Right now, most businesses/entrepreneurs are faced with mounting economic uncertainty – the likes of which they’ve probably never encountered before, unemployment is soaring, and stress and anxiety levels are sky-high.
This pandemic – a true “once in a lifetime” situation – is terribly sad, and something I know all my Self-Made Nation folks are taking as seriously as I am.
But I wanted to talk about something that’s been weighing on me lately – the notion that if your business CAN stay open, or you have products to sell that would actually benefit people going through this horrible time, that somehow that makes you…I don’t know…a lowlife, for lack of a better word.
That’s why I wanted to talk to Ottawa-based Robert Hill, owner at commercial office furniture company Nua Office Inc. Their company ethos is built on strong relationships, and helping clients succeed based on listening, building trust, and transparency.
He’s a firm believer in doing whatever you can to keep making money during this chaos. To help prop up the economy. Obviously, DON’T hoard toilet paper and hand sanitizer and sell it to people at a massive markup!! Don’t be that guy! But, if you can, definitely keep working.
- Don’t be apologetic about it.
- Don’t worry about the possibility of negative feedback.
- Think about ways you could pivot your business to provide value during Covid-19
Keep the Economy Moving – if You Can!
No one’s playing down this pandemic and the impact it’s having globally. It’s a terribly sad situation. BUT, it’s also terribly important that we try and keep wheels turning and the economy moving during this period of uncertainty.
As Robert talks about in the podcast, it's actually a disservice to hold back from providing strategies and/or services because of the fear of negative backlash. Instead, remember that if you can stay open, you’re one of the lucky ones!
And every single person that stays employed is a person who isn’t going on employment, is not being paid by the Canadian taxpayer.
The key consideration here is safety first. Always. And if you had to lay people off due to health risks, you’ve made the right choice. Lots of companies right now just don't have the cash flow to keep paying people to stay working. But make sure there's a company for them to come back to in three or four months!
Staring Into the Cave
It’s ok to be cautious too. He shared a funny story that spoke to the more cautious among us just might be better survivors! And that, my friends, is pure evolution. I’m paraphrasing him, but it goes something like this: paraphrase basically what's happened over the course of time, is that, people with more cautious approaches to things are the ones who survive because way back in the day, the first two cave men stumbled upon a cave. And one thought, “Man, let's go in there, it’s perfect!” And when everyone thought about that, that first guy runs in there and he gets mauled by a dinosaur, and the other guy runs back to camp and goes “Oh my god. Don't go into the cave!!”
I think we’re all kind of facing the cave these days. We don’t know what’s going to happen, or how this is all going to shake out. Take care of yourself, and your business connections. Reach out to people. If there are parts of your company that can remain functioning while other parts can’t, then just do the best you can.
Make prudent decisions and lean on the government if you need to for loans/unemployment and stuff like that. It's a very dynamic situation. But you have to keep positive.
If nothing else, keep as positive as possible. Help each other out. Find ways to manage stress. Connect with others virtually. And yes, work if you still can. With no shame.
Listen to I'm A Millionaire! So Now What? In Podcasts.
https://itunes.apple.com/ca/podcast/im-a-millionaire-so-now-what/id1432211995?mt=2