Let’s face it. These are unprecedented times. Today the stock market crashed in a manner not seen since Black Monday 1987. That was preceded by several other days of massive stock market losses and one day of rallying.
COVID-19 is taking over the economy and it’s affecting everyone even if they aren’t infected. So what do you do now?
Rather than trying to buy Amazon’s supply of toilet paper, stay calm.
There’s no doubt in my mind that your business is affected by what’s happening. For some, that impact will be tragic. However, more likely than not, this can be an EXELLENT OPPORTUNITY for you and your business to thrive. Seriously.
Take the time to think differently
You know who has businesses that aren’t going to weather this storm effectively? The owners who are at Costco right now. That’s who.
If you step back from your business, look at how its impacted by COVID-19, travel restrictions and so many more disruptions to every day business, you’ll start to see a clear path forward. For some things it means going with the flow, but in my experience, seeing where you can try something new, make a strong choice or innovate are where success lives.
Thinking differently is the new normal. Embrace it.
Thinking differently (or “Think Different” as Apple popularized in the 1980s) isn’t just a catchy marketing slogan. It’s how innovators and leaders forge new paths when everything looks like despair.
Now is the time to embrace thinking differently or suffering with the herd. That same herd that’s buying all the toilet paper for no good reason. But what is it?
1. New rules mean new opportunities
There’s nothing I love more than ramming through a wall of closed-minded thinking. You know the stuff… either “We tried that 15 years ago and it didn’t work.” or my favourite, “That’s the way we’ve always done it.” Well guess what? Now’s the time for taking advantage of the new rules and ways of doing business. The entire world has shifted, so stepping back, watching that shift and seeking opportunities to capitalize on it are key.
2. Be BOLD
So many businesses show their weakness during times of change. For you, be BOLD.
- Think BIGGER
- Tune up your ORGANIZATION
- Be DECISIVE
Launch the new product (but market it in a new way!) Take advantage of roadblocks in supply chains to source locally and more sustainably. Most importantly, show confidence in your business and be bold. During times of change people look for beacons of hope. Be one.
3. Live your values
Looking back to your organizations values can be reassuring during times of great change. Take the time to reflect on the values that got you where you are. Chances are they will help you find your path forward, even when it means making tough choices. Times like these are what your core values are for. If you haven’t taken the time to set your organizations core values, an Executive Coach can help.
4. Get help
I can’t stress enough, not as a sales pitch, but as being critical to your business, hire a competent Executive Coach who has built some sort of business in a recession. This is the best money you’ll ever spend because the changes to your mentality, the way you seek opportunity and the resilience a coach will help provide not only will help you conquer this uncertainty, but it can help accelerate your business dramatically when things start to seem like they’re going back to normal. You’ll be so far ahead of the herd it will be like you can predict the future. Not because you can, but because you have the skills to think differently. I highly encourage you to reach out today. Don’t wait.
Prior to being an Executive Coach, C.J. Wilkins was an award-winning sustainably business entrepreneur having built a thriving sustainable sign company out of a dirty industry during a recession. He has extensive experience in crisis communications and can help you see the calm and most importantly the opportunity in the storm.