Emergency Plans for Riding Out the Financial Storm
Five immediate, actionable steps for ensuring your business stays afloat despite chaotic times.
March 23, 2020 5 min read
Opinions expressed by Entrepreneur contributors are their own.
The following article is written by Ben Angel. Author of the book, Unstoppable: A 90-Day Plan to Biohack Your Mind and Body for Success. Buy it now from Amazon | Barnes & Noble | iBooks | IndieBound. And be sure to order The Unstoppable Journal, the only journal of its kind based on neuroscience, psychology and biohacking to help you reach your goals.
The economy is like a roller coaster ride right now, and with it, a sense of dread, fear and uncertainty is reigning supreme. When it comes to managing the economic fallout, we have to factor in the data and focus on building emotional resilience, so we don’t make irrational decisions based out of fear that we will regret later.
We’re all going to be impacted by this; the level of impact will depend on whether you have a plan in place. Those that take immediate action will be able to reinvent themselves quickly to cope with the changing times. It’s also these people that will benefit when the economy rebounds again.
Here are some essential areas to plan around now.
1. Injection of Cash/Loans
Speak to a financial advisor about getting a capital loan if your business isn’t in an essential services market. These low-interest loans can aid small businesses to overcome disruptions in affected states and territories.
If you run an online business, don’t overlook PayPal or Stripe, which offer loans based on your previous sales volume. You can sometimes get a loan via PayPal within seconds, as long as your sales have been strong. However, if you wait too long and your sales continue to drop, they may not offer you one, or they might reduce the amount they can loan you.
2. Assessment of Marketing Assets
Get a quick snapshot of your numbers:
How many are on your email list?
How many existing customers do you have?
Do you have customers who are due to repurchase? (If so, send them an offer/alleviate their fears by letting them know which steps you’re taking to protect them.)
Watch your social media numbers, and be aware of the platform that’s getting you the most engagement and sales. Double down your focus on these opportunities.
It’s more critical than ever that you remain in contact with your customers and email list. Radio silence only breeds negative assumptions about how you’re handling this situation. Let them know precautionary measures you’ve taken, or if it’s business as usual. Just don’t stay silent.
Great innovation comes through times of hardship, and you may need to do a fast pivot and reinvent your business to adapt to people’s rapidly changing demands. This could include taking out a capital loan and watch the markets as mentioned earlier. Things will go from bad to worse if you’re not prepared. If you are to take out a loan, you may want to do it soon in case banks reduce lending or raise rates. Speak to your financial advisor to assess your options.
4. Building Emotional Resilience
This is arguably the most important step. Revisit and revise your goals, prepare for a worst-case scenario, focus and plan for the best. You may have to do 10 times the work to get the same results as before, but these efforts will put you in a prime position for when things eventually rebound.
Focus on daily meditation and visualization that can help you prepare for your day, and revisit those techniques in the evenings and note your successes. Picture your perfect future, like daydreaming the best possible outcomes. This way, you’re building and strengthening neurons that help emit healthy neurotransmitters like dopamine and serotonin. The more you do this, the happier your brain will be.
5. Removing Triggers That Steal Your Energy and Focus
Energy and focus will become the most valuable resource we have in the coming months. Let’s foster them. Studies show that consuming superfoods can positively impact the symptoms of mental health disorders. This can also be said about the newest research coming out about how consuming a diet high in sugar, processed foods and unhealthy fats is triggering mental health disorders. That’s why it’s crucial to follow a dietary protocol of healthy foods to fuel your mental cognition. Studies have repeatedly proven that those adhering to a Mediterranean dietary pattern (a diet high in fruits, vegetables, legumes, whole grains, fish and healthy fats) had a decreased incidence of cognitive decline and illnesses.
Bear in mind that you may have to double down on your health and wellness regime. Be prepared by feeding and fueling your brain in the best possible way by removing inflammatory foods (highly processed, gluten, sugars and sometimes dairy) that will steal your focus and energy. Mindfully choosing what you eat will determine how successful your day will be.
No matter where you put your focus, be sure it’s derived from the best plan possible. Taking stock in your business every quarter is healthy even in the best of markets, and your foresight will pay off in the end. If you don’t maintain the best possible biological stamina to carry you through these times, you will fall flat.
Are you strong enough to ride out these tough times? Take this 60-second quiz now to see how you will fare, and be sure to grab a copy of Angel’s new daily planner, The Unstoppable Journal, today. It’s more relevant than ever.