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Oct 13, 2020 Raymond Huan (0)

The negative impact of the global pandemic is felt by businesses large and small around the world. To keep afloat, many are looking for ways to not just stay in business but also to find more business.  

In this video, I explore three ways that you can start doing today to set you up for increased sales.  

Covid-19 has brought economic challenges across the board, forcing many businesses to find ways to stay afloat. Some businesses have opted to do the #COVIDPivot, which I discussed in a previous video. Essentially, the #COVIDPivot entails developing a new business model, introducing a new product, or finding a new market. Doing any of those three may help you get more sales.  

But what if this doesn’t apply to your business? Or, what if I’ve done that already, but it isn’t working as I had hoped it to work--what else can you do? Or how else can I supplement my other efforts so that I can bring in more sales? 

Here are three things that you can start doing today, or more of today, to help you bring in higher revenue or turnover for your business. 

  • Reach out to your customers, or potential customers.  

If you haven’t reached out to your customers since Covid-19 hit, it is best to do it now. Many businesses do this.  

Talk to them about how you are doing, too. Were you affected by the crisis? How are you affected by the global pandemic? How has that affected your ability to do business? How has that affected your employees—and what are you doing to help your employees? Continue the conversation by telling your customers how you plan on moving forward—and how you would like them to move forward with you. 

And once you continue with this conversation, you’ll find that you’re not only building trust between you and your customers, but you are also building and nurturing a community around your brand, just as I discuss in the video on how to build a community during the age of social distancing (link forthcoming).  

  • Develop your distribution channel. 

Part of the reason for reaching out to your customers is understanding their pain points. One of the challenges that consumers experience during the pandemic is finding ways to purchase goods and services as a result of community quarantines and lockdowns imposed by governments to curb the spread of the coronavirus. This resulted in many businesses operating in a limited capacity, so getting goods and services to customers became a challenge. 

So when you get to reach out to your customers, ask them for feedback. Would they prefer that you deliver to their doorstep, instead of buying in-store? Would they prefer that they order online instead of purchasing in-store? Do they want these changes only in the short-term, or do they want these options available to them permanently? 

The global pandemic is said to affect normal as we know it—and many things, including consumer lifestyles, will change permanently. And so the immediate need is to understand how your customer’s lifestyles will change and how you can address these changes so that you can keep up with their wants and needs. 

  • Develop complementary or supplementary products or services. 

Many businesses had to turn to digital marketing when governments ordered lockdowns and community quarantines. To supplement their limited offerings and to ensure that they can keep in touch with their customers, many of these businesses offered webinars or online training classes. Some of them were offered for free, like Single O Café, who offered short classes on their social media accounts. Some bundled these classes with their offerings. 

Asian Mint, a Thai restaurant in Texas, USA, had to quickly pivot and create a new product when the state of Texas ordered the closure of dining rooms to mitigate the spread of the coronavirus. Asian Mint offered cooking kits to allow their customers to cook some of the restaurant’s favourite dishes in the comfort of their own home. Each kit contained raw ingredients and instructions on how to cook each dish. As a complement, they also offered free virtual cooking classes, which they streamed on their social media accounts, to help customers learn how to cook their kits. The restaurant also opened their pantry where their customers can source additional ingredients. 

Some vineyards offer wine tasting classes. Wineries would send in bottles of their wines and a link to an online virtual class. Other wineries would partner with restaurants so that they can offer cold cuts and cheese and offer a class that discussed how to properly pair wines with dishes.  

What I find very interesting during this global pandemic is how businesses are responding to the challenges that it brought about. Many business owners are creating their own disruptions and finding different ways not just to stay afloat but also get ahead of the curve.  

If you are interested to know more about what a business has to go through when facing exponential growth, you can download the first chapter of the book, ”$20K to $20 Million in 2 Years” absolutely free here. The chapter talks about the differences between a good and a great business and puts out questions that make you consider how you can turn your business from good to great. 

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While the global pandemic has disrupted economies and industries around the world, many small businesses are fighting back by pivoting and creating disruptions in their own market. What emerges are inspirational and admirable examples of how businesses can respond to challenges that are outside of their control.

In this video, I talk about three small businesses, how they pivoted and adjusted their businesses, and how they took advantage of the changing needs in their respective markets during the Covid-19 pandemic.

The global health crisis has brought about sweeping changes in how we work, where we eat, where we go, and how we go about our daily lives. While many have been negatively impacted by the pandemic, there are some businesses who have been able to turn things around and make the best out of this situation.

