EXPERTS LANE n FINANCIAL HEALTH
WE DON’T
PANIC
WE PIVOT
By Nesterine Blair, WFG Associate
he rise of the global COVID-19
pandemic has caused a shift in
the way we live and the way we
work. Almost overnight, we have
seen a surge in layoffs, furloughs, and
businesses closing for a period of time, or
permanently. As a business owner, during
this unprecedented period, I intentionally
made a choice to Pivot and not Panic. Here
are some changes business owners should
consider implementing to make it through
this time:
1. Identify ways to cut back.
Take a look at your business operations and
determine if there are any expenses you
can eliminate or reduce. This is a pivotal
time to get rid of the ‘frills.’ In this modern
age of technology, apps and software
allow us to leverage our day-to-day tasks.
However, businesses should evaluate and
retain only those that are integral to the
day to day business operations. So now is
the time to ask yourself, “Do I need this?”
You will go through changes within your
business, but every little effort to cut costs
will help you improve your financial health.
This is the time to survive on necessity, not
luxury.
2. Adapt to Changes.
Both the Real Estate industry and Financial
Services are a best-case scenario, a worstcase
scenario, and everything that falls in
between. You cannot avoid the outcome,
but you can prepare yourself for it. Run
various scenarios through your cash flow
projections to determine the best-case
scenario for your business. Revenue may
take a big hit during this time, and cash flow
will likely be slower than usual and become
a burden. At this moment, we cannot
predict when this pandemic will end. As
such, if you have devised a protocol for all
possible outcomes, you’ll be ready with a
plan to mitigate additional surprises.
3. Take the Time to Self -Develop.
Most people are no longer commuting
and therefore have that extra time that can
be used to improve productivity. Why not
sign up for a self-development webinar
or read a book about self-development.
When this is all over, you will be a better
‘you.’ The better you are at goal setting,
organizational skills, and leadership skills,
the more effective you will be.
4. Find new sources of revenue.
A change in the way businesses operate
is not necessarily a bad thing. It opens
the doors to a new opportunity. Ask
yourself: “How can I operate a business
and offer customers our services in this
new business lifestyle?” My financial
business went from meeting people face
to face to virtual interactions. I now have
more time to schedule appointments
because “zooming” helped cut down
on my commuting time. Adapting to the
changes in the economy is how businesses
make it through difficult times. It is a new
opportunity for your business to evolve in a
new, unfamiliar market.
Take every measure possible to survive
through this pandemic. At the end of the
day, there is no definite way for a business
to protect itself from financial difficulties
during global economic down-turns. Still, it
all boils down to making smart, proactive
decisions and putting the plans in place.
Don’t Panic, Pivot! n
Nesterine Blair, Broker
Blair Realty Group, Inc.,
407-210-3944
NesterineBlair@gmail.com
www.BlairRealtyGroup.Com
“Our Experience Will Be
Your Best Investment.”
COURTESY OF NESTERINE BLAIR
6 IBA Success Magazine n VOL 6, Issue 2