These four strategies will help you emerge stronger from the 2020 train wreck.
5 min read
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The post-pandemic era seems to be upon us, as mass reopening’s have begun in the wake of the vaccine rollout. And yet, we know the rebuilding process has just begun. According to a report from the University of Minnesota, job losses in the U.S. due to COVID-19 represent the highest numbers since the Great Depression. Businesses have suffered, and for those businesses that did survive, it’s still an uphill battle.
I know a thing or two about losing a business and needing to bounce back. After I lost my first company, I took the opportunity to reinvent myself. I believe it’s from unforeseen crises that we’re forced to find opportunities and take control of our lives. Rooted in my own experience, here are four ways you can reinvent yourself and your business as the world revs back up to its new normal.
Double down on what you already know
If you recently lost a job or your business failed, it’s time to take charge of your destiny by reorienting in what you truly know. I like to say that at every stage of growth, there’s a new “devil” because challenges come at each stage of life and business, and it’s the pain from those challenges that propels you to the next level. If you’re able to stay rooted in what you know about yourself and what you want to do with your life, you will have the self-awareness to adapt and pivot to an even higher alignment.
For example, have you always wanted to start a YouTube channel, but your previous job prevented you from starting one? Well, if you’re currently in the hunt for jobs, you now have that time to remember who you are, what you want and to start taking action. Did one area of your business shut down because of social distancing regulations, but you still love coaching clients even via video? Double down on the virtual coaching component, and see how you can further align with this pivot.
The truth is, the virtual pivot that COVID-19 forced on the world isn’t changing anytime soon. The faster you can adapt and use it to your advantage, the better.
Rely on the education that’s available on the Internet
Despite the historic challenges brought on by the pandemic, it’s certainly helpful that we all have widespread access to the Internet. When I was starting my businesses and ran into questions or concerns, I immediately took to YouTube or Google to get the answers I was looking for. Now, it’s easier than ever to do that, and many of us also have the time to invest in this type of research and learning. So, if you’re ready to finally get a head start on your business but have no idea what paperwork to file or how to do it, spend a few hours scouring the countless resources on the Internet for access.
This is also applicable for stores that were traditionally brick and mortar. If your business has closed its doors, consider taking an online course or watching Internet tutorials on how to get your products onto Amazon or how to set up an ecommerce store on Shopify. Then, not only are your products still available to sell but they’re offered to an even wider customer base.
Bootstrap by offering services
The financial losses incurred from Covid-19 can’t be understated, and few individuals are exempt. This may seem like the worst possible time to start a business because we all need seed money to file paperwork, build a website and hire help. Fortunately, there are still many ways to earn that money on your own. When I first got started in my business, I had no seed money but earned it by marketing my services on social media. This is why I always like to remind people that you can do it yourself.
Remember that despite the pandemic’s financial impact, many individuals still have disposable income and are in positions to make financial investments. Offering services that help them is a great way to earn the money necessary to fund your own startup costs.
Scale back and leverage
The mark of a truly great entrepreneur is how resourceful you are. While no one wants to scale back, there are ways to cut costs and rearrange elements of your business or personal budget to allow for more freedom. Use this time as a reflection period to see what’s working and what isn’t (Hint: whatever doesn’t have a clear return on investment can be filed under “What Isn’t Working”).
In addition to the power of the Internet, there are so many ways to leverage social media apps as well. More people than ever are logging hours on YouTube, TikTok, and Instagram. These are legitimate options for viral marketing for your products. If your advertising budget isn’t producing the result you want, scale back, and focus on organic growth on many of these new platforms. There is so much to leverage.
It’s time to bounce back and show what the pandemic has taught you about yourself and your business. This is your opportunity to prove your resilience and double down on what you know you can do.