5 ways entrepreneurs can use the COVID-19 situation for good
Right now times are tough for entrepreneurs, especially with COVID-19 riots and everything else. Depending on your industry, you may be highly affected one way or another. You may be watching your hard work, sweat and tears fall apart… or you may be essential and in demand, therefore under a different kind of stress.
Big tech businesses like zoom are seeing a massive influx in business and it’s straining their capacity. Even small digital businesses like my digital marketing agency are even seeing a rush of business. While some are seeing their businesses grind to a halt without any say in the matter at all while others are about to break from massive demand.
It doesn’t seem fair, but no matter who you are there are a couple of opportunities we have right now that we likely won’t ever have again. The most important part is to understand what you can control.
Let’s look at 5 ways entrepreneurs can use the COVID-19 situation for good and how I’ve used it to 3x my business and learn new skills
- Use this time to increase customer relationships
- Do some spring cleaning; dedicate some time to reviewing the things you don’t normally review.
- Spend some extra time educating yourself
- Do something you’ve always wanted to do
- Use it for perspective
Understanding what you can control is so important when it comes to using this situation for good. So no matter which side of the pendulum you’re on, you have to realize the only thing you can control is how you react to it. I’m not saying that what you are going through doesn’t matter or that you should feel emotions about it, but once you’ve gotten your emotions out the only way to reclaim your power is to realize that you have control over how you react and what you use this time to do. The first thing any entrepreneur should be doing is using this time to increase relationships with their customers.
If you’re struggling with this crisis and you find your business slowing to a halt, these 5 tips are for you.
1. Use this time to increase customer relationships
Use this time to tell your past clients how much they mean to you. This is a perfect time to be appreciative of those who have made you successful in the first place. Your business and your livelihood have been built by the loyal customers who chose you over the other guys. Tell them how much you appreciate their patronage throughout the years. Offer them any support you can that’s within social distancing and safety guidelines.
Using this time to check-in, even over the phone personally could go a long way. I know that I’ve seen the best of some and the worst of others over the last 4 weeks. If you call now to check in and genuinely spend your time building a relationship with your consumers, you’ll see dividends in returns when we’re through this crisis.
The next thing you can do is some “spring cleaning” in your business. Taking the time to review and shine the light on areas of your business that may not get a lot of attention.
2. Do Some Spring Cleaning; Dedicate some time to reviewing the things you don’t normally review.
Things like revisiting your books and trying to get creative in ways to operate the business more leanly. We all have pieces of our business that we don’t necessarily like. Parts that we tolerate more than exuberantly relish over. Now is the time to look at those things if you don’t have to move fast.
3. Spend some extra time educating yourself
Now is the perfect time educate yourself further on your expertise. We don’t always have the time to read the leadership, marketing, personal development or even fiction books that we’d like to. Now is the perfect time to spend educating yourself further and honing or learning another set of skills for when money starts flowing again.
Specific skillsets that solve specific problems will always be valuable. Pick a problem you’d like to solve and learn how to solve it. Develop your skillsets now while other people spend time fretting and watching Netflix, it’s times like these we can spend getting ahead. Forecast problems people will have 4-8 months from now and start developing the skills to solve them. Maybe you can pivot your business if your current service or product is more about novelty than it is utility.
The next thing we can do is to pursue something you’ve wanted to your entire life.
4. Do Something You’ve Always Wanted To
We don’t all have time to pursue the things we love. It’s easy to want to take on a project for years and let work, family, and habits get in the way. Use this time to start or finish that project you’ve been waiting years for! This could even be in relation to the last point. Maybe you’ve always wanted to learn how to play piano but never made the time, now could be a great time to pick up a creative hobby. Expressing yourself creatively using art or music can be highly beneficial to developing creative problem-solving skills in business.
Taking the time to pursue something you may have regretted not pursuing later in life could be one of the most beneficial ways to spend this time. I know business may be rough and you may be freaking out but, there’s something you could do that would make you forget all about business and money. Find that thing and do it. You may not be able to climb Everest right now but could pick up a meditation or yoga practice and instrument or even dance. With Google and Youtube you can learn just about anything… Find that thing and do it!
The last thing that you can do as an Entrepreneur to use the crisis for good is to use this for perspective.
5. Use it for perspective
Memento Mori, remember that one day you will die… The Latin saying is often used in Stoic philosophies. It’s one of those expressions that sound good but don’t mean as much at first glance unless you’ve faced mortality. This crisis has made each one of us look at mortality and the fragility of life.
Given the time and the perspective we’re given when we face our own mortality, sometimes we make different choices. If you can capture that feeling in a bottle so as to use it as contrast in future high-stress situations, you may make better and more heart-based choices. Better leadership choices and you may make decisions that future you will value more deeply than any material possession.
You never know when you might not see a loved one again, use this time to make yourself better, your business better and your life better by appreciating the opportunities this affords us. Stay healthy and keep pushing for success.
Over all there are so many ways to use this for good if you have the right perspective. These are just 5 ways Entrepreneurs can use the COVID-19 situation for good, what are the ways you’ve used it for good?
Scot J Chrisman