This pandemic has many of us remembering the shock and response to 9/11: both unforeseen events have changed the way things happen in our world.
Barbara Corcoran, millionaire real estate broker and Shark Tank star learned a few lessons after nearly going broke after 9/11. “When things go south, they often come back like gangbusters.”
The coronavirus is causing uncertainty and instability for everyone. Here’s Corcoran’s advice:
Take advantage of the silence
When there is a business-halting crisis, there tends to be a long silence. It’s natural to feel paralyzed during this time. Perhaps your business as you knew it no longer exists. But you have more control than you realize. Don’t sit quietly and wait for the economy to bounce back – prepare actively for it.
Use this lull to think about the future. Who will your future customers be? Should you clean up your website and social media?
Start negotiating future deals
This crisis will end, and savvy businesses will survive. Even if it’s hard to think ahead when you’re worried about paying rent today, start working on tomorrow. When the uptick happens, you’ll be ready.
Look for opportunities to solve problems for your clients. You want to be remembered as a hero when the dust settles.
Make a quick pivot to keep your current customers
Can you find a way to uncover unmet needs your customers have? Act quickly, adjust and get up and running. Reach out to each of your clients directly. Do it before they start dropping off. It’s hard to solve a problem only to discover they’ve left you.
Resourceful businesses have already started this. Restaurants are offering take-out, brick and mortar shops have opened online stores and yoga studios are doing classes on Zoom. A pivot might be enough to make ends meet and stay top-of-mind for your customers.
It’s unknown how the coronavirus will change the economy in the long term, but Corcoran is sure it will come back. Problem solve and plan for the future while others are waiting, you may be perfectly positioned to come back stronger than ever.