Is it possible to pandemic-proof your business?
The short answer is a resounding “yes.”
The longer answer is that it takes time and effort.
Feeling skeptical?
Let me ask you this.
How do you feel right now knowing that you didn’t pandemic-proof your business?
Enough said.
From pandemics to selling your business.
Do you know the difference between a failed exit deal and a pandemic?
Both scenarios show you the weaknesses in your business.
A quick story.
I started my eLearning company right out of school with no money, experience, or team. I had no business being in business.
My saving grace was grit and passion, which kept me in the game long enough to experience success. With success comes attention.
My company caught the attention of a smart, experienced, and sophisticated buyer. I received an unsolicited 7-figure 3-times EBITDA offer to buy my company.
Something didn’t feel right, and I said “no” to the offer. Two years later, I said “yes” to a 9-figure 13-times EBITDA offer.
My company value increased 10X with the same people, customers, and service.
The first exit offer was a failure in transacting but a winner in showing me the weaknesses of my company.
Like the failed exit offer, a pandemic shows you the weaknesses of your company.
When you’re caught by surprise with a pandemic, it’s too late to pandemic proof your business. You’ve failed only if you don’t pandemic-proof your business for the next one.
And there will be another pandemic.
How do you pandemic-proof your business today so you can profit tomorrow?
Keep reading.
Pandemic-Proof Your Business By Knowing Cash Is King, But Only If You Have It
How pleasant it is to have money – Arthur Hugh Clough
Would you like to know how to pandemic-proof your business today so you can prosper tomorrow?
Know that cash is king, but only if you have it.
A rainy day fund, a backup plan, or an emergency fund.
Call it whatever you want, but know that you must have a cash reserve for your business.
How much of a cash reserve do you need?
A six-month cash reserve is a great starting point. A one-year cash reserve is even better.
Yes, you read that right.
Have enough cash reserves to run your business for six or twelve months, assuming no new money comes in.
You don’t know what you don’t know.
Pandemics happen overnight.
You may be wondering how do you create a cash reserve when you have a tough time paying existing expenses?
It’s not easy to pandemic-proof your business, but the alternative is worse.
Pandemic-proof your business by operating like a cockroach startup.
Read and prosper from “Cockroach Startups: What You Need To Know To Succeed And Prosper.”
To thrive in challenging times, you need to make tough decisions in advance.
Creating a cash reserve may mean that you don’t move into those new, lavish, and luxurious offices. Building a cash reserve has you say “no” to the nice-to-have expenses and “yes” to the must-have expenses.
Patience, sacrifice, and consistency are the key to building your cash reserve.
If you can’t motivate yourself to build a cash reserve, do it for your employees and customers who depend on you.
You never know what tomorrow brings. When you pandemic-proof your business with a cash reserve, you know you’ll be ready.
Pandemic-Proof Your Business By Reducing Expenses With The Help Of Your Team
The path to greatness is along with others – Baltasar Gracian
Pandemic-proof your business by reducing expenses with the help of your team.
People are not islands unto themselves.
How do you know if your company is successful?
Your company runs without you.
Read and prosper from “Why You’ll Be Happier And Richer When Your Company Runs Without You.”
Involve your employees to either reduce or remove expenses.
How do you incentivize your employees?
You can gamify the process of finding and reducing expenses.
Offer a percentage of savings to employees for money saved by reducing expenses.
Become part of buying groups to get access to lower prices for the goods and services you buy.
The list is as limitless as your imagination.
From the savings you unlock, two crucial things happen for your business.
First, your profits increase.
Second, you now have the means to build your cash reserves.
It’s a win-win no matter how you look at it.
Both in business and life know that just because you can write the check doesn’t mean you should.
Pandemic-proof your business by building a cash reserve and reducing expenses.
You’re off to a great start. Your cash reserve and lower expenses have bought you time.
Do you know the next thing you must do once a pandemic is upon you?
Keep reading to find out.
During A Pandemic Adopt the “2P” Strategy: Pivot and Profit
How do you thrive during a pandemic? Pivot and profit. – Jeffrey Feldberg
Pandemic-proof your business by looking to tomorrow instead of being stuck in today.
During a pandemic, know that what worked yesterday won’t work today or even tomorrow.
A pandemic is an opportunity to not only survive but instead, to thrive.
How do you pandemic-proof your business so you can thrive?
Master the art and science of learning how to pivot and profit.
Whether you realize this or not, your business success is a result of learning how to pivot and profit.
When you first started, you found a painful problem that you were passionate to solve.
The problem was so painful that people were only too happy to pay you to take the pain away.
In the process, you gained new customers who went on to become raving fans.
Why?
You offered a world-class solution to a painful problem.
As success increases, the desire to create a market disruption decreases.
Read and prosper from “Why You Need To Create Market Disruption To Lead, Succeed, And Prosper.”
Life was great until the pandemic.
With a pandemic upon you and your business, you now have a choice: pivot or perish.
