Let's Talk Adapting

As we all make our way through this pandemic that is COVID-19, the hardest part in my opinion is dealing with the unknown. As some states begin to slowly open, others may be tightening restrictions. This creates additional challenges for businesses to overcome as they navigate their way through this pandemic. As cases counts move up and down, businesses will need to maintain agility to adjust to policy changes, while minimizing the impact on their bottom lines. This is a challenge even in "normal" markets. Add in the uncertainty of jobs, major corporations struggling to balance their checkbooks, unstable stock markets, and you have the mess that is our current economy.

Agility in business is the determining factor in whether a business will be able to scale to a more manageable size or be forced to close. As outside policies dictate how different sectors of business are allowed to operate, individual companies may feel their vision slipping away . Even as policies relax, businesses still need to be aware that restrictions will continue to loom on the horizon, making it crucial to create and maintain a flexible business model to guide business plans over the coming months and possibly years. It is difficult to determine how and to what extent these types of policies will become a part of our normal life both personally and professionally. It's not all doom and gloom though, it just means that businesses need to focus on policies that keep that flexibility as the top priority.

There are many ways to establish agility. For example, businesses should build websites in order to give prospective clients and customers the ability to find you. But a major benefit to having a website is it allows for the option to create an online store to offer goods or services. Not every product or service could directly benefit in this way, however businesses can expand in to secondary products or services or establish collaborations and partnerships with complimentary businesses to, at a minimum, maintain traffic and visibility. For example, a spa or salon business may not be able to operate, or be in direct contact with their clients, but they could partner with other businesses that sell essential oils, or hand and body lotions etc to continue to grow their business and expand their current market. A salon can sell at-home deep conditioning treatments, or high end shampoo and conditioners, facials etc. Nail salons can have pre-made or custom temporary nails to sell online. Gyms can offer online interactive classes or simple videos for their classes or even printouts with daily or weekly workout routines and meal plans for a fee to keep some money streaming in as well keeping their clients on track to meet their fitness goals. Consultants, coaches, accountants can use video conferencing, email, webinars etc to remain in contact with existing clients and to canvas new prospects. Store fronts can turn into makeshift warehouses that process shipping through online sales.

The point is, we as entrepreneurs need to be quick to adapt to the policies this pandemic is inflicting on our businesses now and in the near future. Second wave conversations and the growing fear of new quarantines around the world, only confirm that these practices may be in place a lot longer than we would like or can successfully manage with pre-pandemic business models. My advice to all is to use this time to think about how we can create models that will create the agility needed to establish and maintain growth and success, even during a pandemic.