Why Businesses That Don’t Have These 2 Things Are Getting Crushed

Whether you’re a business owner or an employee, you need to make sure you’re protected and remain in demand. I will be showing you two important principles that you must have now to allow your business to not only survive but thrive given the unique times that we’re living in today.

Go Online!

Having an online sales process is crucial during this time where everyone is forced to stay and work from home. The COVID-19 crisis has wiped off countless businesses across the globe and major brands have been forced to close down its stores worldwide. This is why it’s crucial for you to bring your business online and pivot before it’s too late. But this is only half of the equation.

Businesses that aren’t online, the businesses that were either in brick and mortar, such as Food and Beverage (FNB) and retail, declared bankruptcy within a month or two. It is because these were the companies that said that they’ll go online someday, and suddenly, just like that, one day happened really quick. And because they didn’t adapt in time and they weren’t online, they crumbled.

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But if you think about it, at the same time, there are many companies that also have an online sales process, but because they didn’t have this second element they’re being crushed right now. But, what is it?

Delivery Mechanism

When a sale is made, what needs to happen after? Does a person need to go offline in order for that product, program, or service to be rendered? And if the delivery mechanism is offline, then it’s only a matter of time before it gets crushed too.

If there’s a possibility of a second wave, a third wave or that this thing may repeat itself three years from now, five years or even 10 years from now, wouldn’t you want to protect yourself? How you can do that is by making sure that you’re not in the business that requires the delivery mechanism to be offline.

n other words, just take a look at companies and businesses that had number one, but didn’t have them at two, what companies were they? For example, Airbnb. Airbnb is an application or site where you could go online and book for a room, but what’s the delivery mechanism? It requires people to go offline.

Because that was the combination, they said that an entire decade of work was undone in just under three months. Why? Because they had an online sales process, but their delivery mechanism is offline. On the other hand, let’s take a look at companies and businesses that are literally going through the best of times right now.

Alibaba, Amazon, and even Apple. They increased their numbers significantly in terms of share prices or sales, and why they could do it is because they have these two things. They focused on an online sales process with an online delivery mechanism. This is why gyms are dying and why people in the fitness industry want to focus online and host online home workouts.

Why are those things thriving, even though gyms are dying? It is because they have these two different combinations. If you are a business owner, what does that mean for you? It means that if you wanna move forward, you have to ask yourself, is my business model something that allows me to have these two things? If not, you’ll need to start thinking and pivoting because you do not want to end up getting crushed.

Right now you might not be fearful. I don’t know what your fear level is, but some people are incredibly high, and some are low, thus the market sentiment doesn’t change overnight. It’s going to be like this for a while.

If you are an employee, if right now you are in a nine to five job, and you want to protect your job, then you have to ask yourself. What are the skillsets that I am good at in order for me to be wanted and to be in demand by industry? Is it something that helps the company do one of those two things? Is it helping them with a better sales process online or is it helping them with some sort of delivery mechanism online?

And that’s how you not only survive, but thrive in these challenging times

Errol Chin

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