492: Sabbatical Episode: Revenue Down? How To Pivot Your Business

Unless you’re Amazon, your business is probably bringing in a lot less revenue right now. Payment processors for small businesses are reporting that transaction volume is down as much as 50%. As a business owner, what do you do in a time like this? People have changed how they’re spending money, so you have to change how you make money. You can not afford to sell products people don’t need in a time like this. Unless your products are ESSENTIAL, you need to pivot. Pivot means to change direction and head in a new direction. Give up how you used to make money in the past. Times have changed. The world is different. You must reinvent yourself. Denial will result in going broke. Pivot to providing a MONEY-MAKING service for people who HAVE money. If you sell nice-to-have products, you’re going to have a bad time. You were lucky to be able to do that in a good economy. Now it’s time to face reality. If your market is mostly people who don’t have money, you’re going to have a bad time. The only way you’re going to survive is if you pivot to providing a service that MAKES MONEY for people who HAVE MONEY. While you make this pivot to bring in new revenue and keep your business afloat, you should also EXPAND and build your BRAND by significantly increasing the amount of content you produce. Most people are contracting right now. Most people are REDUCING their content output. This is a huge mistake. You should use this opportunity to provide as much valuable and helpful content as possible. If you wait until everything is back to “normal”, you’ll be too late. At best, you survive and you’re irrelevant. At worst (and more likely), your business will die. We are going to come out on the other side of this situation and people are going to spend money again. This will pass. You want to be top of mind when people start spending money again. The way you do this is by publishing content consistently while we’re in a crisis.

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