Over the weekend, I was reflecting upon how things have changed and disrupted business, and life as we knew it. Buzz words were thrown around, probably more so than for anything else except to give reason to necessary changes; the same changes that were needed to be made in order to adapt to a changing business world.

Ultimately, not adapting was reason for error, and for failure. But to some, it was “okay” because there was [false] justification – the pandemic. At other times, false justification includes a plethora of reasons, well, excuses. Hey, I’ve found myself falling into that trap at times, especially when others get in your ear as a way of justifying their own actions or inactions. Of course, some are just flat-out negative.

Definition of “adapt” – become adjusted to new conditions.

While large numbers of businesses have failed, many entrepreneurs responded to the challenges by adapting, innovating and creating to not only survive but also to thrive. Failure was not an option in their minds. So, why were they able to face the challenges head-on and succeed with their plans when others failed?

I believe the reason is quite simple. First, and possibly foremost, they remained positive and made sure their positivity was felt by their teams, and also their vendors & suppliers and all stakeholders within and around the organization. They made certain to ensure everyone was onboard for rough waters ahead, albeit with confidence being instilled by their leader.

Further, they succeeded because they buckled down on business fundamentals – customer experience, employee experience, and culture. They also tightened up on spending, watching pennies but not to the point of stepping over a dollar to pick up a penny. They were proactive in planning ahead, taking the time to understand and realize trends, affording them the time to negotiate, source elsewhere or to be creative.

They thought outside the box, acted swiftly and decisively, remained open-minded to possibilities and ultimately, not only kept afloat but were able to capitalize on opportunities. At times, they pivoted and created a new box, either as a new direction or as a complementing opportunity.

Essentially, they adapted to the times!

A quote by management guru, Peter Drucker comes to mind:

“The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.”

If your business is still chugging along, congratulations are in order as you’ve survived to this point. However, just surviving is not what entrepreneurs work for, right?

With economic uncertainty and a new set of challenges ahead, it’s important, if not vital to be proactive in your actions. Below are 5 tips to help you adapt:

1. Keep an eye out for changes and be alerted to shifts in market direction whether consumer or supplier centric. Be proactive in thinking about the ‘what ifs’ so that you’re ready to turn on a dime, as necessary.
2. Accept the idea of change. Embrace change by being ready to act accordingly in a swift, decisive manner. If prepared to do so, any sense of hesitation will be minimized.
3. Be open to possibilities. This may mean looking at things a bit differently in order to realize options and opportunities. After all, you’re an entrepreneur. Do not stop being one!
4. Keep an eye on your competition while also keeping an eye on your industry. Know what’s going on in your local market. Be informed. Be aware.
5. Be conscious of your mental health. Form alliances with fellow entrepreneurs and business owners. Open up to loved ones to ensure they understand what you may be going through. Sometimes a hug can change a mind-consuming burden into a glimmer of hope and optimism, and a clear mind.

Have a great day. Make it happen. Make it count!

Just like an experience at your local cafe, I’ve planned for Acceler8Success Cafe to be conveniently located when and where you desire or need to relax, enjoy a cup of coffee, and catch up on some time for you. My goal is for Acceler8Success Cafe to be your virtual cafe, a place where you may frequently visit to enjoy a few minutes of leisure time to read, think and reflect about ways to improve and succeed in today’s crazy business world.

I strive for your experience to be memorable by providing learning opportunities, by presenting different perspective & insight, by spurring thought & reflection, by encouraging interaction, and by spotlighting topics that, quite frankly, may not be as front and center as they should or need to be.

Acceler8Success Cafe is open for business seven days a week. For the benefit of current & aspiring entrepreneurs, this daily newsletter is delivered each morning. As a way to jumpstart the week ahead, a weekly review is delivered each Sunday morning listing and linking to the articles you might have missed during the previous week. My objective is to provide an opportunity for you to begin your day and the week ahead informed and with ideas that possibly could accelerate your success.

So, before we jump into this week’s review, how about starting today with a smile? A positive thought? A nice memory? A thankful moment? And what better way than doing so than with the aroma of fresh, hot coffee filling the air from your favorite cup or mug?

Today’s Weekly Review

Independence Day: It’s all about the U.S., and US!

We started the week with a celebration of our country’s independence. This article discussed what it means to be American, and how to be an American from the American Dream to a Shared Set of Values.

The belief in the American Dream and living by a shared set of values are deeply embedded in the United States culture. Commonly held values help drive what it means to be an American, set a standard of what’s good and fair in society, and are critical to upholding a culture’s shared beliefs. 

While not all Americans share the same views, most Americans share a common set of values. L. Robert Kohls, a renowned author dedicated to research on cultural values, developed a list of 13 commonly held American values which were included in this day’s article.

Surviving Despite Economic Uncertainty: What must be done?

On Tuesday, thinking about what it would take to survive during a time of economic uncertainty I included a powerful story about the power of choices.

After all, we know it’s going to take a great deal of effort, a lot of work, long hours, diligence, and honest evaluation. Of course, that is if we choose to do so.

It will be about making the choice whether to change, or to sit idle and ride out the storm. Choices. Such a simple concept, yet so much riding on whether the right choices are made, or not. At times, we know that by just making a choice, right or wrong is better than remaining undecided.

