03/27/2020
Well here we are - again. Another crisis but this one is worst then a few in the past. Today is March 26, 2020 and I wanted to have B2B REAL TALK with all you small business owners & entrepreneurs. I don't know how many times I've said "your business survival depends on you and your strategy". Right now small business are taking body blows to their gut with the country on lock down because of COVID-19. DO NOT FALTER because you still have what it takes to SURVIVE. If you survive personally, then your business will survive because you are the business.
I owned 2 businesses in the 1990's until 9/11 and because of 9/11 my world and the world of over 3,000 American lives and families was shattered. Even though I survived personally, I was devastated, my businesses fell into the abyss and every creditor I owed implemented a "scorched earth" approach to get their money. I vowed then, never to let EXTERNAL FORCES DICTATE MY FAILURE OR SUCCESS. Oh and by the way, in 2001 there were no 'bail outs". External forces are: 1) unseen most of the time; 2) designed to destroy everything in its path; 3) creeps up out of the dark. That moment in 2001, I had a paradigm shift - a mental shift and began to set in motion my next move, but never ever again to be destroyed by external forces. So what did I do? First, I realized that owning a business IS NOT about making money, but rather strategizing for survival. that means your decision making must change to incorporate the future. Second, my business strategy changed constantly because I was more aware of what was going on around me. Don't be afraid to implement change - healthy change. Third, minimize your financial risk and exposures. How you managed money prior to COVID-19 must change. Fourth, as business owners, take frequent environmental scan, look into that crystal ball and plan for the worst case scenario. My worst case scenario was 9/11, yours maybe COVID-19, but now that you are experiencing it, think of a strategy of how your business could survive the next one....and make no mistake about there will be another next one. I GUARANTEE one thing, as long as you, the entrepreneur/business owner have breath in your body - YOUR BUSINESS WILL SURVIVE this one and the NEXT ONE. What's your back-up plan when the NEXT one is here? Be blessed always...
