Business Crisis Management Advice During Coronavirus (COVID-19)

Business Crisis Management Advice During Coronavirus (COVID-19)

Entrepreneur Life: A Message to My Younger Self

Chris Michael Harris, Executive Producer

6/29/2020

One of the most critical steps that every entrepreneur must take right now is to believe in themselves and their business. If you lack the confidence to go through this crisis, then you’ll most likely fail.

Another step is to sharpen your focus even more. Finetune your business plan in one or two pages.

Make sure to include the details on who your customers are, what do you do for them, and what are the finances of your business. It’s also important to include details on who pays what for how much for how long and how much do you make?

Simplifying your business plan, even more, will keep you busy at least for two weeks.

For entrepreneurs who are building their business online, you have to be transparent. Otherwise, your audience will see right through you.

Bill was vulnerable with his clients, and most of the time, they will offer something that they’re vulnerable about in return.

However, at what level of vulnerability should be expressed when somebody runs a local business and can’t be opened during this challenging time?

In a business-to-customer (B2C) environment, you should go all out, especially if you’re appealing.

In a business-to-business (B2B) environment, it’s quite different. Competitors could pick up your vulnerability, and customers might misunderstand it, so engage in recurring revenue contracts. Check-in via phone or video call.

Deepen your relationship with your clients. People are going to establish a more deeply rooted affinity for your service if they felt they were with you during their time of need.

How to let customers know you are
experiencing a crisis

Learn to disassociate your ego like saying no to a customer. Just because a customer asked for it doesn’t mean you should do it. To say no is an excellent problem to have.

Everybody has a more significant business, for instance, Musk versus Bill Gates’ value. It’s more than enough. You could always find somebody bigger, better, faster, richer. We all have some friends that are wildly successful financially. Are they wildly successful in life? There’s no correlation.

Choose to live every day and love it. And not work too much. So the ego is something that can be dangerous. It can be in confidence.

Focus on profitability, not popularity, because a lot of the people that look popular online. So, change the lens by which we’ve used successfully and who we measure ourselves up against.

What are your personal core values? Being aware of those is essential and helpful in growing your business.

How do you compare your values to your competitors?

To have no competitors means you don’t have a business. You’re in the wrong industry. You can look up to your competitors, try to catch them, and lead them in some areas. That’s the strategy part of that trilogy.

What are your personal core values, and are you giving up any of those for this business? And if the answer is yes, then change the business.

If you have a job, you should probably find a different job if it’s impinging on your core values. And for you to live your life according to your values, you have to compromise. Like have a bigger team and give up some of the income or some the asset value to do it. That’s a fair trade-off.

How to navigate debt in a crisis

Have the leverage in that equation. Debts will be coming after you, and you have that ability to say, I can’t, but you offer what you can do and kind of work with them.

Figure out how to deal with those credit card debts and ignore the collectors. Go right to the source who owes you the money.

I am assuming that it’s about debt collections and loud noises or loud disguises. When someone demands something, pause for two seconds and then say, how am I supposed to do that?

People don’t like hearing no, but by saying, how am I supposed to do that?

You give an impression that you want to pay, but you lack the fund, and you don’t even know if the business will still be here for a year. Walk them through the whole scenario.

Whether or not you were liable for it. It’s almost to the point people get so loud that it can be emotionally daunting.

People act irrationally, and collectors might’ve bought the debt for 5 cents on the dollar, and they just want six. They’re not going to tell you that. If you say, this is all I have—the last resort.

If you haven’t done anything wrong, you have nothing to worry about. The business notes are very aggressive. They’ll threaten to trash your reputation, which is illegal, then do a settlement agreement.

Photo by Andrew Neel on Unsplash

The importance of coaches, mentors, peers in a crisis

Find somebody that can provide mentorship that has wisdom beyond your years.

Having a mentor who believes in you like the person and the entrepreneur and that you would find success again will set you free from the feeling of being trapped.

Open up and acknowledge that there needs to be changed in your life to be better. Succeed in changing the things that need to be replaced.

Also, peers can help you in times of need. When Bill woke up from his skiing accident, the peer group that he was in was with him.

They walked him through his ordeal, his divorce, but he was also with his peers when they rang the bell of the stock exchange. They did a lot of profound things together with people he doesn’t compete with. Business is business.

Managing Capital in a Crisis

You have to grow our business and then deal with whatever capital means are available. As entrepreneurs, our jobs are people, strategy, and cash. If you pull out one of those legs, the business falls.

Now is an excellent time to decide whether or not you should pull the plug on your business.

How can you move the business forward?

Stop reading the news. Even if there wasn’t a pandemic going on, stop reading it. 

Stop reading economic news for your market. Customers are facing things but just stop reading the rhetoric. It doesn’t matter which side of the aisle. It’s all negative. Please don’t give it that energy.

Focus on what avenues you have to get your business there. 

It does not matter if the company is not significant, as long as you know the exact problem you’re solving. What’re one or two levers that the customer wants the most? And how can you double down on those? 

