What Business Should You Be In?
Many natural wellness businesses are temporarily closed with the Coronavirus shelter-at-home orders that are in place throughout the world. It’s no doubt that it’s creating stress and financial concerns for owners. One owner that I spoke with said; “If we’re-open next month, we should be okay, but if the shutdown continues for another couple of months, we’ll have to rethink our business.”
Some of you may share similar sentiments. I also heard from another owner saying, “I’m staying in touch with my patients and they are craving our services and can’t wait until we’re-open soon.”
The current temporary shutdown not only provides time for you to spend more time at home caring for your family, but you should use the time for you to rethink your business and make the necessary changes to deliver more value when your business re-opens.
I attended Tony Robbins Business Mastery Summit event in Las Vegas in 2018, one of the many entrepreneurial information nuggets that I took away was his introduction to business owners. He asks each of them to tell him their name and their company’s name and to answer three questions:
What business are you in?
What business are you really in?
What business should you be in?
While these questions may be obvious to you as a business owner, it’s a good idea to pause and reflect on them because of constant changes in the business climate, local competition, technology shifts, demographics and yes, even a global Covid-19 pandemic virus.
I’ll use our Prism Light Pod business as an example:
What business are we in? Most people would say that they are in the business of building and selling red light therapy beds.
What business are we really in? We are really in the business of partnering with owners of natural wellness businesses to help them build a successful red light therapy business for their customers.
That is the business that we should be in, which is why our company has designed and built the industry’s most powerful & energy efficient light pod and coupled it with our Pro-Partner joint marketing program that is designed to help every owner build a profitable red light therapy business.
What I would encourage you to do as business owners is to take some quiet time and think about what business you are in and what business should you be in?
What value do you uniquely bring to your customers? If you’re not sure, then ask them. Call some of them or email them a survey monkey questionnaire. Ask them to list the most valuable services that you provide. What is unique about your business value and services? What new services would they like you to offer? What would make them keep returning to purchase those services repeatedly (and not go to one of your competitors)? What are the key reasons that keep them coming back?
Please take some time to rethink and improve your business to anticipate the changes in a post-Covid world. Obviously, maintaining safety, hygenes, physical distancing, disinfecting, employee and client training are necessary steps, but what other services may be game changers for your business, such as boosting and maintaining healthy immune systems for your clients? Maybe taking a more holistic approach to keeping your clients naturally healthy and taking advantage of innovative technologies to grow and scale your business?
A crisis presents stress and uncertainty, but it also presents opportunities. Pause and seize the opportunity to improve and grow your business.