This new virus has not really impacted my daily life. I trust there IS a virus, that will keep ACTING like a virus (i.e. keep being contagious AND even deadly to some) and will NOT wave a white flag and “disappear.” My PERSONAL opinion is that we will have to learn how to LIVE with this newest virus, which — of course– is here to stay.
But, I’m no epidemiologist and don’t play one on TV. So, I’ll keep sovereignty over my own behavior and leave others to do the same.
I’m no ECONOMIST either, but I do have a thing or two to share about what I have learned as a self-bosser about MONEY, how it moves, WHERE it moves and some CRITICAL moves ENTREPRENEURS should be making RIGHT NOW in order to SAFEGUARD against covid-related economic damage
that
has
not
been
felt…
YET.
This is not me being a doomsday-er preacher. I STILL firmly believe we make our OWN economies. In fact, this article includes 4 specific strategies that EVERY entrepreneur should be taking NOW to ensure we do NOT succumb to future economic downturns, the likes of which can clearly be seen just over the horizon. If you’ve got “eyes to see and ears to hear” as the saying goes.
So, stay with me. Here’s what I KNOW:
The United States Economy has been Artificially Propped Up by Unemployment Benefits, PPP and the like, and it is TEMPORARY.
I’ll skip over the entire bit about having to pay this money back, and the impact it will have on future generations. WHAT ABOUT IN THE SHORT TERM???
Well, a lot of middle class wage earners are actually earning MORE on unemployment than they did when they were working full time. Many businesses have taken advantage of the PPP 0% interest, possibly never to be paid back loans.
And these realities are NOT sustainable.
Eventually, it WILL come to an end. AND ONLY THEN will the full effects of Covid’s impact on our economy be felt.
RIGHT NOW, a lot of people who WOULD have been FORCED to adjust their spending have not had to do so…. yet.
PLUS, you know all of those companies that said, “during this time, we will not be cutting off services?” In our area, this includes Cable, Water, Power, Internet, and Phone service. Well…. you can bet your bottom dollar that EVENTUALLY you will need to pay for these services again.
So, when unemployment monies go back DOWN to normal levels, when the bills go back UP to normal levels…
we WILL see a forced reduction in spending.
Look, I have a remedy, but let’s just look at this with some TINY LITTLE measure of objectivity first, okay? Don’t shoot the messenger. What else is going on?
WELL, MONEY IS MOVING.
OF COURSE, MONEY IS ALWAYS MOVING.
One of my GOALS as an entrepreneur IS to place myself IN THE MIDST of wherever money is heading. I have learned to anticipate its moves, so that I’m no longer CHASING money, but positioning myself, my brand and my offers so that money is flowing towards me.
Even with all of EVERYTHING going on in the world, it’s hard to deny money is moving.
Online sales have of course skyrocketed. Money saved for that European vacation is now redirected… towards exotic pets (also helps with covid loneliness), vet bills, swimming pools, boats, RVs, stateside vacations, and real estate. Side note: Real estate is literally flying off the shelves, offers being made site unseen, often for MORE than the asking price. (This is true for primary and secondary homes.) Tele-therapy, tele-veterinary-medicine, tele-medicine…. going up. Demand has also increased for psychics, at home spa, hair and nail products, at-home exercise equipment, home remodels and additions, and more.
So, MONEY IS FLOWING, baby!!
It’s quite possible that you’re reading this and you know that money is LITERALLY flowing up hill towards you and begging you to open your wallet for it to find a new home. 
To YOU, I join you in your gratitude.
BUT I URGE YOU NOT TO GET TOO COZY HERE.
ALL THINGS ARE TEMPORARY, BUT THIS IS DEFINITELY TEMPORARY.
This economy WILL right itself,
the PINCH of the covid -related damage WILL be felt.
And we want to be READY to keep surfing these waves, rather than being overtaken by them.
And we CAN do this, but it will require the following:
PRE-PLANNING,
PARING DOWN,
POLISHING, and
some PUSH.