This is exactly what three businesses—Single O, Walks, and Education Perfect—did. In what is now known as a #covidpivot, these businesses have been able to create a new business model, a new product, and a new market for their business, respectively.

New business model: Single O

Founded in 2003, this café based in Sydney serves customers with ethically sourced coffee. Before the global pandemic, they operated three cafes, a stall at a local farmer’s market, an overseas branch in Tokyo, and also a thriving wholesale business.

When social distancing restrictions were imposed, they immediately switched to a takeaway model. More notably, within 48 hours, they created a special blend they called “Stimulus,” which was meant to give people a “caffeine hit and a boost in productivity” because they wanted to bring something uplifting to an otherwise difficult situation.

They didn’t stop there. They added a pantry that sells like butter, eggs, and flour because they knew that supply of these essentials would become an issue. They also started making restaurant-quality ready-made meals; vacuum packed for people to enjoy at home.

They also partnered with their wholesale customers in a program they called “Kickback,” where their customers earned 30% in coffee credit if they ordered directly from them, thereby creating an incentive for customers to come back and order from them again and again. They also launched “Parachutes,” ready-to-go, single use bag of coffee grounds. They’ve also partnered with new businesses and hosted brewing masterclasses on Instagram.

They are still innovating. They are redesigning the café customer experience for the post-covid new normal. This includes, among others in their pipeline, the world’s first self-service batch brew tap system.

New product: Walk’s Tours from Home

Founded in 2009, Walks is a tour company that offers walking tours of cities in Europe and the USA.

The travel and tourism industry is one of the worst-hit industries in the world. To support Walk’s guides, to keep their customer base engaged, and to nurture brand awareness, the company launched Tours from Home, a virtual city walking tour where guides, chefs, and storytellers engage their customers in the comfort of their homes.

According to their website, these special “Tours from Home” feature limited time only content covering topical, provocative, and fascinating subjects not generally covered on existing Walks tours. While these tours provide an entirely different experience, these provide measures to help keep the company afloat, support their partners, and continue to engage their customers.

New market: Education Perfect

Based in New Zealand and with offices in Australia, United Kingdom, United States, and Singapore, Education Perfect is an education platform that claims to “enable transformative learning and learning experiences for lifelong learners.” They offer education platforms for home, school, and work.

As schools physically shut down across the world and learning moved to the home, Education Perfect grabbed the opportunity to push its platform to new markets. They offered free licenses for institutions in Asia at the beginning of the outbreak, which they allowed  schools to use until May. They expanded their offering worldwide as more countries were forced to lockdown and keep people home.

In the process, they were able to sign up more than half a million users in over 100 countries.

Single O Café, Walk’s Tours from Home, and Education Perfect are just some of the many businesses around the world that have adapted in response to measures introduced during the pandemic. This is by no means an exhaustive list of business models that have emerged. Do you know of other businesses who have successfully pivoted? I would love to hear these stories, send me an email, and let’s chat.

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The most common productivity advice is to begin with the easiest tasks first and then move to the more difficult ones. This is to help create momentum to push us to become more productive.

But is it really the most productive way of tackling our to-do list? In this video, I explore what productivity experts are saying and why doing what is contrary to the commonly held advice might lead to better productivity.

People tackle different types of tasks every day. Some tasks are more important than others. People make decisions on what tasks to tackle first in their daily to-do list. Some tasks are easily accomplished, and some are more complex and take a bit more time.

As we go through this list, we make the very conscious decision on how to prioritize the tasks so that we can get as much done as possible. The goal is not to appear busy—the goal is to be productive and to get as many tasks ticked off the list as possible.

The question now is, what is better for productivity? Do we tackle the easy tasks first, then proceed with the more difficult, more complex ones later? The short answer, according to productivity experts, is to address what is difficult first. Doing so is better for the long term.

Now you might ask: if the goal is get as much done as possible, why tackle what takes a long time to do? Let’s take this step by step.

We already know that tasks aren’t created equal. If we go by the urgent-important matrix, more commonly known as the Eisenhower Decision Matrix, there are 4 kinds of tasks.

  1. Tasks that are both important and urgent
  2. Tasks that are important, but not urgent
  3. Tasks that are not important, but are urgent
  4. Tasks that are neither important nor urgent

How do we prioritize these tasks?

Productivity experts say that if the task is …

  1. … neither important nor urgent, you should stay away because these are distractions.
  2. … not important, but urgent, you should delegate to someone else.
  3. … important, but not urgent, you should do this later.
  4. … important and urgent, you should do this immediately.

