Mind Over Crisis in the Era of COVID-19
The Recent Crisis Known As COVID-19 Has Shaken The Lives Of People All Over The World. At This Point, There Is No “Normal” To Go Back To.
Whether you have accepted it or not things will never be the same. In the business world, both the owners and entrepreneurs have been all but forced into a technological world that some were prepared for, but the reality is that most were not.
As a financial expert and having a multitude of unique clients, I have had the opportunity to sit back and make a few observations about how different people have been reacting to the same circumstances. I’ve always been a firm believer that your mindset attributes the most to your success or failure, not only in business but in life. As the COVID crisis hit, we began to get calls and emails around the financial “emergency” that a lot of our clients would be in. Very quickly I could tell which mindset each client stepped into when faced with the situation.
Mindset for Business Owners
“You have power over your mind – not outside events. Realize this, and you will find strength” ~ Marcus Aurelius
The victim – A lot of people like to point to reasons outside of themselves when something does not go right. Ultimately, when you own your own business, the success or failure of that business falls on your shoulders…. ALL of it. I learned a long time ago that there is a difference between taking the blame and taking accountability. We must learn how to take accountability, that is, even if the result was not directly tied to us there is always room for us to have done something a little different. If you found yourself in a panic when COVID hit because your cash balance wasn’t going to last, chances are you haven’t been setting aside money for a rainy day. Take accountability for that and change your money habits going forward.
The frozen fearful – You have heard of “fight or flight”, that is, your natural response when you feel threatened. Some people jump up and pull their fighting tools out while others retreat in fear. I believe “frozen in fear” is a common initial response. It’s whether or not you pull yourself out of it that makes the difference. When talking with clients about creative ways to survive the COVID crisis, we often had conversations about pivoting into parallel areas to leverage what was still able to generate revenue, cutting expenses or employee hours, or leveraging different loan programs that are out there. In some cases, decision paralysis would take over and people would make no decision on how to temporarily change their business model instead of taking the initiative to get ahead of what was to come with cash flow and operations.
The optimizers – Almost immediately after people realized just how real COVID was and how it was going to impact business, webinars, and live streams started popping up. The topics varied from new marketing strategies, how to work remotely, what to do with your downtime, how to pivot, just a plethora of inspiring content from the optimizers. These individuals proactively sought out the opportunity in all of this regardless of how hard it was going to be. The minds of these individuals immediately kicked into creative problem solving, knowing that this was temporary and there would be an end. The best use of their time at that point was strategy and influencing what they could control while letting go of what they could not and moving forward.
COVID Lessons Learned So Far
#1 No more excuses. Before this all hit, I had the conversation with many brick and mortars around becoming more remote and it was astonishing all the excuses they would come up with as to why they couldn’t. Most of them said they would if they could, but that statement was followed up with all the reasons they convinced themselves meant that it was not an option for them. Consider the possibility that you place more restrictions in your own mind than actually exist. If (some) of the legal systems can convert to remote operations in the window of a month, we know almost anything is possible.
#2 It’s not about time, it’s about priority. One of the biggest excuses we all make for ourselves is the lack of time. This is a lie; we make time for what we WANT to make time for. COVID proved that for all of us. When faced with more free time on any given day than we’ve had in the last quarter combined, what did we do with it? Some people stood in fear, some people got lost in the “honey-do” lists, but some went straight to work on back-end operations and started exploring technology that would increase efficiency and overall profitability. What you choose to do with your time should reflect your priorities. If saving money and increasing efficiency is a priority for you in your business, then simply get to work and carve out the time you need to do so. Yes, some things will go on the back burner in its place, but you have to weigh the priority against what your goals are.
#3 Embracing technology & change. People talk about becoming an entrepreneur when they took “the leap”. They talk about it like it’s this one giant leap that once you’ve made, there are no more leaps ahead. This could not be further from the truth. Being an entrepreneur is taking leap after leap after leap. Our greatest asset is the ability to be flexible and adapt to change. If you own a business and you don’t do this, you will surely be left behind. The business industry is one that, historically, is slow to change and slow to react. Therefore, those who work in the business sector tend to take on this mindset in their own operations. I can’t tell you how many business owners I come in contact with are still paper-driven and not in the cloud. Those same people probably didn’t make the COVID transition with much success or in a timely manner and therefore, suffered tremendously.
The Benefits of Working Remotely
We have clients who have been working remotely far before the COVID crisis hit. As a result, they were positioned well to continue operations. It’s a conversation we almost always have with the clients we talk with, but one that gets overlooked quickly in most cases. It’s my belief that post-COVID, we’re going to see many entrepreneurs staying remote because of all the benefits:
- Employee retention. 96% of employers say telework has a high impact on employee retention. This is one of the biggest struggles small and medium-sized businesses face. By offering a remote work environment, you now become more desirable to desired talent. 68% of millennials say their interest would surge if working from home was an option. Some people can’t stand the thought of working with this group and believe they are lazy and entitled. On the contrary, this is the future regardless of your view of them as individuals. Millennials can be an asset in terms of technological efficiencies and insight into an ever-changing business environment. Attracting them may prove greatly beneficial to those who utilize what they have to offer.
- Cost savings. By going remote, businesses shed almost all large overhead expenses some of which are monthly rent and utilities, office supplies, and even in wage expenses. From an employee perspective, savings happen in the form of less travel, therefore, fewer fuel costs, and less eating out.
- Higher productivity. Usually, when people think about going remote, there’s concern around their team being productive when not in an office environment. The opposite can be true if this is done correctly. Think about all the distractions that happen in the office. The chats around the coffee bar, employees dropping in with random questions or conversations, and all the other things we find ourselves roaming around the office doing other than work. When in a home office, all of these seemingly irrelevant distractions are eliminated and can add up to more billable time.
How to Work Efficiently in a Remote Setting
Team meetings – The biggest game-changer you lose when working remotely is a team environment that fosters communication. To balance this out, have virtual team meetings at least twice a week to chat about workload, gather feedback, answer questions, and bring the team together to build camaraderie.
Hold people accountable for the work they’re responsible for – In an office it’s easy to see what’s getting done and what is falling through the cracks. Move remote and this becomes a whole new task. It’s a proactive effort to manage work and due dates, and one that should have processes that ensure work is completed timely.
Clarify lines of communication – It’s so important to make sure your team knows how to communicate to you and to each other when working remotely. Develop a system based on priority for all communications. For example, you may have a chat room that can be used for quick questions and answers. You may also have an email which you designate for more complex questions, so they can be answered when time allows.
Leveraging technology – There is software out there for almost everything folks. There is a healthy balance between software efficiency and software chaos. A lot of entrepreneurs like to purchase software as a quick fix then find that it doesn’t mesh well with the other platforms they utilize. Use technology that will create efficiency but also that works well with the platform you already have.
Cybersecurity – Obviously, businesses have sensitive information flowing in and out at all times. This comes with the responsibility of keeping your business and your client’s information safe and protected. When working remotely, you’ll want to make sure your insurance is updated to account for this new “threat,” and that you are using technology that has the highest of data security measures.
“I have come to understand the world will have its way with us despite what we might wish, or once believed.” ~ Ron Rash
Whether you were prepared for COVID or not, it happened. The difference between those who will thrive and those who will be left behind is the mindset they took on in reaction to the crisis. At the very least, you should have come out of this with lessons that you can apply to your business and make it better. COVID is not the first and it will absolutely not be the last event that causes entrepreneurs to pivot, change, and adapt.
Will you be better prepared next time?
Interested in talking more about how you can apply what you’ve learned to your business? Contact us.
