Right now, things are shaky, in both the business world and the world as a whole, amidst the new coronavirus pandemic. Panic is contagious; but so is leadership. You may be asking yourself how this will affect your business. As a business owner myself, I have been asking this too.
It’s time for business leaders to rise!
This current situation reminds me of my previous career, nearly 20 years ago now (I can’t believe it’s been that long!) I was responsible for leading the marketing team to support salespeople to drive revenue. We became one of the fastest growing start-ups in Canada named by Profit 100 Magazine. We grew an 8-figure company in 5 years, with nearly 100 employees, only $250K start-up capital and no further outside investment. We eventually sold the company for a multiple of revenue.
We created massive success for ourselves as a company – despite these terrible economic conditions:
- We were an Internet-based business, and less than one year after we launched, the dot-com bubble burst.
- Our niche was the hospitality industry, and as we gained traction in the market, many of our clients perished in the 9/11 terrorist attacks on the World Trade Center and our market disappeared overnight.
- Then, the SARS outbreak…
…And all of this happened in the span of 3 years!
One of the lessons I learned during that time in my life was that it’s possible for an average, lean company with a small team to grow quickly and become number one in their niche, despite what goes on externally.
At the end of the day, it doesn’t matter what is going on around you. What matters is what’s going on within you, and inside your company.
How did we succeed against the odds, and thrive?
- We stayed nimble and agile, so we could ride the wave of change
- We pivoted quickly and opened up new market opportunities
- We rallied our employees and stuck together during uncertainty
- We exercised good leadership and did not panic
- We doubled-down on strategy, structure and people
- We moved forward with conviction and did not allow ourselves to get distracted
- We got creative and innovative with marketing and sales
- We found new revenue ideas and quickly capitalized on them
Now is the time for leaders to step up and lead others through these changes, and we need YOU to lead the change.
Smart business owners know that there is more opportunity for success during recessions. Here are some examples:
- Kendra Scott created a billion-dollar business in the 2008 recession.
- Dominos increased its share profit price by 60x with a new recipe in 2009.
- Hewlett-Packard (HP) launched during the great depression with just $538.
- Bill Gates started Microsoft in the famous “Stagflation” epidemic in 1975.
- Legos increased profits by 63% in the last 2009 economic downturn.
Yes, you must get creative. Yes, you must be strategic. No, you cannot afford to wait and see. This is the time to get innovative and create opportunities, so that when this too shall pass, you will be ahead – not behind.
Upheaval, hard times, and down economies are not your enemy. What we know for certain, is that there will always be change. If you know how to leverage these changes, they will open the door for you to grow & scale your business, while impacting thousands of people!
Let me know how I can support you, as you navigate your business growth on purpose.
To your success and good health!
p.s. Listen to audio version of this blog on my podcast.