If you can’t, maybe you shouldn’t double down, but if you can, then go all in. 

Managing Family Dynamics in a Crisis

Share your business woes with your spouse or partner because if you don’t, it will bother you for a long time.

I went through some difficult times in my business, and my wife, Kim, was there for me. She also started a business, and we made it work together.

Put your ego aside because you won’t know if you’re going to have any money next month until you reach out and ask for help.

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Productive Day In My Life

Productive Day In My Life

Productive Day
In My Life

Chris Michael Harris, Executive Producer

6/26/2020

Setting boundaries are the greatest gift that you can give yourself as an entrepreneur. Boundaries are freedom.

So we often think if we’ll create the business and then we’ll be free. What usually happens is that we work a lot harder for a lot less return initially upfront. 

When we get to the point where you’re scaling in your business, that’s a different story. But Theresa thinks we use the drive and excuses of, “if I don’t do it, who else is going to do it, “or “nobody’s going to do it the way I will” because that perfectionism gets in the way and we think everything has to be just right. 

We don’t set any boundaries. Therefore every opportunity looks like an excellent opportunity. We don’t say no to anything. So, we take action all over the place, but there’s often not a target we’re trying to hit. 

What does success look like?

“I’ll be successful when.” , “I’ll be happy when.” And it’s never, “I’ll be happy now” and “enjoy what I have now” because that was the most significant part of the struggles that

Theresa was having in her own business. And that what she finds with her clients and with other entrepreneurs that she speaks with is that they’re so focused on the next thing that they don’t enjoy what they’re going through right now. 

When you’re always looking ahead, you never appreciate how much you’ve actually grown.

So if you take a minute and just stop and take a breath when you’re feeling frustrated, or you know, if you just worked a little harder, maybe you could get over that hump that you’ve been trying to get. You could just hit that, that revenue goal, that dollar amount.

We don’t look back when we’ve missed the target. We don’t look back and say, “look how far I’ve come.” And we don’t take time to celebrate those things. And that’s critical to helping you a boost to move forward when you’re in challenging times, also giving yourself permission to like fall flat on your face and look and say, “what lessons can I learn from this? What can I do differently?” It goes deeper than that. That feeling that you always need to prove yourself internalizes too.

“I’m not good enough.”

Therefore, how can you prove you’re good enough? Money is one of those ways. There are quite a few people whose motivators are money. It’s great that you’ve been able to make it work.

Several entrepreneurs can’t quite get there because they’re so focused on the money. They can’t see anything else. And therefore they’re missing the mark constantly. So there’s that dynamic as well.

When you’re stuck in the “I’m not good enough.” You’re holding yourself back even if you made it to seven figures.

If you got rid of that and you just did the work on its own merit because you enjoyed what you were doing and were happy in your life, how much more success could you have?

Of course, success looks different for other people. Sometimes you can see a new path because the right mentors come into your life, or there’s somebody that you admire that it seems like they’re happier than you are.

With super high achievers, it comes down to like control and then accepting that not everything you control is a myth.

We’re actually in control of very little.

It’s really about being honest with yourself, the most critical thing that we can do for ourselves as entrepreneurs is give ourselves time to think, create space. That’s a big part of productivity. That’s where it starts creating open space to just think, “am I where I want to be? Is this what I want life to look like?”

It takes the amount of a certain amount of courage to spend time thinking and looking inward because e always look for the answers outside of ourselves, and the answers start inside, and it starts with you, and what you want to create for yourself. And then all the other circumstances will begin to change around you, but it doesn’t come overnight. 

Theresa’s journey took years. It didn’t start in a snap because that never works.

When we try to change too many things at a time, we fall flat on our faces. It begins with one small change at a time. And it’s just like the 1% that you can change and tweak and do better, but it starts on the inside.

The more you look for external answers, the longer it’ll take you to find the right ones for yourself.

 

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How To Lose Your Stress In Under 3 Minutes

How To Lose Your Stress In Under 3 Minutes

How To Lose Your Stress In Under 3 Minutes

Chris Michael Harris, Executive Producer

6/24/2020

We live in a world that constantly requires more—more of our time, more of our effort, more of our commitment. And we somehow always find a way to do it all because that’s what life requires. That’s what success requires. That’s what friendship and relationships require. And that’s what family requires.

But, just for a minute…

What if we stopped?

Stopped to remember why we do it. Stopped to be grateful for what we have instead of focusing on what we don’t. Stopped to love the people in our lives instead of living in frustration. And stopped to get back in tune with our purpose.

Remember the people we serve and the lives we touch through the work we do.

Stress is real. It’s not about pretending your problems aren’t there. It’s about recognizing that you’re going to figure this out, like you always do. Things are going to fall into place.

The world is going to continue. We’re going to see brighter days again. You don’t do what you do because you HAVE to.

You do it because you love it. You do it because you want to build a legacy you can be proud of. You do it because your world, your people, are trusting you to be everything you can be.