Building an Online Community with Common Goals and Objectives

Spurred by a high level of interaction by the Acceler8Success Cafe community, Wednesday’s article focused on the optimism shared the day before. Although, I did find the interaction a bit unusual as most of the interaction came directly to me as opposed to being posted as comments.

I strongly believe those that contacted me directly wanted more than to just share their thoughts. They wanted interaction. They also wanted validation their actions were correct. As well, I believe a few wanted a pat on the back and an attaboy! But I felt there was even more to it – they were all excited to share their experience. That, in and of itself, made me proud of the effort being put forward with the Acceler8Success Cafe platform.

Preparing for War: You vs. Recession

As I sat down to write Thursday’s article, I felt compelled to continue with the discussion about surviving during a period of economic uncertainty. I decided that over the next week or so, I would focus this newsletter on helping individuals prepare for the looming war against recession. I addressed recession as war because it will be a series of battles, it will take varying strategies including when to be on the defensive and when to be on the offensive, and it will mean fighting for small victories in order to survive when the fight is over.

Looking ahead, now is the time to fortify our arsenal, assessing what must be repaired or replaced. We must evaluate our skills, improving as necessary and learning new skills, as well. We must rally our troops and ensure all who will be helping us are properly trained and have the necessary firepower for combat. Essentially, we must plan for the inevitable fight ahead. As such, I began the series by addressing personal branding and its role in the war against the recession.

Recession Prep Question: Are you planning to win, or are you planning not to lose?

The series continued Friday as I talked about the difference between playing to win or playing not to lose. There is a difference, a big difference between the two. How it’s addressed is all in the planning before taking action. However, it’s essential to know the difference and plan accordingly sooner rather than later.

With a nod to the financial professionals who do all they can to keep our businesses within the rails, and especially so during the pandemic, I emphasized the necessity of acting proactively to drive sales. After all, only so much can be done to protect the finances of a business. Without sales, there would be little to nothing left to protect.

Is a 4-day work week realistic, practical, feasible across the board?

On Saturday, I wrapped up the week by sharing my personal perspective on the continuing conversation about a 4-day work week. Although not part of the survival series launched earlier in the week, I know it will be an important topic in addressing labor issues that have been front and center throughout the pandemic – issues that continue to be problematic for many business owners. I’m sure the discussion about a 4-day work week will continue for some time. It will be an interesting one for sure.

On the Lighter Side

I saw this image pop up in my Facebook Memories this morning and again, I thought it to be a very interesting proposition. If only it were possible, even just one time. Kind of a mulligan in life. If only…

I recall reflecting upon it quite a bit and changing my mind multiple times, mostly depending upon what I thought I would want to discuss. To that end, I had decided to list my desired topics of discussion in seven categories: emotional (family member), interests (sports, cooking, health), spiritual (religious), career (education, networking), business (entrepreneur, founder), motivation & inspiration (most categories above) and fiction (interesting, fantasy).

I have found this exercise to be eye-opening. Especially, as I compared my original list to the list I developed today. Mostly, I believe it has to do with differing thoughts for the times. I can see an article about this in a future edition of Acceler8Success Cafe. In the meantime, who would be on your list today?

Have a great day (and week ahead). Make it happen. Make it count!

Many people have a dream of owning a business. It’s an American Dream!

However, whether doing so as an independent business or as a franchise there are important initial steps to take to ensure their dream-turned-reality starts off on the right foot.

Improve Financial Health

Review and analyze personal finances. As a first step, it’s essential to understand income coming in and expenses going out each and every month of the year. Think ahead to bills that come due quarterly or annually.

Plan a firm budget. The goal is to ensure living expenses are met for a minimum of one year after starting a business. If a vacation is planned during this period, it must be included in the budget. Pay off all short-term debt to the extent it’s possible and practical to do so.

If savings or income from investments are not allocated for living expenses, it’ll be necessary for personal income to continue through year one. Lenders will require a solid plan that is not dependent upon first year income from the new business. This may require a spouse or life partner continuing their employment while the business gets on firm footing.

Review credit reports for accuracy. Challenge all errors and keep records of the same. Organize all financial records including bank statements, investment account records and insurance policies – auto, health & life.

Consider working through the above with an independent financial coach who can provide valuable professional insight and perspective. From a confidential, non-judgmental position they can help resolve some issues requiring attention that may have initially appeared to have been barriers to business ownership.

How to Create a Business Plan

Network as Much as Possible

Meet with members of the local business professional services community – bankers, attorneys, financial planners, accountants, realtors. Share plans to start a business within the community. Develop a network of these professionals and keep them apprised of progress.

Attend and actively participate in networking events well in advance of commencing business operations. Networking provides great benefits from a very early stage including introduction of the business to the community, support from fellow business owners and assurance of a busy grand opening.

From visiting with business professional to attending local chamber meetings to participating in community functions, personal involvement starts to establish a long-term commitment to the community. Owning and operating a business is about establishing and building relationships. Do so as early as possible.

How to Start a Business: A Step-by-Step Guide

Be Honest with Yourself

Although working through due diligence is essential it’s important not to over-analyze to the point of procrastination… or even, paralysis. Taking the necessary steps outlined above should set a foundation of being well-informed and yes, a foundation of comfort and confidence, as well.