It’s not business as usual. We need to understand this economic downturn is the new normal.  I talked to 11 CEOs last week about leads, sales, and revenue and they were all freaking out. My business not only survived 9/11 and the 2008 crash but thrived in spite of them.

The key to excelling in this market correction is to pivot. That means a lot of different things depending on the stage of your business. And some business models are so weak, they will not be able to survive. But that’s for another day.

You need to pivot in some way until you find where you fit into the market.  I hate to tell you this, but once you pivot it’s not all rainbows and unicorns. It takes time to adjust marketing, message, core offer, pricing, etc. 

Here is the good news:  each CEO I spoke to found a new way to create revenue after our calls. That is going to be the most important thing right now to stay afloat.

Look at how to change the core offer to make sure it’s a no brainer when pitching it. 

Try to sell the recurring projects or roll out time blocks that clients can prepay for. 

Be careful with your billing. If the accounting department is working from home, who is going to head to the office and cut and mail your check?

Review payment terms and make sure you get paid. Don’t play the role of the bank for your clients. 

I have seen businesses go under due to slow receivables. Getting paid in 90 or 180 days is asking for trouble in today’s market.

Next, review your marketing. 

Today I got an email from a sales guru who was telling me about the New York private party he was attending.

Plus, if I bought his $20K coaching program I would finally get everything I wanted in life. 

His email included images of him at Times Square before the party. This is the type of marketing that might have worked in a good economy but not anymore. 

Be real about the problems and address them head-on. 

The next 12-24 months is when some of the biggest companies will be made. 

The question is will you step up and lead or retreat and try to survive? 

This is the first of a 7 part series to help businesses win in a new world of uncertainty. I would love your feedback about this content and what impact this downturn is having on your business.

I’m going to say the hard things you might not want to hear:  the cold hard facts that need to be talked about to challenge your current thinking and create a paradigm shift.