They believe in you, even when you slip. And suddenly, just like that, you’ve awakened inside, full of purpose, full of passion, ready to take on the world.

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Entrepreneur Life: A Message to My Younger Self

Entrepreneur Life: A Message to My Younger Self

Entrepreneur Life: A Message to My Younger Self

Chris Michael Harris, Executive Producer

6/17/2020

To my younger self,

I’m going to tell you about your future and what you’re going to do with it. I know you’re trying not to hear anything from anybody. I know that a lot of this silliness that you’re doing and the things you’re filling your life with is your attempt to find happiness.

So what if I told you in the next four years, you’re going to make your first million dollars?

It’s going to be hard. I know how much you hate homework, but I’ve got one for you. I know you’ve paid people to do your homework so you can flip cars and clothes, but pay attention.

Always put your hubris aside. You don’t have to know everything right now to be successful. You just have to keep learning and growing. It’s not about being great but about being good every single day.

Find some mentors, learn what success looks like for them, and ditch your friends. You guys party and have a good time, and I know that deep down, you hate it. There’s something more for you in the world. You just don’t know what that looks like yet.

There are people out there that think as you do. Find them. Hang out with them. Associate with them and grow with them.

Learn, learn, and learn. Lean into that hard work and determination. Sometimes you have to roll up your sleeves and figure things out.

Remember, it’s not about perfection, but it’s about progress.

Lastly, success and happiness are not destinations. You’re going to make mistakes. It’s going to feel like you’re alone. All of the people you respect and admire have gone through it.

Te work that you’re going to be doing in the world requires you to push further than anybody else, even if it means falling flat on your face sometimes. When that happens, forgive yourself and keep pushing those ideas.

You have big, wild ideas that people just don’t see; the way you see them. Don’t lose the way you see the world, even if people don’t understand. It’s an amazing gift, so cherish that.

One more thing, dude, I love you. And I’m proud of you even with your current style choices. I’ll see you on the other side.

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Coronavirus Small Business Warriors

Coronavirus Small Business Warriors

Coronavirus Small Business Warriors

Chris Michael Harris, Executive Producer

6/16/2020

As business coaches, the first thing that we’re seeing the challenges that a lot of people are facing, especially nowadays, when we’re all going through a pandemic.

So many businesses are trying to adapt. It’s one thing to go through a challenge on your own. It’s different when other people are going through the same thing as you at the same time.

Government officials have recently advised businesses, especially those in the food industry, to start accepting dine-in customers, but the groups shouldn’t be more than 10. You have to maintain social distancing.

The hardest part is making your employees feel secure in some way. It is weird, but at the end of the day, you’re thankful that your business is still viable right now.

It’s never going to be the same as it was. There’s a new normal that will define itself over the next period. You have to strike a balance between your physical establishment (if you have one) and then your new working setup, which is now at home.

You have to think about strategies that will create a cohesive company-wide synergetic situation so you and your team members can maximize what you can do.

Don’t get hung up on making the right decision because there are no right decisions right now. Nobody knows what will happen in the next few weeks or months. It might get better, or it might get worse. Just decide what you think and feel is the best at the moment.

Part of leadership is making top unpopular decisions, and no one will be thrilled with the output of this thought process. We need a set of rules by which we’re going to make these cuts that we can defend, and we feel as good about as possible.

It would help if you keep yourself in tip-top shape, physically, mentally, and spiritually. I know the current events can be draining, and anxiety quickly creeps up on you. You have to be mindful of the information you’re consuming. Take a break from social media if you need to.

The critical thing is knowing what do you and your business need to do forward. And this is something that I think made people more aware than ever.

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The ONE Online Marketing Advice You Need | Jay Abraham

The ONE Online Marketing Advice You Need | Jay Abraham

The One Online Marketing Advice
You Need

Chris Michael Harris, Executive Producer

6/10/2020

I believe most people don’t appreciate, understand, and respect their market.

I think I was gifted in one respect. I had great empathic appreciation and intrigue for the mind and the passion and drive of an entrepreneur.

So I was very focused on understanding, examining, appreciating, exploring what drove them, their hopes, their dreams, their values, their definitions, and it gave me a much higher empathic connection.

I believe that you have two paths you can take: superficial and genuinely engaged. When you say engagement, the normal reference definition is your audience engaging with you.

I think the opposite is what you need. You got to be willing to engage authentically with them, and you can’t do that just throwing crap out.

If you take the time to immerse yourself in a profound connected exploration and examination of the market, you serve hopes, dreams, values, drives, goals, references.

Two things happen:

ONE. You’ll be able to relate to them in such an authentic way. 

TWO. That authenticity will bring three or four advantages. It will bring much more response. Whether it’s leads or initial purchases, it’ll shorten the timeline. It’ll build rapid and more immediate trust and make people gain more out of what they bought from.

You have to have a genuine and authentic desire to be deeply and permanently connected to your market. 

What we defined in the strategy of preeminence is that you want to be their most trusted advisor in whatever category you suit for life.

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