To understand why we should focus on the difficult tasks first over the easy ones lies in understanding the last two tasks. Important but not urgent tasks are usually tasked long-term tasks, while the important and urgent tasks are short term tasks.

However, we also need to be mindful that some tasks become urgent today because we didn’t plan out for or didn’t accomplish them yesterday or last week or last month or even last year, when they were clearly not urgent.

The problem with prioritizing urgent tasks today is it makes us more reactive, than proactive. I will acknowledge that there are some factors that are out of our control that contributes to the urgency of some tasks, and so we need to focus on these urgent and important tasks immediately. But the context of our discussion is on the important tasks that we have set aside because they were not yet urgent at that time and because they were probably difficult and complex that we decided to put it off for another day.

Why do we do this? Why do we favour the easy over the difficult?

We tackle them first because they are easy and getting these tasks out of the way gives us a sense of accomplishment—we get more done in half the time. The problem is when we hide behind these tasks because we are procrastinating on the more important and more complex tasks—focusing on the easy tasks now become counterintuitive. We think we’re accomplishing more, but it takes time away from tackling what truly matters.

If you feel that this is you, you are not alone. A lot of us do this for many reasons. One significant reason why we put off the difficult but important tasks is that it takes us more time to do, and we’re more likely to make mistakes in the process vis-à-vis doing what is easy.

So what should we do?

The first thing we need to keep in mind is to focus on what is important. You don’t necessarily need to ALWAYS choose the difficult over the easy—but you need to be conscious about what is important for you and your business both in the short term and in the long term. Then find a balance so that you can address both needs.

You also need to change our mindset about how much time it takes to finish a difficult task. Yes, it takes more time than usual. Yes, we’re likely to make a mistake or two (or even more). But don’t think of that extra time as a wasted resource. Think of it as our time investment towards learning the task. Mistakes are great teachers—and if we learn our lessons well, then we’re likely to do better as we progress in the task.

If you are interested to know more about what a business has to go through when facing exponential growth, you can download the first chapter of the book, ”$20K to $20 Million in 2 Years” absolutely free here. The chapter talks about the differences between a good and a great business and puts out questions that make you consider how you can turn your business from good to great.

Read more >

With many of us encouraged to stay home in this new normal, Daymond John of Shark Tank urges everyone to "take the time to reinvest in yourself" while working from home. In this video, I explore what you can do at home to reinvest in yourself.

In the beginning of the global pandemic, governments around the world introduced community quarantines and lockdowns to help contain the spread. Activities were limited to just essentials: picking up supplies, outdoor exercising with stringent social distancing rules, essential work and operations, and emergencies. In some places, the spread has been largely contained, and this has led to the easing of quarantine and lockdown measures.

Nevertheless, things seem far from normal. In fact, many experts claim that the pandemic has introduced a “new” normal that we are likely to live within at least the next year or so.

With many of us encouraged to stay home in this new normal, we have found an abundance of time. Time saved from fetching our children from school, commuting to and from work, even from going out for social events. Some of us have utilised this time to sleep in, to rediscover what cooking is like in the kitchen, and some of us have discovered the joy of Netflix.

However, I would like to encourage you to explore what you can do at home to invest in yourself. There are many good reasons to explore learning at this time. In the short term, and particularly during this time, learning may help our mental health.

As discussed in a previous video, exercising your brain puts you in a position of being in control and lessens feelings of helplessness. In the long term, lifelong learning helps you be a better business owner, a better boss, and a better person overall, as I discuss in a previous video on how being committed to lifelong learning makes you a better business leader.

Before I begin the discussion on ways that you can invest in yourself, I’d like to introduce a caveat. Productivity experts say that this is a good time to explore learning options when you can. The pandemic is a good time to explore learning options when you can. Let’s acknowledge that some people are weathering the pandemic better than others—and self-investment has many forms. This is why this discussion about investing in yourself is not limited to just learning options.

So how can we invest in ourselves during this pandemic? Here are three things that you can start with today:

(1) Take online classes or read books

There are several being offered online. Other workshops and seminars have also been converted into online classes. There are also courses that are offered for free, such as those offered here and here. Many of these courses are also offered by Ivy League School professors in the United States.

If you can’t take classes right now, maybe you can start reading a book. Bill Gates, Warren Buffett and Charlie Munger are all voracious readers—and they all associate reading to their success in business. This is the perfect time to read a book or books that you’ve always wanted to but never had the time for. If you need more books to read, here’s a link to some free ebooks.

