As you are all well aware, the coronavirus is causing fear, disruption, and illness globally. Today’s opening sell-off is a reflection of the panic that people and businesses are feeling…and it’s ugly. Some people still seem to believe that it’s not a big deal. Others think it’s being overhyped by the media to bring down Donald Trump. Here’s what I think…
Be an entrepreneur: observe and plan for the market.
Regardless of what you believe about the virus or the media, if you are an entrepreneur you should be observing and planning for the market.
And I don’t mean the stock market…I mean the market of people in the world, their emotions, their behaviour, etc.
If people are panicked, that needs to influence your business strategy
They will buy much less of some things.
They will buy much more of other things.
They will stop attending some events.
They will change their routines.
All of these things will impact business.
Don’t put your head in the sand and ignore it…that would be just as foolish as going into complete panic mode yourself.
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So what should you do?
I can NOT STRESS THIS ENOUGH!
When the economy goes to hell in a handbasket, you can NOT be passive.
You can NOT let off the gas in any way.
In fact…exactly the opposite. You MUST double-down on your efforts to invest in and create growth at your business.
As the saying goes,
“Buy when there is blood in the streets.”
Again, I’m not just referring to stocks or real estate when I pass along that quote.
I mean a crisis is a great time to buy market share and grow your business because much of your competition will do the opposite.
There is going to be a LOT of people losing money and businesses going backward in the coming months…you don’t want to be one of them!
A volatile economy creates just as many opportunities as it destroys for those that are willing to work harder than ever and capitalize.
Here are my specific recommendations:
I think every smart entrepreneur should be doing the following:
Have a very sharp eye on your cash…eliminate all unnecessary expenses and use that money to invest in growth at your business.
Double or triple your prospecting efforts! Make more contacts and fill your pipeline!
Create more content on social media…it costs you nothing but hustle and can be a workhorse for you.
Stay healthy! Eat well, sleep well, and exercise so you have the energy to work hard.
Be 100% virtual. All of the ‘social distancing’ requirements and canceled events caused by this virus should be a real eye-opener for everyone that you must be able to operate your business virtually. That’s particularly true of your sales process! Get on the Leverage Selling Immersion Sessions and get yours built!
Be on offense!
Now is the time to be super aggressive about pushing yourself to use every means possible to grow your business.
Take advantage of every organic strategy you can that can produce growth without straining your cash: post more content, do more webinars, make more calls, send more emails, etc.
Those of you who execute in the next year will be rewarded for many years to come!
This post was written by Claudia Karba, founder of We ARE SOCIAL media on the Like Minded B*tches Facebook page and is republished here with her permission.