Navigating Coronavirus as a B2B Small Business
With the current Corona Virus Pandemic, there are a lot of tips circulating to help B2Cs survive this crisis. Maybe you’ve consumed some of these resources that stress practical approaches like cutting operational and working capital costs to bare bones to weather the storm. As a business serving other business owners, cutting operational costs is only scratching the surface of the issues you’re navigating right now.
If you’re the owner of a B2B business, your clients may not have the luxury of working remotely with steady paychecks. As B2B business owners we are dealing with other business owners who are wondering how they’re going to put dinner on the table for their families and keep the lights on at their company.
The best way to navigate business during this difficult time is with extreme grace and empathy. I know that if I am understanding, make financial sacrifices and take care of my people in this difficult season, they, in turn, will take care of me. Business is a long-game and we’re in this for the long haul. A bit of understanding in times of tribulation can go a long way.
Annie McCarty and I dove deep into how we can harness empathy as B2B business owners during this difficult season this topic on a candid live stream. Click here to watch the whole conversation. 👇
If you’re already using grace and empathy to navigate your client communications, you may be wondering “What should I be focusing on during this COVID-19 quarantine?” This is the perfect time for business owners to innovate their business to evolve into something that can still generate income and serve our communities despite these difficult circumstances.
How to Thrive instead of Panic
Move YOUR BUSINESS ONLINE
If this pandemic doesn’t have you thinking about ways to take your business online, I don’t know what will. Imagine being able to keep cash injections coming in at this time when you’re not able to offer services in person. You’d be sweating a lot less right now. The technology is already great and is only going to keep advancing and making the online space easier to do business in.
Rather than stressing over how to move all aspects of your business online, focus on bringing a single element or two into the virtual space. Do you have a 1:1 service that can be conducted via video conferencing? Can some of your products be moved to an online store? Identify which services you’ll move online, first and start taking action.
ADJUST YOUR SERVICES
In our live chat mentioned above, Annie shared how many bands have had to canceled their shows for the next couple of months. Imagine having 20 to 30 shows that just got canceled or postponed or rescheduled. That's a huge hit to their income. Rather than going home and playing guitar in the house for their moms, they're realizing they still have audiences that want to hear them and I bet the same goes for many of you.
I'm seeing a lot of bands step up and do live stream concerts right from their couch amongst other places. They’re getting extremely creative. During these online concerts, you better believe that there's also a place you can donate on PayPal as well as Patreon link where you can send them a little bit of money to help them through this season. If you don’t think that you can apply these concepts and innovation to your business, think again! As long as you can continue to serve your clients, you can still operate in a meaningful and profitable way, even if you don’t see the profits until after the storm passes.
For many of us, this shift in business is simply adjusting your existing services. Rather than canceling events, consider changing the way that you facilitate them. For me, my VIP In-person Speaker Intensive is now being offered in a virtual format so that we can still continue serving our clients even if we can’t meet face-to-face. How can you adjust your services to meet your audience where they’re at right now?
Need to move an in-person event online? Check out this live stream with Krista Rae of Summit in a Box.
Click here to watch the whole conversation. 👇
3. SELLING IN THE MIDST OF CRISIS
Selling in the midst of a crisis is not an easy feat. When you’re stressing about your own revenue, it sure becomes hard to create an offer without feeling some level of guilt for businesses going through the same thing that you are. However, you have to remember that the very best entrepreneurs are SURVIVORS! Even a crisis is a time of opportunity. The rewards you reap might not be apparent immediately, but the dividends will be there once you’ve survived the storm because you continued finding ways to serve your audience when others folded.
When selling in a crisis, the first thing you should focus on is ensuring your messaging is not insensitive. Ask yourself if your offer still serves your audience during this tough time. Keep your offer focused on the difference you're making for your audience and how that impact will help them through this challenging time.
Next, you need to get creative with your offers. Extended payment plans, or offer “pay what you can” until people can resume payments. You can even create a contractual offer where your monthly services are a nominal fee until a forecasted time when the crisis is likely to be over. Once the crisis is over, the payment schedule is adjusted till the completion of the contract.
This is where empathy comes into play. We must remember that our businesses are not the only ones that are having problems paying operating expenses without revenue coming in. This doesn’t mean that you have to let people out of their contracts. It simply means giving people some leeway when you know that they need it due to unforeseen circumstances. If you give people grace in this season, they're going to prioritize taking care of you when things clear up because of what you did for them in their time of need.
For us, that looks like deferring payments for new members of The Speaking Strategy Academy. New members can currently join for $1 and will not have to make monthly payments for their first three months.
KEEP SHOWING UP AND BE THE LEADER THEY WANT TO FOLLOW
Believe it or not, people have a lot of time on their hands these days and are watching you more now than ever. They are glued to their phones waiting for updates. Be the voice they want to hear from. Speak life into them and never lead with fear. Your audience is already getting enough of that elsewhere. You have the power to not only be a thought leader in your industry during this tough time, but also to spread hope at a time when your audience needs it from you. Ask yourself "what your audience needs from you?" Serve them and help them make more money right now! Even if you’re having to do it pro-bono in the meantime. Your audience and soon to be future clients will love you for it.