One of the leading advantages of online learning is how it benefits careers and businesses. Many of those who have taken certification courses online have enjoyed career advantages and professional benefits as a result of taking these courses. Online courses improve knowledge and develop technical skills—and because many of these online courses provide certification at the end and gives the impression that you are committed to learning and development.

The upside is that you take these online courses at your own pace and right in the comfort of your home. No commutes, no fixed schedules, and all at your convenience. Many of these are short enough to only take up a couple of weeks at a time, with a time investment of an hour or so per week.

If you’re worried about the cost, many courses online can be accessed for free, but the downside is that sometimes you don’t get the certification. However, if you find the online course to be relevant and of great interest to you, you can always upgrade to a paid access at any point of the course. This gives you the full experience and certification at the end. All that is required from you to begin is go online and sign up.

Personally, I have found that by paying for courses, I tend to be more committed to completing it as I have invested my own funds into it. It also forces me to choose the courses I take carefully. And who benefits from this? I do! You, too, can benefit from following this strategy, too.

(2) Connect with your community

Most events, including networking events, have been cancelled or postponed. Many of them are moving online. Maybe your community has already organised one—or perhaps you can create one and build your own community.

You can set up a Facebook Group and invite the people you know to join—and then maybe, you can also ask them to invite people in their own network to join. Let’s use technology to network and connect with people.

Remember, in business, it’s not just what you know but who you know that matters. The people you meet in these virtual groups may eventually become your suppliers, your clients, or even your partners. They may be people who can provide you with assistance and support—and vice versa.

If you are interested to know more about online networking groups, send me an email, and I’ll share with you what I have.

We don’t know how this new normal will pan out in the next few months or years—anything is possible, and so we take every opportunity that we can to adapt and move ahead.

(3) Invest in your well-being

Remember, when I said that there are many ways of investing in yourself? This is what I mean.

You do not have to push yourself when you feel overwhelmed during this period. While it may seem like a very conducive time to learn a new skill for many, your own circumstances may be different from others. We are in a global pandemic. Maybe you've been working hard all of these years, and you never had the time to focus on yourself. Reinvesting in yourself may mean something else—such as taking this time to rest and focus on your own health, physical, mental, or otherwise.

Quarantine rules encourage exercising--so maybe stepping out for a quick walk or run will do wonders for your health. Many successful entrepreneurs put a priority on their health and block time for exercise in their daily schedules. A healthy body nurtures a healthy and sound mind.

Some people have also started journaling. Journaling has been proven to be beneficial for your mental health as you start to describe how you feel in words, and many experts have said that journaling helps manage our worries and anxieties during crises. From a pragmatic point of view, journaling allows us to put our ideas down. Who knows, maybe you'll find inspiration for your next entrepreneurial venture by journaling and putting ideas down to paper.

Many have said that this pandemic has allowed people to focus more on what matters, because it has taken away the many distractions that would normally clutter our day. Maybe it is time for many of us to focus on ourselves, whether that means investing our time to educate ourselves, connect with the people that matter, or to take care of our physical and mental health. Maybe we need to do just that.

Thank you and keep safe.

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Many around the world and in our country are experiencing the effects of this public health crisis. Economic experts are sounding a grim warning of how this pandemic can affect all businesses.

What can we do, as a small business, to counter the impact of this crisis on the economy? In this video, I explore how we can proactively respond to the impending effects of this crisis. My goal is to encourage everyone to start having this conversation today and begin finding answers to the question: How can a small business owner respond to the effects of this crisis and support each other in these uncertain times?

As of this video’s recording, there are hundreds of thousands of reported cases of COVID-19. Many health experts are comparing this crisis to the SARS (Severe Acute Respiratory Syndrome) outbreak in 2003. At that time, Australia was not severely affected as we only had 6 reported cases and no fatalities. Many of us have not experienced a crisis of this scale in our lifetime, and we, as Australian businesses, are treading unchartered waters.

We’re feeling the impact of the coronavirus in the world economy, as many nations are closing or have closed their borders to mitigate contagion risks. Businesses have shut down by order of the government and hundreds of thousands of people are now unemployed seemingly overnight. Even if many of these businesses have shut down, quite a few of them have chosen to retain their presence online.

If your business is still trading, you still have the opportunity to adapt to the current environment. That, in turn, puts you in a position to prepare for recovery once this crisis is over. Just as it did in 2003 during the SARS crisis, this crisis will also pass. Your business just needs to be in a position to take advantage of that.

If this is the time to be proactive, what can we start doing today?

