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Coronavirus: Don’t Panic

The Coronavirus has changed how so many of us now need to run our business. So how do we make sure we keep moving forward amidst the chaos? I’ll explain in this episode

Big Ideas

I’m starting to see a lot of businesses panic. And in a lot of scenarios, I completely understand why. For example, bricks & mortar stores depend on foot traffic, and can no longer rely on that. Physical stores are being left high and dry, and I can only imagine how difficult that must be. So for those business owners, I understand the reaction.

That said, I also see businesses who are perfectly positioned to be able to weather a storm like this, because their business is online. Unfortunately, those people are also panicking and making crazy decisions that they don’t necessarily need to make. They are worrying about a problem that isn’t yet a problem. I say that because the only thing that would jeopardize them and their online business, is if they had clear evidence that people are not buying. There are businesses right now that are THRIVING. Why? Because people are at home. They have a different set of needs and desires and want to fill that time at home.

The world is not falling out for all business owners, and I don’t want you to panic and make decisions that you think are being forced, but aren’t actually being backed up by any real evidence.

So, here’s 3 things you can do to keep moving forward amongst the chaos…

Make Decisions Quickly

In these times, one of the most important things that you can do as a business owner, is to make decisions quickly. Because when there is a whole bunch of uncertainty, it can create all kinds of stress. That stress will cloud your thinking on how to properly move forward. The faster you can make decisions, in terms of what to move forward on, the better.

Reduce Unnecessary Stress

The second most important thing you can do is to reduce any unnecessary stress. For instance, when my family and I were over in Puerto Rico, we were contemplating whether we needed to come back early due to the coronavirus. We went from deciding to come back one week early, to deciding to come back within 24 hours. The reason we made this decision was because it was creating unnecessary stress. If we didn’t decide to go home immediately, we’d just end up worrying about whether we’ll be able to get back into Canada the whole time. So, we eliminated that stress by going back as quickly as we could.

For business owners, the unnecessary stress and uncertainty will cause you to stall, which you cannot afford right now. So reduce the unnecessary stress!

Ask: What Does This Make Possible?

Lastly, here’s the question I want you to camp out on. What does this make possible?

For instance, this is an amazing time for teachers. There are millions of parents who are at home with their kids with zero clue on how to move forward. They don’t want their kids on Netflix and their iPads all day, but they have no idea what to do or how to be productive. One of our TRIBErs (a teacher) has a membership business that provides lesson plans to other teachers. She is using this opportunity to pivot her business to provide lesson plans that parents can use at home with their kids. All she did was ask “What does this make possible?”

So, think about that question as it relates to your own business. Because in the next episode, I’m going to talk about all kinds of opportunities that are popping up and the businesses that are THRIVING amidst this chaos.


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