Adapt to Succeed

Change is all around.  Climate, technology, economic, business. The pace has quickened.  What used to change in 18 months now can change in 18 weeks.  It is daunting but doesn't have to be overwhelming.  Here are 7 things a small business owner can keep in mind to keep up with the changing times:

Until next time...

Adapt or Die

Adapt or die!  Brutal but true.  

Business owners are facing this reality now as they cope with the COVID-19 crisis.  Closed businesses wonder if they will be able to re-open;  the remaining open businesses are dealing with significantly reduced revenue.  There are no easy answers. 

I had a conversation with my Cousin in Kingston, Jamaica recently.  Jamaica is currently in a heavy lock-down:  The International airports are closed to all incoming traffic;  All the hotels are closed.  In a country heavily dependent on tourism, this is catastrophic across the entire economy.  

My cousin is a business consultant and I expected the worst.  I was pleasantly surprised when she said that local businesses had already adapted to this new reality:  Grocery stores, pharmacies, restaurants were now delivering direct to their customers.  "They adapted quickly because they knew no help was coming".  

Here in North America we are not used to that.  We're not used to this sudden change in the business landscape. In Jamaica they are used to frequent upheaval.  People have to adapt quickly to the changes.  It's a lesson we are now learning here in North America.  How do we start?

1. Stop referring to this as 'living in challenging times'.  Life is always challenging...we've been lulled into complacency.
2. Adapt now.  Aggressively look for ways to satisfy customer's changed needs
3. Move your business online, particularly mobile
4. Stop waiting for 'new normal'...this is normal

Adapt or die.  Thanks for the reminder Cuz!

Until next time...

Crisis Crazy

Are you going crazy yet?  If you're any business owner, you've got one thing on your mind 24/7:  Cash flow!  As sales dry up whether your essential or non-essential, your cash flow has gone negative.  And it looks to stay that way for quite some time...even after we get the all clear and start spending again.  

I've been mulling this over the past couple of weeks.  I've talked to a number of small business owners who are coping so far.  One is able to continue business at a reduced level with all his people working from home.  Another had to close her two retail locations;  So far she has managed to keep her staff on the payroll and with the recently announced Federal wage subsidy program is optimistic she can ride this out for the next 6 weeks.  Finally, a small manufacturer pivoted from his main business into providing a COVID-19 product in high demand.  What these business owners all have in common is a calm head.  They've all been able to rise above the noise, get above the 'crazy'.  

The outcome of this crisis is that we will all learn how to be better at what we do.  We'll learn how to cut out the noise and focus on what's really important.  Both to our businesses and to ourselves.  I'm optimistic that what the world looks like after this crisis has passed will be better.

Until next time...

Stuff Happens!

Stuff happens!  If nothing else, COVID 19 is teaching us that harsh lesson.  

I've been talking a lot recently with family, friends and business associates.  All of our conversations begin with how we are individually dealing with the coronavirus pandemic. All of us are still working;  all of us are working from home.  We are social however so we are all getting antsy.  Using our cell phones to make calls reminds us that they are 'telephones'!  And ZOOM has become our friend both for business and personal.  

It strikes me that some of the topics we discuss revolve around how to help each other cope through this crisis.  Below are some of the thoughts I shared in my latest book, 'Growing Up:  Canadian Jamaican'.  Some of them apply as we all grapple with new normal:

• Don't be a D! Consider that we, our community, city, country, continent, planet, are in this together! 
• Help another when you can.
• You are special...to someone! If you are lucky you will have a number of special people in your life. Cherish them! Stop what you are doing to help them.
• Stuff happens. It will happen multiple times. Some will be your fault...don't make those mistakes again. Some will not be your fault...so what, it's still stuff! Get on with it!
• When you have setbacks, assess and move on.
• Seek out advice...remember that you don't;t have to act on everything. Assess advice and make your own decisions.
• Personal strength is being able to keep going when the tide is against you.
• Optimism is essential! If you are pessimistic about the future, what's the point in going on?
• Don't take things too seriously. Seriously!
• Find the humour in everything. Yes, everything!
• When the road runs out, stop the car and start walking.
• Don't let the bastards get you down! This one from a very good friend.
• Never ever give up!

 Until next time...