Volume 6 Issue 2 Global Edition | Page 8

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