Lockdown, layoffs and losses.
The COVID-19 crisis has unleashed a pandemic no one could have ever imagined or anticipated.
DID YOU KNOW: According to the United Nation’s recent report on the impact of the COVID crisis:
– We could lose between 5 million and 25 million jobs.
– Small and medium enterprises, the self-employed and daily wage earners are suffering the most.
It’s been a catastrophe.
The burning question is: How is your business coping with this current climate?
The travel industry, food and beverage, and retail stores have been hit hard, but the pandemic has worked its way up to many more businesses and has affected us in one way or another.
We may not know how to defeat the virus yet, but we have a way to diminish its effects. It is time – you need to learn how to diversify in business.
Why, you ask? Diversity in your offerings and business equals strength for your business.
What is your approach to diversifying your company, services and products?
Diversification is a risky business
Are these buzzwords making you nervous about where your business is heading? Whether you are excited to take on this challenge or worried about failing, these are three signs your business may lack the capability to diversify.
• You are still perfecting your core offerings
Every business owner is eager to grab the opportunity to create something new, especially right now. But before you do, think about where your business stands right now. If you are still finding your way, not generating enough clients and profit, and still struggling to convert leads – is diversification the right next step for you? Diversification, although tempting, comes with its own set of challenges, complexities and needs. Make sure you have a plan to do this effectively.
• You are not prepared
It can be quite a challenge for business owners during a recession. The fear of failure takes a toll. Sometimes, it gets difficult to get work done under such pressure. But if you spend your time fretting or even sticking your head in the sand, you are going to end up with an incomplete plan, or no plan at all. Be ready with an action plan that can help you tackle every challenge. Spend the time and research on it and what will serve your audience and your business.
Are you wondering how to diversify in your business? Answer these questions first
● What does your audience want right now?
Everything boils down to value – would you agree? You are in business doing what you do, because your audience values you. For instance, several restaurants, florists, chemists and food delivery companies have also stepped into the grocery business. Why? More people started eating at home and essential goods became priority. Is your business evolving as fast as your clients’ needs?
● Are you sharing your expertise with your audience?
Right now many people are feeling lost, scared and confused. Why should they buy your new and diversified product or service now? How is it better than what you have had, or how is it going to benefit them? Now is the time to step up, engage and share your expertise. This is where LinkedIn can benefit you in unimaginable ways. Highlight what you have learned from the pandemic as a business owner and do not forget to have a customer-centric attitude.
● Are you diversifying or getting distracted?
Turbulent times bring with them challenges for all business owners – in the attempt to diversify, you might actually be turning away from your core offerings, related resources and everything your company has been built on. Remember, you are still in business because you offer (or have offered) something great and you have the skills and experience people need. Those are your strengths. Now, would you leverage your strengths or dive into something totally new and unrelated to your business (if you didn’t have to)? If you have to pivot, by all means, you might have to dive into something new and unknown. If you are pivoting right now, go back to point Number.1 – what does your audience want?
● Are you thinking about what you can do to better your core products first?
Before you make a decision to jump into a new venture, idea or plan – dig deeper into your existing offerings. Maybe you’ve had some thoughts in the past that make more sense now, or you could approach your core products and ideas with a fresh perspective. Commit to making the most of what you already have and ask how can you make it bigger, better and more successful?
Learn from your fellow business owners who have successfully diversified
One of our followers Geoff said, “I’m not really diversifying, more of a pivot.” He reviewed his strengths and shifted his main focus to covering opportunities and trends – something he was already doing, but not pushing. He believes his current focus “is needed more than ever right now as we unfold and create opportunities post-lockdown.”
Greg, another follower, commented on one of our recent LinkedIn posts to say he had made adjustments to his core product: “We’ve diversified by taking our handwritten cards and messaging to time-lapse cards that write your message to the recipient by text, email or social media.”
Diversification is a constant in business. It may be a slight change or a major one, but any time in business is a good time think about diversifying. At the start of the year, no one could have predicted a worldwide pandemic what would lock down almost all of the countries around the world.
Many business owners with stockpiles of cash were able to weather the storm (and what’s the come), however, many weren’t ready and were forced to diversify quickly. If you are one of those businesses somewhere in the middle, now is a great time to think about other contingency plans. What other situations could potentially happen that could take down your business, for example, if the internet ceased to exists, what would you do?
This is all part of diversification and understanding why you would need to diversify at all – a pandemic is only one reason.
My question is, are you prepared to:
– Explore different perspectives
– Push through your biases and take a wild, but calculated chance
– Tackle challenges with a different approach
– Go all out on creativity and innovation
– Find and leverage your strengths
Final thoughts
You are a business owner. You have been through ups and downs in the past, so you might be prepared to handle what is at stake at the moment. Whether you know it or not, you have the experience to plan for and handle any current situation and diversify. Every second that you spend with your head in the sand, someone is burning the midnight oil to find a better way to serve their customers and keep the business alive.
“I’ve always been a big believer in diversification for anybody. It’s never good to put all of your efforts and all of your time and all of your financial resources into just one project. Diversification is key for any individual and any business.” – Paul Heyman
Other ways we can help you
If you need some help in diversifying, we can help. Here are 5 ways we can help you accelerate your Lead Generation results:
1. Grab our free 4-Week LinkedIn Profile Optimisation Course
It’s the road map to positioning your profile in the top 5% of the 700 million LinkedIn users currently active – Click Here
2. Join our FREE LinkedIn Group and connect with entrepreneurs who are scaling too
It’s our Facebook community where smart entrepreneurs learn to get more leads and smart ways to scale using LinkedIn — Click Here
3. Register for our FREE LinkedIn update webinar
Every 12-Weeks you can join us for a free update on all the latest news, ninja tips and outline of new features released by LinkedIn – Click Here
4. Join our LinkedIn Inner Circle Solo Program on our Free Trial
Click Here for more details
5. Work with our team privately
If you’d like to work directly with us to create new marketing opportunities send us a quick message Click here… tell us a little about your business and we’ll organise a time for a deeper chat
