May 30, 2020
How to Create a Successful Next Chapter in Your Business
Regaining lost income may be your top priority at the moment. But I also urge you to think ahead about what changes you can make to recession-proof your businesses in ways that stay true to the enterprise you know and love. What do you want the next chapter of your business to look like?
In our current social distancing environment, Zoom meetings have helped me keep my business running without too many glitches. I admit I miss being with people, but the more intimate setting of these online meetings actually makes me feel like I’m getting to know everyone better than I have before. We see each other with hair tied up in scrunchies and no make-up. Cats and dogs make cameo appearances. We get an over-the-shoulder peek at personal spaces – home offices, living rooms, bedrooms, and kids being kids.
With all the visual distractions going on in these meetings, it can be a challenge sometimes to keep the conversation focused on business activities, problems, and solutions. But there really is a lot we need to be talking about right now.
The must-have mindset tip for successful next chapters: unleash your inner scientist!
If you’ve spent any time with me, you’ve heard me say that the way to move past fear of change in your business is to think of the steps you want to take as experiments.
In other words, choose an approach, see what happens, learn from it, and then adapt.
Actually, because of Coronavirus, we’re in the middle of a massive global experiment right now. We’re basically learning what’s working and what isn’t, using the rise and fall of COVID-19 cases as the measuring stick. According to the experts, the virus will likely flare up in certain locations before a vaccine is ready. As a business owner, I interpret that information to mean I need to get ready for more ups and downs in the months ahead.
To do that, here are some “approach, learn, and adapt experiments” that can help you ride the waves and settle into calmer seas as a more seasoned and savvy business owner.
Find your new “center” for your next chapter.
Pre-COVID, I made a habit of blocking out time every 90 days to review my business plans and goals. However, because things are changing so fast, it’s important to stop right now and reassess. What worked well for you before may not be working in the current situation. What do you need to stop doing, what do you need to start doing, and what do you need to be doing more often and faster to succeed in this current environment?
Figure out how you can better use technology.
While I don’t like to think about it, we have to consider the possibility that social distancing may become a fact of everyday life for a long time. If your business isn’t set up to operate remotely, consider the potential advantages and challenges of transitioning all or a portion of it to an online model. If you spot opportunities, start putting the wheels into motion.
Speed up your ability to make decisions.
I try to keep up with the news, but it can be exhausting, especially when information about the virus and its impact changes daily. Still, I’ve learned that it’s important to stay informed when you own a business and to be ready to make changes. If you know you tend to drag out decision-making, work on picking up the pace. When you develop the ability to quickly evaluate your options and act decisively, your business will keep better pace with changing times.
Line up just-in-case suppliers.
I learned this the hard way as a business owner. If the success of your enterprise is dependent on the products or services of others, it’s good to have options. You don’t want your operations to come to a halt if the single supplier you’ve always depended on suddenly can’t provide what you need.
If any of the above steps feel scary, remember: it’s all an experiment! Don’t be afraid to forge ahead and try something new! That’s how you find the courage to create your next chapter and grow as a business owner.
I truly believe this mindset will make the difference between businesses that merely survive (or, worse yet, die) and those that rise above and thrive in the months ahead.
When this virus finally ends, we – and our businesses – will be changed in many ways. That leads to the question: what will your business look like in this next iteration of “normal”? And, more importantly, what do you need to be doing now to approach, learn, adapt, and love your business in the future?
Do you have questions about how you can succeed in your business and accelerate your journey toward reaching your goals? I invite you to learn more about From Startup to Success coaching packages. Begin with a no-cost 30-minute consultation to discuss where you are with your business and where you want to go.
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