A true but unfortunate fact of life is that we learn more when things go wrong than we do when they go right. If things work out, we assume we're awesome and move along. But if things go sideways, (hopefully) we stop what we're doing to diagnose the problem and see where we messed up. Want to listen? There's an audio version below As we get deeper into the effects on our economy and lifestyle that COVID-19 is having, I thought I'd share some experiences I've had. And, if possible, teach some lessons about managing a business that might help us all survive and thrive and still serve or customers during a downturn in the economy. Last Thursday, I was driving through Albuquerque, New Mexico, on my way to pick up my wife from the hospital. She works there; she wasn't sick. We'd already discussed ordering take-out from Trombino's, one of our favorite restaurants, which I was about to drive by. As I passed, I was shocked to see that the normally packed parking lot was completely empty. No cars. Not one. “Oh, sh*t,” I thought to myself. “I better call to see if they're even open!” I did. They were. And we got our Italian food. Social distancing, self-quarantining, and sheltering in place is the new normal. In the last few weeks, our lives have been turned upside down. Businesses who've avoided change and been stuck in their ways for years, perhaps decades, are now being forced to evolve or die. As of two weeks ago, every business is an online business. Let's take a look at what we can learn about business from the businesses that're still in business, as well as the ones who've shut their doors, perhaps for the final time. 7 Things Businesses Can Learn From the Downturn in the Economy 1: The Internet Isn't a Fad Ha, ya; somebody had to say it. Some businesses have behaved in a way that suggests they thought the internet might someday go away. Now the internet is the only way to stay in business. From online ordering to video streaming to simple communication, everything we do these days involves the internet. As important as being online was two weeks ago, it's even more important today. Whether you want to believe it or accept it or not, your business is now an online business. And you need to behave accordingly. If you want to get online, add an online component to your brick and mortar, or update what you already have, here are some resources for you: How to Start Your Website (Free Guide)My resources pageMy training course for building an online business 2: The Importance of Having Cash Reserves In my personal life, my wife and I follow the Dave Ramsey plan. We're debt-free, and we keep an emergency fund. In my business, I do the same thing. I carry no debt, I pay cash for everything, and I keep cash set aside for rainy days. Or rainy weeks. Or months. Hopefully, not for rainy years. Over the past few weeks, I've seen lots of businesses close because they didn't have cash reserves. After going merely a few days without expected revenue, they closed. Permanently. If you don't have cash reserves, you're not only putting your business at risk, but you're risking the livelihood of your suppliers and your employees, and everyone who depends on them. One thing this decline in the economy has taught us is that good times don't last forever. Also, that nothing lasts forever, so neither will this challenging economy in which we find ourselves. But, keeping cash in the bank can help. 3: The Value of Email Marketing Social media posts aren't enough to effectively communicate with your customers. Over the past week, I've seen hundreds of local businesses sharing about their new store hours, the closing of their seating areas and lounges, and even their sales and promotions. But social media is finicky at best. On Facebook, if you don't post at the right time, nobody will see your update. On Instagram, if you don't use the right hashtags, your shares will go unseen. But with email, you can communicate directly with your customers, anytime, day or night. When your customers are confused or panicking, what would you rather do – post an image on your page and hope people log in and see it, or send an email to a verified email address? Now more than ever, people are communicating via the internet. Also, now more than ever, social media is filled with confusion and junk. A well-crafted email from you to your customers can help you communicate clearly and cut through the clutter of Facebook, Instagram, LinkedIn, Twitter, and every other social media site people are visiting for information. For my email communication, I use, trust, and recommend ActiveCampaign. 4: Keeping a To-Do List Regardless of whether you're the owner of a business or if you're just employed by one, I'd bet you've recently found yourself with extra time during your day. Filling that time scrolling “the ‘Book” or “the ‘Gram” might be fun, but it's as much of a waste of time today as it was two weeks ago. Instead of vegging out or ...
続きを読む
一部表示
2021/03/0814 分