What advice do you have for business owners who have had to change their business dramatically?

Develop a strategy!

I work alongside business owners, chambers of commerce, community EDC's and others who are all having to determine what's next for their business, their members, customers and so on.

It is clear that many of them get caught up in the "doom and gloom" based on this new environment and the constant negativity promoted by the media, social and other "news" sources. The truth is, people are still buying, still need services and are still looking for value.

The pandemic, the election, the lockdowns, the season, the media, loss of revenue and everything else we are all going through can easily send a business owner into a mindset of panic and "shiny object survival syndrome".

On the other hand, I see business owners who have learned how to change their mindset, focus on the basics and overcome much of what has impacted their businesses so negatively.

It may be time to pivot or discover new ways to provide value. The one thing I know for sure is that it is absolutely time to learn from this and not panic. It is very difficult to be a critical thinker if one is in a panicked state of mind.

When a business owner is faced with a loss of revenue, layoffs, inability to cover expenses...it is almost natural to panic and begin searching for that "magic bullet" that will make all the difference. Often, a business owner may begin experimenting or spending more time online searching for solutions during a time when they should be focused on the basics of strategy and not just tactics.

Most business owners focus on marketing tactics alone to increase lead generation. I.e. Social Media ads, posting incessantly, discounting, postcards, flyers and so on. These tactics can work but only when there is a proven, effective strategy behind them.

Don't give up...change your mindset...take a breath and be an overcomer!

I am always available for some free training!

Do lots of creative thinking but also listen to your gut instinct.

Get an outside perspective from a business consultant, coach or mentor 

Really listen to your staff. They will see some key details you may miss 

Do at least three cashflow projections; Best, Medium and Worst

Plan for the worse but strategize and aim to achieve the best 

Get 'proof of concept' before over committing

NB Nothing new was created by anyone who thought the same as others

Pray or meditate to keep yourself focused

Contact me if you need help with any type of business transition.

I hear words like "pivot", "stick with it", "reinvent yourself" and more.

All good pieces of advice, but how do you do that when you are in the middle of your own business / personal crisis?  The best actions I can offer are:

1) meet with someone who isn't "married" to your business and can provide an outside looking in point of view. Someone who can help you discover opportunities you might not have ever considered.  I have several businesses that would never have dreamed of how the minor change they made would get them through this crisis, but more importantly, set them up for even greater success.

2) even now, as things don't seem like they'll ever end, you MUST have a business plan and an exit strategy.  When was the last time you looked at your business plan?  What are all the options you have for your business to succeed?  What are your plans to keep your business afloat when times get tough?  When is it time to vacate and consider something else so you're not throwing good money after bad? 

This has been a time to "thinkubate" about your life and business. What is your passion and how can you now turn it into your purpose? These are the things and changes that are being made by individuals during this time. Finding your "story" and how that story can be translated into other businesses etc. is the key to making those transformational transitions. At www.yourcareerdesignlab.com we helpto architect, design and curate your career and turn your passions into a paycheck.

My advice would be to do a deep dive analysis of the business with the help of a professional. Identify gaps and opportunities and create short term plans accordingly...one first down at a time, I'm here to help, message me for a complimentary virtual coffee 

Help, advice and mentorship. I'm sure you have heard the old saying "If you and I thought alike, one of us wouldn't be necessary." The bottom line is if you are looking to innovate and change, then surrounding yourself with like minded "yes men" will not due the trick. Try to find a consulting agency that specializes in small business, and does not charge you upfront. Find someone who will charge a percentage of the revenue they create for you so you can guarantee you don't lose money looking for help. 

I would say to look at what you have to offer as a business and look for new ways to offer services that may utilize your expertise or product line or both in a remote manner. I added some new services to incorporate more of what I do and have to offer. It seems to be going well for the little I have advertised. I am able to work with people all over Ontario and the USA as well as 20 other countries including a new addition of the Philippines as well as train new people right here in Brockville.  I just utilize zoom as a way to train new people without ever having to leave home. No expense for either myself or the one I am recruiting and I can reach out to far more people as a result and have so much extra time....its great.  I can also educate my new customers on our vast product line the same way. Zoom baby. I'm sure everyone know how to use it now...lol  Maybe look at what is needed during these crazy times and see how you can be a fit for what people may be looking for right now.  Pivot is the new word I hear used over and over again. So lets all Pivot together and make 2021 the best year ever.

Good for any business owner that understands they must change the way they do business now and going forward. The key is not to be scared of change but welcome it. Next you MUST have a detailed plan that enables your business to grow and expand during these difficult times. I do not want any business owner to think making changes now is a band aide affect just to get through covid and then go back to their old ways when we get back to some normalcy.  The plan you create encompasses both new and old. Next you must create your market dominating position. This is the foundation for all your marketing as your business has to standout from the crowded space in your particular industry. Continue to market the same way is costing you three times the number of leads you should be generating and double the amount of revenue and profits. Using the conversion equation is a formula that works every time in your marketing guaranteed. Based on the buyers journey, do you know that 99% of buyers are not ready to purchase your product or service...they are looking for information on why they should by from your business. There are two questions every prospect has regardless of your industry you need to answer in your marketing (1) your prospect has a problem they do not want and (2) there's a result your prospect wants but does not have. You answer these two questions you will have all the business you can handle.

Think creatively and outside the lines.  One of my California clients is an advertising agency formerly focused on local accounts. They are now thinking globally.  If your company helps local businesses you can help National or international businesses.  If you do what you’ve always done you’ll get only what you’ve always gotten but probably less because your competitors want what you have.  

There are many businesses that are successfully making changes. I suggest that you find similar businesses that successfully making the changes needed to thrive and modal what they are doing. It is also helpful to hire a business coach who can help you see the unlimited possibilities that are there. I challenge my clients to put aside their current perspective and belief in the way things must be done and be willing to see the current economy from one of the new opportunities.