What is the new normal? It’s...
Protecting OURSELVES through preventative measures, including masks, hand sanitizer, plexiglass barriers, frequent hand washing and more.
Protecting the ECONOMY, thinking differently about business needs, and dealing with covid-19 and other challenges head on.
What should businesses be focused on? Using the analogy of a vehicle, here’s what to consider..
1. Steering → When getting tripped up by an obstacle, businesses need to establish the direction they want to go before making a plan and strategizing.
2. The Engine → It’s tuned for a particular type of business. Re-tuning is essential once STEERING, or changes in business direction, has taken place
3. Gearing → Depending on road conditions, or obstacles, a business will be in different gears.
Steep hill = lower gear, or else the car, or business, will stall.
Nice level = higher gear, go for it!
Simplified, this means your business should focus on:
1. WHAT direction to go in...
2. HOW to get there...
3. HOW to upshift and downshift to survive and adapt to the hills...
Could there possibly be new opportunities ahead?
The Chinese symbol for crisis = DANGER + OPPORTUNITY.
In other words, although a crisis presents challenges and uncertainty, opportunity can arise. With ⅓ of small businesses shutting their doors soon, ⅓ of the economy opens up to new potential businesses. There will be opportunities from different areas post covid. Past recessions show that the businesses that failed were the ones following old business models and hanging on to old demand. The businesses that successfully overcame the recessions were looking forward, NOT backward. They were considering what the market was ABOUT to ask of them as a business.
The healthcare industry is in high demand since covid arrived. Several companies have halted their usual production to now produce ventilators, masks, hand sanitizer and other disinfectants, an excellent example of businesses adapting or SHIFTING GEARS.
So, Alberta small business owners, the important question to be asking yourself right now is:
What are you holding on to that you need to let go of?