How to Grow your Business in the Time of Covid?

Is your business down and out because of the pandemic? Are you waiting for the pandemic to end to grow or start your business? I believe that there is no better time to start a new business or grow your existing business than now, even as Covid is raging around the world with a vengeance. I say so because a business is a construct for making a difference and you can make a much bigger difference when the situation is more challenging. Bigger the challenge, greater the opportunity to contribute and therefore, greater the velocity with which you can grow your business. In the last few months, my business has grown exponentially, and the members of Centre for Entrepreneurial Excellence™ have either built a strong foundation for scaling their business or have experienced commendable business growth.

Here's how to do it:

1. You now have time to step outside your business and look at it as a whole, instead of getting lost in the business. When you are a part of the painting, you have no clue how to make it better because you have no clue how it looks like as a whole. When you step out of the frame and turn around to look at the whole picture, you will begin to notice the colours that are missing and the lines that would be better erased. You will get creative ideas on how to make it into a beautiful work of art. That's what a business is - a beautiful work of art. And, as a business owner, you are the artist. You can view your business, you work of art as a whole through a simple one-page representation called the Business Model Canvas. Here's a blank Template for you to fill in for your business by answering the questions in each of the 9 boxes of the template. 

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I once had a business owner, who had been in the business for over 15 years, reach out to me. His complaint was that - Even after 15 years, I am struggling. I am still doing Operations, still chasing customers, whatever I earn gets spent and not much gets left behind​. I work so much and yet, I am making no progress. He was stuck in what I call the Plateau of Mediocrity. I dug below the surface and wasn't surprised to find that he had no articulated Business Model, even after being in business for more than 15 years.

I had an opportunity to study another business, which started their venture with a clear Business Model which they tested to validate with real customers and ended up breaking more than 10 business models in their 1st year alone. At the end of their first year, they finally discovered a Business Model that they had tested for profitability, repeatability and scalability; and laughed all the way to the bank from Year 2 onwards.

So, the first thing to do to grow your Business in the time of Corona is to step outside your Business and look at it as a whole, using the Business Model Canvas, to identify areas to innovate to create greater value and make a much bigger difference to your customer community from the ecosystem of your Business.

Here's an article in Harvard Business Review from Steve Blank, the father of the Lean Startup Methodology, to understand more about the process of using Business Models, start-up assumptions, how to build experiments to validate the Business Model assumptions to discover your way to a deeply fulfilling, profitable, sustainable, successful Business:
Why the Lean Start-up Changes Everything?

Better would be to read his book written along with co-author, Bob Durf - The Startup Owner's Manual.

2. The second thing to do is to connect with your customers even more deeply and understand what are their challenges, what would contribute to them in this time, how has the pandemic impacted them and their business, listening from a place of 'Being of Service' to identify how you can innovate your Business Model to serve them even more powerfully, in ways you probably hadn't even considered before. 

The business of one of the entrepreneurs I was coaching is to bring together suppliers and consumers of a particular service for networking in a physical meeting space. The idea really worked well till Covid happened and she could no longer offer the service the way it was designed before. She was feeling apologetic about suggesting to her customers about getting them together online and looking at offering the online model at a discount till we had a business model review. Here are the highlights of our review:

i. Her customers still have the need and are irritated at not being able to work at the velocity with which they could work before Covid and Lockdown.
ii. Covid and Lockdown has given them exposure to and familiarity with the online channel.
iii. The key benefit they received from her Business Model was an opportunity to make a new set of connections from their industry in a single place.
iv. They were spending hours on the road from all over Delhi NCR to come for the meeting.
v. One on one meetings were a critical component of the value being delivered in the earlier physical model.

As an outcome of our review, she innovated her Business Model to launch a premium higher-priced version of her service through Zoom using Breakout Rooms in Zoom to enable one-on-one meetings. 

Before our review, she had hibernated her business in quiet frustration at the pandemic. After the review, she was grateful for the growth opportunity that the pandemic offered her.

3. Use the situation to breakfree from the 'Activity Trap' that most entrepreneurs get caught in. It is this 'busy being busy' that kills our creativity and productivity; and leads us on the path to Mediocrity. Use the current Corona times and the forced 'lock-in' to free yourself from the tyranny of 'busyness' and use the freed up time to learn, grow and evolve to be the world's best in your domain; be a master of your craft and become a key person of influence in industry globally. 

I not only completed a Certificate Program in Psychodrama and Expressive Arts Therapy; but also started a 2 years Post Graduate Diploma in Psychodrama (a type of therapy work done in groups) with Tata Institute of Social Sciences. I am a CEO Coach; and work with CEOs, aspiring CEOs, Business Owners, Start-up Founders and High Performers to support them to lead their business from good to great. How can such a theme of learning support my customer community for me to invest so much of my time training on a topic that seems so irrelevant at the first glance? You see my work is about coaching people to step into their zone of genius and that requires an inside-out approach. That means I have to work with my clients not only on their Business Excellence and Craft Mastery journeys on the outside but also on their Leadership Depth journey on the inside, which would include supporting them to be healthy and fit - physically, mentally, emotionally. psychologically and spiritually. Only then, would they get the courage and clarity to lead their business from good to great.

4. Strengthen your Leadership Depth to build momentum to lead your business from good to great. Without a strong foundation of Leadership Depth, Business Excellence is a house of cards that will fall down eventually. 

How do you measure Leadership Depth? You measure it by rating yourself on a scale of 0 to 10 in the 5 areas of your Wheel of Life. Your Leadership Depth is the lowest score you got across these 5 areas:
i. Deeply fulfilling, successful, profitable business / profession supporting you to live your purpose of life; gifting you with impact, contribution and financial freedom

ii. Loving, harmonious relationships at work and at home

iii. Happy, healthy, responsible kids with their genius joyfully expressed

iv. Nourishing, nurturing yourself to the highest level of fitness and well-being (physically, emotionally, psychologically, mentally, spiritually)

v. Making a massive difference through the work you do

Wishing you the joy of the journey to learn to lead from inside out; which is when you get the courage, clarity and support (at work and at home) to lead your business from good to great.

My daughter says that Mother Nature has grounded us for not listening to her. I am constantly awed by her wisdom. Let us use this time to reflect on where we are on our leadership journey and learn to lead from inside out. 

5. As I work, meet and interact with entrepreneurs, I get present to why there's a Harvard statistic on 75% startups failing in their first year and Fortune statistic on 90% businesses failing in the first five years of their existence. The founders are passionate about their domain, they are experts and are technically very strong though where they miss is to learn the art and science of entrepreneurship. They miss that the 3 aspects of their personality needs to be in balance for the business to grow - The Entrepreneur, The Manager, The Technician - in the words of Michael Gerber of The EMyth fame. 

Now that Mother Nature has grounded us for not listening to her and being naughty, let us use this time to learn, understand and apply the science of Entrepreneurship. Just because you are a great technology expert, photographer, consultant, baker etc. does not mean you are a great entrepreneur or a great manager. You have to learn the entrepreneurial and managerial domains, as well, to be able to nurture and scale your business.

Make a list of all that you now know you can do to lead your business from good to great, even in the time of Corona, and experience the joy of implementing wonderful ideas and watching your business grow.

Love and gratitude for who you are as a human being; and reverence for your commitment to make a massive difference through your work,
Jyoti.