Up until a couple of weeks ago, I don’t remember ever hearing the term “Essential Businesses.” My brain tells me that there must have been essential businesses after 9/11 but I don’t remember it if that term was used. Now, it is emblazoned in the brains of most all of us whether you own a business or not.
Over the past few weeks, we have seen our favorite businesses close their doors because they were not deemed essential business. In some cases, the motivating factor was just to keep themselves and their customers safe.
Resurrecting Old Ideas
Some businesses have taken this opportunity to dig deep and find new and innovative ways to rethink their business during this time. These have actually been amazing to watch as they unfold. I have seen some that have taken ideas that have been on the back burner for a long time. There was never enough time to really work on that idea until now. What better use of your time could you possibly make than looking at your business from a different vantage point?
If we are doing our part and staying at home that can look different for each of us. How that affects our time can certainly look different if we are now responsible for homeschooling our children. That alone will call on every ounce of time management and organizational skills we can muster. The good news is that this is normally a strength for the entrepreneur. We are used to solving problems and making do with less. We can normally look at a situation and come up with a dozen creative ideas and solutions. For people like that, you should be shining like a beacon now!
If you have tapped into that strength yet, stop now and refocus. Take this time and invest it in yourself and your business. When things get back to whatever our new normal looks like, you can be sure you will not have nearly the time you do now. Use this time to reflect on what you might have been able to do to position your business in more of an “essential” light. What steps could you take to make your business have an online presence where customers could still support your business? What new revenue streams could you create that would minimize some of the impact closing your doors has had?
Being seen as an essential business in eyes the government or other jurisdiction might be one thing. They have a fairly comprehensive list that spells that all out. That is for a very good reason- to keep all the rest of us home and safe. But have you ever thought of how your business could be seen as an essential business in your customers’ eyes? What value do you bring to them? What problem do you solve for them? Sometimes it is just a manner of changing the language we use. I heard someone say, “It is way better to sell medicine than multi-vitamins.” Can you apply that logic to your business?
Lessons to Be Learned for Essential Businesses
We will learn a lot of lessons from what we are going through right now. Now more, than ever, we know that cash is king! It has been said that the average business only has a 15 day cash flow reserve. Even in good times that is not enough. Look at your expenses and find ways to begin creating a 6 month reserve. Do not feel like you need to have this done in a month. That is not a possibility for anyone really. Instead, set a goal for when you want to achieve this goal. Make sure it is a realistic goal. When you divide that 6 month total by what you can realistically save each month, that is how many months you should give yourself. If things get better than you expected that’s a good thing.
Getting a clear picture of the financial health of your business in more important than ever. The businesses that are operating under sound financial principles will be able to weather any storm better. Use this time to focus on that and create a game plan. The working phrase now is “Disaster Recovery” but what we really need to be thinking about beyond this is “Disaster Preparedness.” We don’t know what shape it will come in but we know it will come. Even this step can help your business to become essential because you will have plans in place to make that happen.
New Horizons
If you haven’t done so already, get your business online. The writing has been on the wall for a long time but now we are really seeing the importance of this. The doors to your brick and mortar business might be closed to the public but the world wide web is there and open for business. Don’t be lead to believe that websites cost thousands of dollars. That is just not true anymore. Websites come with all kinds of options from the very simple to the very complex. Start where you can with what you can and grow it from there.
The Time for Action is Now
Whatever your type of business, the one thing you cannot afford to do is to sit back and see what happens. Now, more than ever, you need to be out there in front of your customers. This is when your marketing campaign can be most important. Your customers need to hear your voice- both physically and implied. They need to feel reassured. This is not only good for them, but it is good for you. We might be sheltering at home, but we don’t have to be isolated. Now you can have your message heard because they also have time to listen. Your message might be a little different than what you had planned on your marketing calendar. That is one of the beauties of an entrepreneur- we know how to pivot, and we can do it quickly. Adapt your message to what they need to hear now. Answer the questions they haven’t even asked yet. Give them YOUR solution to THEIR problem. Be the leader in your industry and in your town.
I recently heard a speaker make this statement: “I used this time to _________________.” I close with that question and that challenge to you. How are you going to use this time to make your business an essential one?