I’ve experienced many seasons throughout my life—these times when a singular mission or particular theme resonated with me. A time to reflect, a time to focus on goals, a time to put my head down and work.
Last year, the pandemic stopped many businesses (on top of us, as people) in our tracks. With a moment to gather our thoughts and see things through a new perspective, we could have thoughts like: What is our purpose? Is our daily behavior aligned to it? Are things we could be doing better or ways we can grow?
Like most successful people, many business owners saw the challenge as an opportunity. With the extra time, they made plans to fine tune their business operations and marketing strategy. For some individuals, it was the wake-up call they needed to follow their passion. Small business applications increased by 24% in 2020.
Fast-forward a year. Now, many businesses are less interested in making advancements. They’ve hunkered down instead.
In fact, 9 million U.S. businesses fear they won’t survive the pandemic. That’s 3 out of every 10 (and a stark contrast from the enthusiastic surge of news businesses last year).
The pandemic has lasted much longer than most of us ever expected in March of 2020. And even as vaccines are rolled out across the states, the economic uncertainty is liable to linger well beyond.
Fire and brimstone, I know.
That’s why you might be surprised to hear what I’m about to say next…
Now is the time to re-invest in your business. It’s time to return to the spirit of reevaluation and reflection (which costs you nothing, by the way!) to look for improvements and new opportunities.
Because if times are getting tougher, it’s not the businesses who stayed stagnant who will win in the market.
It doesn’t have to be monetary investments, though it can be if necessary. Yes, fiscal security is important, but we can’t be overly conservative either. More importantly, you can make non-monetary investments, such as:
- Ensuring your mission is as precisely and meaningfully articulated as possible to inspire and focus the efforts of your business
- Spending time to evaluate your business processes so that they are compassionate to your employees and efficient to your operations
- Checking in with your partners and customers to foster genuine care and trust
- Refining your messaging for clarity and persuasiveness
- Dreaming up creative ways to connect with customers, old and new, without emphasis on the sale (though this always reflect positively in your bottom line in the end)
Tell me in the comments, what season is your business in and why? And how does your daily behavior reflect it?