Capitalizing on Your “Corona Time”

If you’re in business, you suddenly face a marketplace reality you barely had time to prepare for.  Your income will likely take a hit. You’ll be forced to make a lot of adjustments at rapid speed over the next few weeks. And, you’re likely to have slack time on your hands that you hadn’t anticipated. 

Success — possibly even survival — depends on how you invest your “corona time.” No, I’m not referring to time spent drinking Mexican beer.  Although I certainly encourage time for ice cold Coronas, we have work to do first. 

Here are five areas to apply your energy while your business is in quasi-quarantine.  

CUSTOMER OUTREACH

Your competitors are getting desperate. That means they’re banging on your customer’s door attempting to steal your business. They’ll do so the way all desperate and non-creative business people go to market: by being cheaper.  

Your revenue may already be off, which means you can’t afford to be cheaper.  Now is the time to invest time in your customers.  Go the extra mile. Really get to know what problems they’re facing (hint: they’re likely experiencing a slow down too!).  Listen to them.  Understand their situation. Cultivate deeper relationships — the kind of relationships that aren’t lost over a few cents. And yes, you can do this over the phone, Facetime, Zoom, or Skype if your clientele aren’t up for an in-person meeting.  

CREATIVITY

When’s the last time you sat down with a pad and pencil and jotted down ideas or illustrations for your business?  Never forget, you’re in a creative business: Every day you create a customer experience.  How might you create a better one?  

Invest slow time at the proverbial “drawing board.” You know, the one we’re told to go back to when something doesn’t work? Well, right now things aren’t working — at least not like they should be.  The marketplace is temporarily altered.  The adaptable and the versatile survive. Those stuck in their ways who lack creativity go extinct.  

DIVERSITY

Done right, one of your creative ideas will spawn a new product or service to broaden your appeal. This is called diversification. It makes you stronger in uncertain times by giving you another option to fall back on.

What new offering can you bring to your current customers? How might a new offering make you valuable and of interest to new customers?  

REVIEW YOUR LEGALS, FINANCIALS, AND INSURANCES

You know all that stuff you said you would handle on a rainy day? It’s raining. So, stop making excuses and get this stuff crossed off the list.  The best part: you can do all this over the phone and online! 

Legal work: Are your contracts up to date? What about your will and estate plan, is that current? Get your legal affairs in order. 

Finance:  When times are skinny you may need to increase your line of credit. Wouldn’t now be an opportune time to refinance debt? Schedule an appointment with your lender, even if it’s online. 

Insurances: Your business has evolved. Has your insurance coverage? Take slow time to make sure you won’t lose what you’ve worked so hard to build.  

BEHIND THE SCENE IMPROVEMENTS

Your office layout is inefficient.  Your assistant’s work space is cluttered.  The shop is disorganized. You have no idea what your inventory looks like because you order supplies randomly.  Your computers, printers, and other technology haven’t been updated since the Bush administration.  

Maybe none of those problems describe your situation. But look around your business with a critical eye. What needs attention?  You might think these problems are “behind the scenes” but if you asked your clients or employees (the honest ones!) they’d point out what needs fixed. 

FOCUS ON WHAT YOU CAN CONTROL 

We can’t control world events. We can only control how we react to them. Spend your “corona time” right and you’ll have money and time for ice cold Coronas after we’ve all weathered the current situation.  

Damian Mason is an Author, Podcaster, Speaker, Agriculturalist, and Businessman. He’s piloted his enterprise through recessions, terrorist attacks, and health scares since 1994. Find him at www.damianmason.com 

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