Are you excited about the next 6-12 months…or terrified?
The coronavirus pandemic has had a psychological impact on all businesses.
This is an obvious statement. But it’s a statement that has led to fear and defensive strategies from most SMEs.
The majority of Australian businesses are unable to formulate a plan to capitalise on the opportunities available as a result of this pandemic.
Is your business ready to take advantage of the new market conditions?
Below I’ve listed the basic steps your business should take during this period of opportunity.
This will let you reap short term yields as well as benefit from the long-term advantages that come with attacking when others are retreating.
#1 – Take your competitor’s customers
I spoke with a Thai restaurant yesterday who said that they were not hopeful for the future. They said they were one of the few Thai restaurants still open. Most of all they were worried this would mean there was no longer demand for their service.
My response was to mention that less competition in the market means more opportunity to move in and capitalise on the recently vacated market share.
I say the same to you.
If a competitor in your industry has slowed down and lost 90% of their work – to the point they are shutting up shop – you can stay open and take their remaining 10%.
If you get the 10% from 10 other businesses you have gained 100% more business.
Simple, quick math!
#2 – Be aggressive & direct
Let me be honest with you, you are going to hear ‘No’ and ‘Maybe Later’ from your customers…a lot.
Don’t worry when you hear this. Expect it and have an offer ready to help you turn a ‘no’ into a ‘yes’.
You need to take advantage and capitalise on these moments.
These coming months will show how much faith you have in your business. Make sure you offer something for free to every lead you get. Go against the grain. Even raise your prices!
Take calculated but aggressive risks to yield a high reward.
#3 – Don’t grow accustomed to your chains
The only thing scarier than enslavement is preferring enslavement to freedom.
Your mental state often dictates the limits of your goals.
If you believe that “the big guys are stopping me from scaling up” or “every worker I hire is going to be terrible” you will lock yourself into a fail circuit.
Copy others to find success. Emulate others in your industry to scale up. Scrape your knees and learn. Times like these have a little higher risk but an even higher reward.
#4 – Put down the fork
Years ago I struggled with my weight.
I tried hard to lose weight and eventually I signed up to a personal trainer. That’s where I found challenges to be overcome. The exercise wasn’t the hard part though…it was the diet.
I can’t say no to my grandparent’s cooking or my wife’s cooking. Eventually my trainer had enough and said the best possible opinion was to “put down the fork”.
We need to hear things that hurt us sometimes. Hard truths. That truth for YOU is to advertise and spend money, bite the bullet and have the courage to capitalise on advertising.
Even if it doesn’t work you can say you had the guts to do something at a time when others were cowardly. That shows true character.
Do you have the courage to take control of your market?
There are 2 types of business owners.
Those that recognise the value in these simple approaches. And those that don’t…
By now you’ll know which camp you’re in.
Before you go I want to share one quick story with you. I’m a huge student of history. And while I’m not Alexander the Great, I can understand the smallest glimpse of how he felt when he told those around him to push forward, when those who ‘knew better’ said all that lay before him was a bottomless waterfall.
If you only take one lesson from this, let it be this – trust your gut and provide value, engage your client base, and accept we are in a period of uncertainty.
But never forget that uncertainty always leads to opportunity.