Benefit each week from the many regular conversations I have while mentoring businessowners across the nation. Every Monday, we boil down all these conversations, then we take stock of 3 easy-to-deploy steps you can put to work when you own a business, small or medium-sized, in any industry. How can you be part of the conversation? Hit me with a short email.
This week in politics, we have the inauguration. And the totalitarian appearance of it all. While we’ll probably talk about this topic later in the week, friends of mine in DC have said that it looks more like an occupied third world country than anything else. For my organizational leaders, what we’re witnessing should scare you. And scare you an enormous amount.
Although we’re already far, far deeper than the worst parts of the 2008 crisis, the economy is losing steam again. And this, even though all the steam it had for the past year was based on government money, indicating that there was zero recovery. Now that we’re in January, you can see how more people are coming to terms with how we’ve pushed ourselves over the cliff. Even if they get those next aid checks out to the public, don’t expect this first quarter to be a stellar one for most industries.
In culture and society, regular people seem to have grown incredibly apprehensive about what’s going on. And it’s happening on both sides of the aisle. Whether they truly understand or not, they’re talking. And from my private conversations, only the very daftest people don’t see that things have gone seriously wrong in every part of our society. While I try not to sound alarmist, it’s blatant that people feel very exposed to an openly failing but equally corrupt system. So, expect some serious moral hazard in the short-term.
3 Key Actions You Can Take to Strengthen Your Business This Week
- Determine which parts of your business or organization are less profitable
If the national data is any indication, this next round of economic aid, including PPP loans, will have little effect. It’s time to draft up which activities in your business are the least worth it, in terms of profitability. Even though I’m loath to say it, you need to put together a list of which staff you can do without, if you have any, and prepare accordingly.
- Dial in this high-reward marketing idea for a possible bang-for-your-buck
Even given our economic situation, don’t let your marketing languish. One of the easiest ones to implement right now is to take advantage of all those New Year’s resolutions. Right now has been just long enough from the beginning of the year for people to be facing challenges with them but not to have forgotten them. Take advantage of that to offer yourself as a solution, where applicable. But make sure you customize your messages appropriately. For a little more maximization, focus on your most loyal customers in this realm for a possible lower cost but higher conversion.
- Take a temperature check from your New Year’s pep talk
I’ve always liked to do temperature checks once a month, whether in business, non-profit, or civics. These brief 10 minute check-ins are meant to be casual conversations that give staff a runway to share what’s on their mind. Recently, we talked about a New Year’s pep talk for you or your staff. And now’s a great time, if you have staff, to check whether your words had an effects and how they’re feeling. If you’re still solo, doing an internal temperature check on where you are mentally can also help.