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The Silver Lining: How are you going to increase your business during the corona virus?

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AgainstAllOdds

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One principle that I live by: With any significant event in life, there's a before and after. How things were before and how things are after. The after is determined by how you react to the event and the mindset that you have during event.

The most recent event: The coronavirus. As of now, it's screwing over most of us and sending us into panic mode. But does it have to? Is there a silver lining? If so, what is it for you?

I'll start with my silver lining...

To turn this event into a positive, we'll be pushing new prospects a lot harder. Our main value proposition has been our supply chain - cost savings for the same commodities that these B2B guys are getting elsewhere. The prospect can't increase the volume of the work they're getting, but they can optimize their costs. We're a solution to their bottom line. Also, our problem has never been adding on customers, but having enough supply and growing consistently. We've always hesitated to add on too many customers in fear of running out of stock and sacrificing service. Assuming that the market declines 50%, we'll have the opportunity to 2x our customer list. 80%? Ok. 5x The customer list. Then as the market bounces back, our business will grow naturally without having to add on more customers. Customers that were buying $20k worth will be buying $100k. However much the market drops is an operational opportunity to grow.

For my new location in Texas, we had a virtual meeting this morning. We're launching this month (the absolute worst time to do it). The goal isn't profit maximization right now - it's covering the costs and moving on to set up a new location. If we can get enough customers in that cover overhead, then organic growth will follow. Time to hustle.
 

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biggeemac

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One principle that I live by: With any significant event in life, there's a before and after. How things were before and how things are after. The after is determined by how you react to the event and the mindset that you have during event.

The most recent event: The coronavirus. As of now, it's screwing over most of us and sending us into panic mode. But does it have to? Is there a silver lining? If so, what is it for you?

I'll start with my silver lining...

To turn this event into a positive, we'll be pushing new prospects a lot harder. Our main value proposition has been our supply chain - cost savings for the same commodities that these B2B guys are getting elsewhere. The prospect can't increase the volume of the work they're getting, but they can optimize their costs. We're a solution to their bottom line. Also, our problem has never been adding on customers, but having enough supply and growing consistently. We've always hesitated to add on too many customers in fear of running out of stock and sacrificing service. Assuming that the market declines 50%, we'll have the opportunity to 2x our customer list. 80%? Ok. 5x The customer list. Then as the market bounces back, our business will grow naturally without having to add on more customers. Customers that were buying $20k worth will be buying $100k. However much the market drops is an operational opportunity to grow.

For my new location in Texas, we had a virtual meeting this morning. We're launching this month (the absolute worst time to do it). The goal isn't profit maximization right now - it's covering the costs and moving on to set up a new location. If we can get enough customers in that cover overhead, then organic growth will follow. Time to hustle.
If the government social system doesn't fail, we will be in great shape. Right now, I am focused on keeping my residents happy (long term care) and dealing with social distancing, which nobody likes, and keeping sick employees/people away from us. I have two ladies under my care that I am very concerned about since they are older and quite vulnerable. I am also trying to see into my crystal ball and make sense of what the world and our business will look like up the road.

Thats all we can really do at this point. I am glad that I chose the business that I did. I always knew that a government contracted social service would be one of the "last stands" sort of speak, and now is when that gamble will be tested.

<edit> Gonna keep stacking cash and buy stuff/houses/businesses when they're cheap or nearly dead.
 
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YoungPadawan

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I agree, there is definitely a silver lining to this. The competition will most likely be letting off the gas pedal, so now is the time to work even harder to snag more business.
 

BizyDad

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I run the rare kind of digital marketing agency that doesn't outsource and instead hires local folks for office work.

Silver lining?

A lot of other small agency owners are scared now and want the security of a steady check.

Having been in the game long enough to have survived the last crash, we started preparing processes and plans 2 years ago to hopefully thrive in this one.

That confidence has translated in our hiring. And I focused on bring in people with existing business clients. I told them our plans.

They are bringing their clients. So we are having one our best ever new client pushes.
 

Andy Black

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I run the rare kind of digital marketing agency that doesn't outsource and instead hires local folks for office work.

Silver lining?

A lot of other small agency owners are scared now and want the security of a steady check.

Having been in the game long enough to have survived the last crash, we started preparing processes and plans 2 years ago to hopefully thrive in this one.

That confidence has translated in our hiring. And I focused on bring in people with existing business clients. I told them our plans.

They are bringing their clients. So we are having one our best ever new client pushes.
Awesome. Well done.
 

reedracer

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I also see this pandemic as a new reality. We need ways to have interaction without too much risk. Meeting rooms with cones of silence? Clothes and accessories resistant to spreading diseases, etc.
 

MHP368

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A little separate line of thinking but once this blows over what kinds of businesses would be great? , what were people founding in 2009?

Different sets of gaps in wants and needs will present after this but similarities too of course.
 

BizyDad

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Seriously, everyone is trying to make this thread different than what it is. Your business needs to improve. How are you going to do it?

I am SHOCKED at how few people are on here at least trying to figure that out or share with others how to accomplish this.

This should be the most important thread on the forum. Not just during CV times, but anytime.

There are plenty of threads already on what business could be started now, in the near future, after this "blows over". Take those thoughts to those threads. Here's a couple




What are you doing to improve your business? Come on, post up!
 

Jon L

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I've gone through the panicked 'holy $#&@ my kids are going to starve, and we're going to be on the streets' phase and am getting into 'ok, what's next?'

My first thought was to try to help local small businesses get online. This idea was from something Fox posted. I made some cold calls on this, and the group of businesses that I was targeting couldn't afford more than about $250 each. I like to eat more than just rice every day, so that wasn't a good plan. (My business is focused on high-touch, detailed projects. Not that I can't switch to doing something in high volume, its just not something I prefer)

My next thought came when I listened to a couple podcast type things. One from here, and another from a sales guru I follow. There are businesses out there that are well-capitalized that are going to use this situation to thrive. My goal is to find them and help enable them to succeed.

I'm realizing that my skill isn't just custom software, rather, my primary skill is business consulting. Custom software is just the method I use to implement the things my clients need.

There are a few projects I'm pursuing, some from this forum, so I can't share details. But, various people have contacted me either from the forum or from outside enquiring how I could help them implement systems to help serve their customers virtually. Its pretty exciting.
 

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AgainstAllOdds

AgainstAllOdds

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Silver Lining #2:

Accounts receivable going down. Calling clients and telling them that ports are getting closed - that we're trying to bring over whatever product we can before it's impossible to bring anything else over. We've provided a good service to clients, so now they're understanding and paying out.
 

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