First, let’s pre-plan. Some questions to ask:
Which of your customers, clients or patients — or income streams — will MOST be affected when the pinch is felt? Which will be LEAST affected?
Which default behaviors will people likely RETURN to when they are allowed? And how might this affect your business?
How are they likely to make decisions when the available spending constricts?
How can you DELIBERATELY POSITION your work, product or partnership to be MISSION CRITICAL to their life?
How can you regularly remind your people of the value you are providing? (Do not WAIT and risk being viewed as “fat” that needs to be cut. This applies to B2B and B2C companies.)
Is there any way to LOCK IN sales now, as in annual memberships, pay ahead programs, etc.?
Where do your BEST customers / clients / patients come from? Where specifically, with which offer, presenting with WHICH problem? How can you throw fuel on this fire STARTING NOW to prime the pump?
What NEW opportunities or market segments have been ushered in to YOUR industry via the waves of this pandemic and our response to it?
Once you’ve done a bit of inquiry and pre-planning…. you’ll want to do a little “trimming of the fat” yourself.
YEP, you want to PARE DOWN.
Doctors, lawyers, company owners who are CURRENTLY outsourcing all of their funnels, marketing, sEO and more… as they say, “You in danger, girl.”
You want to AT LEAST have a passing familiarity with the MECHANISMS you are counting on to generate leads and transform them into sales.
I can say that there is NOTHING I ABSOLUTELY CAN NOT do under the hood of my business, myself. It’s not that I ACTUALLY do it, but I COULD. I am NEVER willing to be fully dependent on any one or any thing.
Certain industries and locations are hurting right now, and have been. Some will never return as before,
and some will emerge far stronger, but many more will go from SOARING HIGH to feeling like they’re CRASHING in a New York minute.
So, it is STILL VERY wise to travel light,
to operate LEAN,
to UNDERSTAND all the facets of your own business — especially those that are required to usher in leads and convert them into cash.
Where can you PARE DOWN your own time and monetary expenses? DO NOT GO THE WAY OF THE MASSES and cut marketing budgets and business developent resources. This is like fool’s gold. You lose way more money than you save.
BUT, where is the fat? What could you do without? How might you restructure your team if you HAD to? What are the “fancy extras” that your market really doesn’t care about?
Go back to the CORE thing people want from you… and see what expensive “extras” you’ve been using UNNECESSARILY to PROP THAT UP.
POLISH your APPROACH.
While money is still flowing, it’s REALLY A GREAT TIME to polish your approach to marketing and selling. TEST your ads, PROVE your funnels, FULLY MONETIZE your lead magnets. Don’t just “enjoy” the increase.
Invest in things that FINE TUNE your marketing assets so they are “finely tuned cash creation machines.” Test them, tweak them, figure out which marketing initiatives you can QUIT, so you can double down on the things that are working like gang busters.
LOOK, just because money is chasing you down and taking you over right now does NOT mean you’re home free. NOW is the time for you to get even MORE bold and MORE intentional with your marketing. More deliberate, more testing, more playful attempts to see WHAT YOU CAN DEPEND ON to generate cash and clients.
What are YOUR go to marketing assets? When clients STOP chasing you, do you know HOW and WHERE to find THEM???
Finally, PUSH.
Just like in catching any wave, when you feel all of the energy swelling underneath you, you pedal faster…. You go WITH the energy.
And fight it at your own peril.
NOW is a great time to increase your market share, to push past your former limits, to anchor in new, ELEVATED “normals,” to lock in new relationships, capitalize on emerging trends and opportunities.
Do NOT rest on your laurels and get LAZY with lead generation and selling. Go all in. Push. STRAIN with all of your heart!
This ain’t no dress rehearsal.
P.S. If you are NOT a member of women Who WOW, guys… we keep a CONSTANT eye on business development and cater to high drive women with a HIGH TOUCH approach to mentorship and success. Message me for details.
