Because of COVID-19, things are changing fast. Businesses will have to adjust to massive closures and layoffs and think of new ways to do business.
The big question is how will many small and medium businesses survive as more people get sick? And in the final analysis, will they crash, survive or thrive?
This is Part 1 of a series of posts that will examine different business models with ideas on how they can adapt to these changes in a positive way.
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Will you as a business owner, react to the changes in the environment or will you adapt?
Adapting means you become adjusted to new conditions. You make (something) suitable for a new use or purpose.
When you react, you respond or behave in a particular way in response to something. So the event or action drives your behavior.
When you react, many of decisions are based on emotions (fear, confusion, anger) and not facts or evidence.
The mode you choose during this pandemic, reactive or adaptive, will have a lot to do with how well your business recovers and moves forward.
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Scrambling for Answers
COVID-19 is changing the way many businesses are operating. They have had to make many unplanned changes on the fly. The uncertainty, the feeling of helplessness and the fear invoked by this disease is the bad news.
The good news is that for many small businesses, once the dust settles, they will realize that these are changes that probably should have happened anyway. The pandemic brought to light gaping holes in their ability to weather any storm.
The first reaction for many businesses large and small is to scramble for answers. Some have found a happy medium, others not so much.
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If you're anything like me you’ve seen an influx of emails from companies trying to handle the situation the best way they know how.
Airlines are waiving fees, other companies are providing free items, and some companies have even suspended recurring customer payments, for the time being. These are examples of how companies are reacting to their new normal.
This pandemic took everyone by surprise and in the beginning we were all just trying to process the enormity of it all and figure it out. Weeks later, we still don’t have solid answers as to when the crisis will be over.
It’s not good enough for any businesses to tread water. The goal is to thrive and weather any storm.
It's hard to tell what the future holds, but there’s one thing that holds true. As a business owner, you can only be in reactive mode for so long.
This means, you can only offer so many freebies, deals, and adjustments without going completely under. As a matter of fact, it’s not good enough to remain afloat, you want your business to thrive during this challenging time.
At some point as a business owner, you are going to have to adapt to the current environment if you want it to survive.
This series will give you ideas you can use to use an adaptive style to keep your business alive through the storm, if not forever.
Is Your Business Adapting or Reacting?
While you see some businesses that are offering to give the store away, you also see companies who have taken measures to make the transition and understand the needs of their clients and customers, while continuing to move forward with their business.
That means, they are working to assess the ever changing situation and sitting down (with a team or alone) to brainstorm ideas that will help them get their business in line with what is happening today.
They are not dwelling on what should have happened, or could have happened. They realize that now is the time for action, not excuses or pity parties. Smart business owners have adapted and are proactively changing the way they offer products and services to their customers.
What does that mean to you? Take a look at some of the examples in this article and think of how you can make the necessary changes to weather the storm called the Covid-19 Pandemic.
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Business As Usual With a Few Changes
Some companies have decided to do business online, as a way to stay within the guidelines for social distancing.
Schools that teach students at every age level are placing their courses online. Stage performances on Broadway that were done in front of an audience have now been moved online and offered via streaming services. TV, news and variety shows that were done in front of a live audience, have been broadcasting from remote locations.
So the question becomes how do you adapt your business so that you have a fair chance of getting through this epidemic without losing everything?
This series will take a look at several business types to examine how they can adapt to this new normal.
Stay tuned for Part 2 of this series that discusses how businesses are adapting and making the best of a challenging situation. Get ideas you can use to keep your business thriving.
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