Communicate with your clients

Everyone is likely to be feeling the effects of this health crisis—some more than others. This is the best time to get in touch with your clients to see how they are faring today. Acknowledge that times are tough and empathise with their current situation.

Let them know what you are doing today to help mitigate or minimise the risks. For example, if you run a restaurant or any food-related business, show your customers how you are protecting your own staff and what new measures you’re putting in place to stop the spread of the virus. Show them how you are adapting to do home delivery and how you can assist those in isolation by preparing meals for them over the next two weeks. Give them options on how, by purchasing from you, can introduce a variety in their lives by providing food options.

Communicate to your clients if you need to limit your operations or if stock becomes low in supply. How can they get in touch with you? Did you change your operating hours? What services and products are you still offering? Reassure your customers by consistently and  constantly communicating, especially when there are changes that will affect them significantly.

Use technology, explore alternatives

They call this the age of social distancing. Social distancing means deliberately increasing the physical space between people to avoid spreading illness. A recommended space of a meter or more between individuals is recommended to stop the spread of the virus. This is the reason why, in many parts of the world, large events like concerts, conferences, and shows are being cancelled to discourage the mass gathering of people.

The current recommendation is to stay home and avoid crowds—to practice self-quarantine at home and socially distance yourself from others. This means not participating in face-to-face meetings or events.

If you need to meet with someone or work with a group of people, what can you do? It’s time to use technology and explore the alternatives. There’s always email. There’s also video conferencing applications for messaging and voice calls. If you have to call off a face-to-face meeting, you can set up a video conference call through Skype, Google Hangout, or Zoom. If in case you need to work from home, you can still track team tasks and projects virtually through productivity tools such as Monday, Asana, and Trello.

There are many apps available in the market today—some have free features, while other features are available at a fee. If you’ve always wanted to learn something new and explore these apps—now is the time to do so.

Here are some examples of what people are doing across the globe in response to the call for social distancing:

  • In some places like the United States, governments are partially shutting down restaurants to discourage people gathering in large groups in a single dining space. Restaurants are keeping their kitchens open by encouraging people to order for takeout, curbside pickup, or delivery.
  • Many international conferences have also been cancelled. Organisers are instead holding virtual conferences, where people can still participate by logging in online.
  • Many companies are encouraging staff to work from home and are using many communication and productivity apps that I have mentioned to catch up and keep track of progress.
  • The entertainment industry is one of the hardest hit by the coronavirus. Many concerts and music festivals have been called off. As an alternative, many artists have gone to social media, such as Instagram and Facebook to hold live virtual concerts.
  • Other professionals—chefs, marketing professionals—are offering free virtual workshops.

Necessity is the mother of invention. There is a need today to rethink traditional business models to fit the conditions of this crisis. Those who can adapt are in a better position to overcome the challenges. This is the time to get those creative juices going and to revisit your business plans. Who knows? Your creativity might lead you to a business model that will bring you and propel your business to growth after this crisis is over.

Explore what loans and benefits are being made available to you

The government has just announced a stimulus package for the Australian economy, which provides support for small businesses, amongst many others who will be or are already being affected by the pandemic. Contact your accountant and explore what is being made available to your company and how that would impact you directly.

  1. Prepare, prepare, prepare

As business owners, we understand risks and that we should always be prepared for what is inevitable. Now is the time to think about what you should do for your business to survive. If what other people are doing is any indication of what we can do, there is a LOT that we can do today to prepare our business for the future.

I will share with you a series of questions that will likely take some time for you to think about. The answers that you come up with may be the answer that allows your business to survive and put you in a position for growth once this crisis is over.

  • What can I do now so that I can reach my customers and touch base with them?
  • What alternatives do I have so that I can continue to offer the products and services to my customers?
  • What do my customers need now?
  • Has the crisis developed new pain points for my customers?
  • What changes can I do today to support my customers’ needs and address their new pain points?

The last question is particularly important because this is how you strengthen your relationship with your customers in this time of need. For example, some grocery and supermarket chains in Australia have come up with special shopping hours to a niche market—in this case, a Senior-Only shopping hour to help older shoppers.

These are uncharted waters. We will possibly feel the economic effects of the coronavirus in the months to come. But I urge everyone to keep calm, stay safe, and focus on the things that you can change or control.

When this crisis is over, I anticipate that more business will be more open to using video conferencing and that it will be widely accepted as the main way of doing business than ever before. How will that affect your business? Let’s focus on what changes we can make and find ways to support one another.

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