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As the continued impacts of COVID-19 are felt, a lot of us our finding ourselves unsure of the future, both personally and business wise. It is no wonder we feel anxious and overwhelmed! This holds especially true for business owners and managers as we try to figure out how our businesses can survive the hit most are taking. Whether it is a hit in revenue or how to conduct business, the change has not been easy for most. At QuantumMark, we believe that your business, like our own, can come out improved and more resilient than ever. The dilemma? You need to take action now. Below are 3 tips that will help you reinvent your business, so you will adapt and survive the COVID-19 crisis:
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Think like a start-up
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Think back to when you first started your business – back to when you were determining what you offered, and what was essential. That thinking is what you need to start doing again. Chris Varelas (mediafeed.org) recently wrote a great article outlining this very need. In it, he describes the challenge we are all facing when it comes to business survival, given the “uncertainty of the time involved, both of the closure and the rate of recovery back to normalized business levels, whatever those may be.” He outlines why it is necessary for companies to start re-thinking about what we truly need to create our business – what is truly essential? As he says, “While this is a time to be clinical and objective…don’t forsake that which makes you special…If you don’t know what makes you special, this is the time to figure it out.” Startups are created to meet a need or provide services that the owners didn’t see being met. We challenge you, as we’ve challenged ourselves, to think of your business as brand new. See what your specialty truly is and continue to adapt, survive, and answer the needs your business provides.
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Invest in outside assistance
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We know that hiring outside help is the last thing on most of our minds…but in a time where every decision is critical, it can be one of the best tools available. We’ve previously talked about why any large goal, initiative or project is most successful when you invest in an outside consultant/project manager. The issues we’re facing today, and the goals we have (company survival) are in fact like a huge project. More so than ever, you need to be spending your time really thinking strategically. That takes considerable time, time that you may not have to dedicate to tracking, managing, and ensuring each step is met in your goal. Additionally, you want to triple ensure that your strategic thinking and the solutions you come up with, will actually be successful and sustainable. This often takes an outside view – someone who isn’t biased by the traditions and limits of how you have previously operated. Many consultants are willing to delay payment until you have a steady cashflow or are able to work out some other type of agreement. Our advice is simple: don’t write this off until you’ve checked it out!
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Ask for advice and seek help
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Feeling isolated does not help create business ideas. In fact, it usually does the opposite, and can cause costly delays for you in your reinventing for survival strategy. To avoid this, start by asking your peers and colleagues how they are doing. Discuss strategies they are using and share your own. Seek help from an advisor if you have one and look into online groups. Connecting with other people, whether they are in your industry or not, helps increase your feeling of community. This in turn helps ease the overall anxiety many of us are feeling. Less anxiety = more productivity and good, solid strategic thinking. Asking for help and advice can feel hard, but the benefits can outweigh any hesitation you may feel. So, don’t wait, do this now!
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We know that having to think about reinventing your business can seem extremely overwhelming. But the reality is: most of us are already doing it. Putting more critical thought into our businesses, and utilizing the tools mentioned above (as well as many others) can help ensure we’re successful. Don’t let anxiety take hold – instead take action, and see positive results come your way.
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Interested in learning more about strategically reinventing your business? Contact our team at Kim@QuantumMark.com today!
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