this journey we call life.
About the author.
Robert Mitchell is an award winning serial entrepreneur, executive coach, strategy consultant and the founder of ExecHero, SafeHarbour and Safe Harbour Wellness. When he isn’t leading his organizations, he is passionately coaching other entrepreneurs on how to position their business and personal lives for massive success. Rob enjoys spending time with his family, working out, martial arts, writing, traveling and acting. If you are ready to begin your journey towards your optimal self, email the ExecHero Team at: CS@ExecHero.com .
"Challenge the ordinary, seek the extraordinary and live unapologetically outside of the box."