Only These Businesses Will Survive Covid-19
There are a few industries who are getting hit hard by the outbreak of Covid-19.
The events industry, travel and transportation industries, construction, global deliveries, restaurants, any small "mom and pop" shop, the list goes on.
Who will survive on a mix of factors, not all of which are in our control--but we're going to focus on what's in our control, for now.
The market isn't behaving like it normally does because there is so much uncertainty about what will happen next.
Will this be over in a month? 2 months? 9 months?
How much food should I stock up on? Do I really need toilet paper? Is there any DayQuil left on Amazon? Is Amazon still shipping at all?
Businesses, consumers, and everyone in between are being more conservative with their money.
So, if you're a business, you may need to adapt what you're doing to survive.
What I'm NOT saying is that if you're a bowling alley, you should stop what you're doing an open an eCommerce store selling 3D printed face masks . . .
What I AM saying is that you may need to double down on your core competencies for a while.
Made-up example: if Microsoft has a 1 million dollar budget for consultants who advise their game developers on how to use those games in classrooms, a few things might happen.
- They might have a reduced budget because they need to focus on their bread and butter operations right now.
- They might have more budget because they know they need to focus on their bread and butter operations right now.
- They might reallocate their existing budget based on what programs in that department are performing and which aren't.
There might be some combination of these 3 things. Unless you're on the inside, you really won't know what decision will be made until it's made.
So, think about it like this: if you are their most trusted consultant, they may give you more business during this stressful time. The budget might be cut, but you might get more of it.
In their view, they are being more conservative with their money. They are less willing to spend it on new projects, new consultants, and unproven revenue streams.
They are less willing to spend on uncertain things and more willing to spend on certain things.
It's back to basics.
So, if you're an insurgent brand--a new company that no one has ever heard of--depending on the circumstances, you may have a really difficult time entering the market.
But if you're already a trusted partner, someone who has delivered before, you are better positioned to succeed.
The punchline: if you're already good at something and your industry is still breathing, your best bet is to double-down on your core competencies and focus on delivering value.
This might mean you have to change the way you deliver. It doesn't mean you have to change what you do.
2 Minute Action:
You're not going to solve your business' problems in 2 minutes. Let's be real.
What you can do is start shaping your mindset by thinking outside the box about solutions.
Here are some ideas to inspire your thoughts:
- If you're used to flying somewhere and having a meeting, you might have to go virtual.
- If you're used to opening a day-care each day, you may have to build new technology partnerships.
- If you're used to flipping tables at your restaurant, you may have to work with DoorDash and UberEats to create some incentive for your customers.
I'm not saying you should stop what you're doing or continue what you've always done--that's insane.
Focus on your core-competencies and figure out what would have to happen for you to deliver business value in this new environment.
Take 2 minutes to look at what your competitors are doing.
Take 2 minutes to research an idea.
Take 2 minutes to email someone in your field who can help you think through the problem.
How To Get To Your Dream
Step 1 - Define the dream.
Examples of good definitions:
- Save 500 lives by donating blood.
- Fully fund a non-profit in my area for the year.
- Reach $x in revenue by 2025.
Examples of bad definitions:
- Change education.
- Start a non-profit.
- Disrupt the industry.
Hint: If you can't "check the box," then it's bad definition. You can't check the box on "learning Spanish," because you can always improve. You CAN check the box that reads "have a 30-minute conversation in Spanish with a native speaker."
Step 2 - Validate the dream's feasibility.
Example of good sources of validation:
- Experts in the field.
Example of bad sources of validation:
- Friends and family.
Step 3 - Start.
Examples of bad starts:
- Designing a logo.
- Filing for an LLC.
- Building software.
Examples of good starts:
- Making a sales call.
- Emailing your list with an offer.
- Any work you are currently avoiding.
Other tips:
- You have to start before you can see the ending.
- Gather the tools you need as you need them, or you might get caught up by how fun it is to buy all the gear instead of spending your energy on your mission.
- Be clear about WHY you have this dream, and whose dream it actually is.
2 Minute Action:
What's a goal you've had? When would you be able to check the box?Have you talked to any experts about how possible it is?Take a look at who you know in the industry (LinkedIn is great for this), and reach out to them, right now.