It isn’t often that I rant. That said, now and then everyone encounters something that can only be addressed with a good old fashioned rant, and that’s what is happening today.
It all started with a conversation I had with a friend who also happens to be an entrepreneur. Naturally, since we are currently in the midst of globally confronting the crisis, the topic of COVID-19 came up, and my friend said: “I know that there are health implications to the coronavirus pandemic, and I’m not wanting for that to continue, but I just wish the pandemic would continue. I’m having such a great time; I’m home, I’m resting, I’m relaxing…” and so on.
Now this is where I should tell you that I, in the most holy way possible, lost it. All I could think was: have you lost your mind?
There is a global pandemic occurring and your business is shut down, and doesn’t that mean that revenue has stopped coming in, that your 2020 goals are being stalled, and that time is passing by without you accomplishing what it is you want to accomplish? This is not a vacation, and your life has not paused simply because of the coronavirus. You are not on vacation!
5 Signs You Are Treating COVID-19 As A Vacation
My friend may have sparked something in me, but they are by no means alone in thinking of the crisis as a vacation. If you find yourself doing any of these things, don’t worry, nobody is looking or judging, all you have to do is admit it to yourself and do the work in order to fix it.
1. You Are Waking Up Later Than Usual
Maybe you typically get up at 6 or 7, but now that things are slow you are taking a few extra hours to get going in the morning. Those hours are now wasted, and you’ve thrown off your entire schedule, impacting overall productivity and the rest of your day.
Every 24 hour period you get is a gift, and it is your job to invest it, not to squander it.
Now, am I saying never to relax, never to take time to chill? No! My point is this: that extra time you are taking to sleep could be time you use to learn a new skill, to become an innovator in your business, or to reach out to your ideal clients and offer solutions. Today there are more problems begging for solutions than ever before, so my point is: this is your time.
I was recently listening to Ed Mylett, a brilliant entrepreneur, and he was talking about how he has been working to wake up 30 minutes earlier than usual because he knows so many of his competitors are sleeping in. The bar has been lowered because so many people are on vacation, so all you really need to do to be competitive right now is to take yourself off of vacation; trust me, it will make your business better.
2. Your Business Is In Cruise Control
Lots of people are reacting to the present situation by putting their minds and work into cruise control, doing just enough to keep their businesses going without initiating any growth. This means not actively going after new clients, not regularly reaching out to referrals, not emailing your list, but instead just doing the bare minimum. Cruise control will not cut it. If you find yourself falling into this behavior, you, my friend, are on entrepreneurial vacation, and you need to stop.
3. You Are Not Laser-Focused on RGAs
If you have ever worked with me in the past, you are probably already familiar with RGAs, also known as “revenue-generating activities.” When you are in a position where business is slower, it is more critical to be laser-focused on your revenue-generating activities than when business is up and generating more attention and success. When business is down, you should be closely examining what activities bring your business up.
Here are a few examples of activities that are not revenue-generating:
- Choosing a color scheme for your website
- Selecting the kind of paint you want to use in your building
- Tinkering with new ideas unrelated to your current business
Activities that are revenue-generating:
- Speaking: while you may not be able to go to conventions, conferences, or events due to COVID-19 social distancing regulations, you can certainly still speak on online platforms to keep your audience engaged
- Networking: same thing, virtual networking. Zoom chats, phone calls, and email are all great ways to continue serving your clients and reaching out to new ones
If you haven’t already been taking advantage of your RGAs you need to sit down and list out the 3-5 things that absolutely make your business better, then start putting them into practice to improve your bottom line.
4. You Quit On Personal Development
Maybe you’re the person who used to read two books a month, and now, you’re not reading anymore. Maybe you’re the person who used to listen to a podcast every day, and now, you’re not listening to podcasts anymore. Maybe you had programs you were working on that you have let fall to the wayside. These are all signs that you have taken your foot off of the accelerator and you are on vacation.
This is the time to read more. Why? Things are changing, and you need information that is current on how to handle this. The COVID-19 outbreak is unprecedented, and the only way to respond to it by learning how to navigate it, which in turn will require training, the consuming of information, or working with a coach. If, for example, you are not already part of The Freedom Formula Masterclass, now is the best time to invest for your personal development.
5. Ignoring Opportunities
Where there is chaos, there is also a lot of opportunity, and despite the current situation, you should be looking for new ways to serve your clients, new directions to pivot, and new problems created by the crisis that need to be solved. Each of these opportunities is available for you to capitalize on, but you need to be alert and on the lookout if you don’t want them to pass you by. If you haven’t actively been on the lookout, take those vacation blinders off and pay attention.
Using Your Time Wisely
This is not a judgment zone, and if you have been on an entrepreneurial vacation, that doesn’t mean that you have been bad. This is simply a reminder to recognize that you may have quit and gone on vacation without even realizing it. This is the time to make you and your business better. Now is the time to be on the offense; don’t just wait to see what happens next, make things happen for yourself.
While you may not be able to do the regular day-to-day operations of running your business, that doesn’t mean that this time has to be wasted. This is the time to work hard. This is the time to pivot your business in order to make it better. This is the time to position yourself, to innovate, and to invest your time and energy so that at the end of the pandemic your business is at another level.
Believe it or not, making the switch back into business-mode right now is pretty easy. The bar is low since so many people have retreated. The people and businesses that will be remembered at the end of this pandemic are the ones that are helping people to solve their problems right now. Get out there and be a problem solver – that’s what an entrepreneur does. We don’t build businesses, we solve problems. Recognize that these are trying times for your clients as well. Take some time to discover what problems your clients might be facing, then go out of your way to solve them.
Go be great, go solve problems, go help your people, and get out of vacation.
Be sure to check out the EntreMD Podcast to hear my full rant and learn more about what it takes to be a thriving physician entrepreneur. Become an EntreMD Insider and receive emails full of tips, tricks, and tools to keep you motivated and encourage you to be successful. Sign up is simple – just text the code ENTREMD to 44222 and follow the prompts.