As I noted in my last blog, we all need to address the urgent. At the same time, we also must get creative. And that creativity may very well save your business, preserve value and help you grow as quickly as you might have had the COVID-19 crisis not happened. You really can and should keep on track with planning toward building business value and working toward your exit planning goals. This IS a bump in the road, but let’s minimize the impact loss of time and short-term business!
In this blog, I simply want to share real-life examples of what my clients or clients of colleagues are doing in the midst of the coronavirus crisis – hoping that these may inspire you to steal (I mean borrow) and adapt what they have done to fit your business.
Please email me with your own creative ideas or those you have seen others implement: Email me
Restaurant: Adding menu items that are more “deliverable” than in-store options like all-you-can-eat meals that cannot be delivered. And adding more variety to the menu to encourage customers to order from them more than once a week.
Marketing communications firm: Stepped back to refresh their own brand and re-orient their messaging to address not just the very short-term needs but the inevitable mid-term and long-term messaging changes their clients will need. Every company and organization in the country is a potential client.
Fitness studio: Started streaming sessions to keep clients engaged, converted it into a monthly paid subscription. They are keeping clients engaged until they can go back on-site to classes. This allows anyone in cities without a location to become a client and provides a new revenue stream.
Personal service business completely closed: the owner is paying employees to make face masks for 1st responders.
Software company, serving a healthcare market niche: Providing free training and videos, private labeled, to its clients so that they can share with their customers how to take photos for the professional to review.
Financial advisory firms: already had been creating flat fee options along with a percentage of assets under management. This brings options to the client and, for those who selected a flat fee arrangement, the advisors’ revenue hasn’t dropped as much as it otherwise would have in this stunning market decline.
Let’s be creative, give me a call if you would like to bounce some ideas around!
This year of challenges marks my 20th year in practice as a consultant, coach and exit strategist; helping clients grow, solve problems, build value and work on exit strategy. I would be happy to explore how my 20 years of experiences with other clients – and how they are addressing this situation – might provide insights and help your business survive & thrive!
Stay Healthy & Safe!
David Shavzin, CMC
Exit Strategist – Value Growth, Exit Planning, Succession Planning
Founder and President, The Value Track, Atlanta, Georgia
Co-Founder and President, Exit Planning Exchange Atlanta