Business Survival Lessons: Survival of the Fittest
The U.S. has recently declared a recession, layered with massive job loss and a deadly pandemic. We are certainly in the times of survival of the fittest. Mental fitness, physical fitness, spiritual fitness, and financial fitness are needed to pivot from surviving an economic recession to thriving during a recession. However, there is opportunity in chaos.
The coronavirus pandemic put pressure on all areas of life for many business owners. As a business owner, my business has survived two recessions, the 9/11 recession and the 2008 housing market crash, and is currently persevering through a third recession related to the coronavirus. Through many ups and downs, I’ve learned invaluable lessons to keep my business afloat and thriving despite economic circumstances. Below are my best business survival lessons to help you not only survive but thrive during the economic recession.
Don’t panic. Panic behavior creates poor decision making. In order for your business to survive you need mental ease and increased mental intelligence; read, read, read. Find out the #1 business book in your industry and read it daily.
Your health is wealth. In order to operate a healthy and thriving business, you must first be healthy. In the day of a deadly pandemic, it’s essential to make our physical health and immune system the #1 priority.
Prayer changes things. Regardless of one’s religious beliefs, the act of asking and believing you will receive it has done wonders in my business and life.
There’s money on the table. Never be so busy that you don’t make time to go after financial opportunities such as pandemic grants and government relief funding.
Put collaboration over competition. Two is better than 1. Now is the perfect time to collaborate with a similar business to increase your value to clients. The business you considered your top competitor may actually be your best business partner.
New Stream of Income
Make money while you sleep. Creating multiple streams of income is wise for any business owner. Now is the time to add an e-commerce component to your business.
This article was written by Kita Holmes, the President of 5 Star Property Management, a top tier property management firm serving Maryland and Washington, DC. With 20 years of real estate experience, Kita prides herself on teaching others how to build wealth through real estate. Her personal story of perseverance, taking calculated risks, and surviving 2 recessions as a business owner is a testament to Kita’s ability to thrive under any circumstances. Connect with Kita on Instagram @ 5starpropmgmt_kita