In a typical year, I stop taking on clients by the end of Q1.
I would have booked enough revenue to cover my operations for the next 18 months. This practice has been my winning strategy for more than a decade. It gives me the freedom to experiment (and fail) without any adverse effect on revenue.
Except, this isn’t a typical year.
When COVID-19 forced a lockdown last year, many businesses were struggling to survive. Some were nimble enough to continue doing business in creative ways. According to an NBER study, the survival strategies of these businesses include:
- Provided online services (52.5%)
- Expanded digital payments (35.1%)
- Used delivery services (25.7%)
- Used curbside pickup (24.4%)
The true creator is necessity, who is the mother of our invention.Benjamin Jowett
For my businesses, I ended up somewhere in between. My training business took off in ways I didn’t expect.
Leveraging the acceptance of online learning, I conducted hundreds of hours of training online.
And given I was already competent and comfortable delivering training online, I was also teaching others to do the same.
My consulting business, however, was badly hit.
During those exceptional years when I have not booked enough revenue by end of Q1, I would go into panic mode.
Except, this year is an exception.
What lies ahead is uncertain.
That said, we know business and revenue models will be different in the post-pandemic world. That presents an opportunity for reinvention. While everyone has their own idea of what reinventing means to them.
One thing for sure:
The old normal is gone, and a new world of work is taking shapeCristina G. Banks
Will you pass up on this opportunity to reinvent yourself?