Business Navigation During A Financial Crisis
Given that many entrepreneurs and business owners may be frozen, unsure of what to do, where to turn, or may be frantically making choices, Ortus Academy feels that an unbiased opinion and co-pilot could be a critical asset to navigating this time and keeping you and your business intact.
We recommend that business owners pause before making emotional choices, think critically about their options, and get support from peers or coaches. There are openings and opportunities, but it often takes a change in mindset and approach when margins for error are small and finances are tight.
We believe there are a few courses of action for the small to midsize business, few of whom can afford financial miscalculations. Now is the time to Punch, Pull, or Pivot. Here's what we mean:
You can choose to Punch.
This involves evaluating what your company does best and critically thinking through and trying new ways to deliver that magic to their loyal customers. This could require retooling to make a conversion to an online product or service. It could be digitizing your services, building an online course, or figuring out how to run virtual meetings, webinars, home tours, or job fairs - all of which we have seen in the past few weeks.
The key here is essentialism. What is required and what is extra? What can you remove and still keep the pieces of your business that your customers love?
You can choose to Pull.
Some companies aren’t able to make the transition online easily. Many companies require in-person staff or experiences to deliver the highest value to their customers. There are difficult decisions that have to be made in all of these scenarios, but Pulling may feel the hardest. Your company has a responsibility to every person and company you are connected to. While furloughing or laying people off is the tough decision that no entrepreneur enjoys. But, sometimes it is the Financially Intelligent decision a company can make to safeguard their family and their employees.
The key here is heroism. The company has to keep going, if there is any chance of bringing back your team later.
You can choose to Pivot.
It’s possible that what you have always done won’t work in our current situation. If your company has the ability, now might be the perfect time to try something new - to shift the way you see your company's solution to the problem you're passionate about solving. Perhaps it is time to see if you have a solution for a different audience. Now might not seem like the best time to start something new - it can seem risky. But, if done right, you might have found new relevance and managed to navigate the storm. When this is over, you could be better off.
The key here is minimalism. Resources are still limited. Remember your roots. Create an MVP and try it out. It doesn’t have to be perfect. It doesn’t have to be what it could be in 6 months. You can always refine later. But, in the meantime, try to innovate.
What is Ortus Academy Doing?
Those that know us, know that we are a Baltimore based Financial Intelligence education company - we provide services and online courses that go far beyond financial literacy. We've been listed as a top company in Baltimore to watch and known for our work with over 2500 young adults. We facilitate workshops and coursework on mindsets, habits, emotional connections, values, and tactics surrounding healthy money decisions.
With schools, youth organizations, and restaurants (our main audiences) all shut down or on minimal functionality, we've been forced to respond - we chose to Punch, Pivot and Punch again.
Our team was asked, “How might we take our expertise in Financial Intelligence and use it to make a difference in our community and to help others through this crisis?”
This was the start of our #TeamHuman Movement for families and educators and the decision to accelerate our work with businesses, building tools to support business owners and their team members.
Our First Punch - For Families & Educators
For readers that have families, or businesses with employees with families, Ortus Academy’s #TeamHuman Movement involved our premier online course for young adults ages 15-21. Money Club, which is typically $199, was given away FOR FREE to support families working to educate students from home. [This offer ended after 6 months of support].
Our Pivot & Second Punch - For Business Owners & Employees
In late 2019, Ortus started hosting live and virtual workshops for business owners and their teams to help individuals establish Financial Stability, set goals, and manage financial choices.
We have now spun out 4 workshops, 3 adult level courses, and a growing online community, to help build teams up and help them along the way.
Business owners are encouraged to reach out to Ortus Academy to set up an intro call.
Get More Details: www.OrtusAcademy.com/b2b
While COVID-19 has changed many of our realities and day to day routines, there is a lot we can do to keep our businesses and ourselves surviving until we can thrive again. Utilizing Financial Intelligence and coaching services to master our emotional levers for decision making, can help us take steps towards growth and sustainability in the face of deep uncertainty. It is what leaders do in the time of crisis.