The choice is yours, and you better make your choice count.
During a pandemic there’s only one question that you must ask:
How can I be of service and help my customers?
The heart of entrepreneurship is helping enough people get what they want. Help enough people get what they want, and you’ll get what you want.
The process of helping people helps your business pivot to the new reality, and as a result, you profit.
Do you know the one thing you can do to turbo-charge your ability to pivot and profit?
Keep reading to find out.
Pandemic-Proof Your Business By Surrounding Yourself With A Mastermind Group
An investment in knowledge pays the best interest – Benjamin Franklin
How do you pandemic-proof your business?
You change how you view the world, the questions you ask, and how you think.
How do you change your thinking?
Pandemic-proof, or not, every entrepreneur needs a mastermind group.
Read and Prosper from “Want To Be Spectacularly Successful? Join A Mastermind Group.”
A mastermind group is two or more people with one goal: helping each other succeed.
An effective mastermind group does not have any people who compete with each other. Instead, a mastermind group has people from different industries works best.
Mastermind groups have been around for thousands of years.
In biblical times, the story of Jethro and Moses is a great example of a mastermind group of two people. Moses’ father-in-law, Jethro, set Moses straight on how to manage and lead a large group of people.
King Arthur and The Knights Of The Round Table is another example of a mastermind group.
Fast forward to today. Oprah Winfrey and Richard Branson credit their success to a mastermind group.
Often, the best innovation in one industry has roots from another industry.
There are two powerful outcomes a mastermind group helps you achieve.
First, identify your blind spots. You don’t know what you don’t know. Second, a mastermind group introduces you to new ideas from outside your industry.
You, in turn, share your insights, experience, and leadership to create a win-win.
To pandemic-proof your business, join a mastermind group. Look for members who have a track record of success and are in different industries.
Meet at least once-a-month, or more, if required.
With your mastermind group in place, do you know the one last action item you need to do?
Keep reading.
Find And Earn Your Pot Of Gold By Becoming The Golden Child Of Your Industry
To be trusted is a greater compliment than being loved – George MacDonald
Whether you pandemic-proof your business or not, be the golden child of your industry.
How do you become the golden child of your industry?
Earn peoples’ trust by going the extra mile.
Read and prosper from “How To Go The Extra Mile And Explode Your Bottom Line.”
How do you go from an unknown to the trusted golden child of your industry?
Do what entrepreneurs do best: help people solve painful problems.
Create free weekly emails, podcasts, articles, or videos. Share relevant information and solutions that are of interest to your market place.
Should you find yourself in a pandemic, your content may change. But your intention remains the same in helping people.
To become the trusted golden child, help people, and expect nothing in return.
Earning peoples’ trust takes time. Be patient, generous, and giving with your time and free information.
Ask questions and listen to the feedback as though your business depends on it because it does.
While you’re at it, ensure you have the right intentions.
The pursuit of money for the sake of money fails as people see through you.
The intention to be of service, to help, and to go the extra mile while expecting nothing in return is the key.
You’ll both learn and receive more than the people you’re helping.
In the process, you create a win-win.
Know this and know this well.
Pandemic-proof your business and become the trusted golden child of your industry.
Conclusion
The only thing you can count on to remain the same in both business and life is change.
You must learn to change with the times today so your business can be around for tomorrow.
Is it possible to pandemic-proof your business?
Yes.
If you find yourself in the middle of a pandemic and are not prepared, know that you’re not alone.
While you can’t change what was or wasn’t done yesterday, you can change starting now.
Out of the ashes of a pandemic are born the seeds of opportunity if you learn to pivot and profit.
Who am I, and how do I know?
I was that kid who started his business right out of school with no money, team, or experience.
I had no business being in business. When I found both myself and my business in challenging times, I had a choice to either profit or perish.
To pandemic-proof your business isn’t a one-time thing, and instead, it is a way of life.
I catapulted out of challenging times and into a 9-figure exit. To the outside world, I was an “overnight” success. The truth is my success was thirteen years in the making.
The way-of-life I embraced during challenging times led the way to high growth and profits. Pandemics, like seasons, come and go.
You can’t control what happens around you, but you can control how you react.
Choose right now to pandemic-proof your business.
Begin with each strategy and stay with it until you master it. Master each of the five strategies.
Know that you must pivot so you can profit.
Small and consistent actions done day-over-day lead to big results.
You can do it. I know you can.
Here’s to you and your success.
Your Biggest Raving Fan,
Jeffrey Feldberg
Today, Feldberg's passion is helping you extract your deep wealth. The 90-day Deep Wealth Mastery program helps create a solid foundation for three areas: increasing profits to enterprise value and optimizing post-exit life. Deep Wealth Mastery offers strategies and insights drawn from Feldberg's rich experience. The strategies from the trenches get results. Jeffrey's vision is to increase the social fabric of society one entrepreneur at a time.
Learn more through https://iapdw.com/prosper
