Fear and uncertainty are prevailing right now for a large portion of the world. As business leaders and entrepreneurs, we need to focus on what we can control and not on what we have zero control over.
We can control our thoughts. We can control our actions. We can control our emotions too.
What we can’t control as easily are the attitudes and actions of others. We can’t control the weather and we certainly can’t control mother nature.
But we CAN mitigate the impact of outside influences by being proactive.
Here’s my proactive guide for multifamily operators. You may agree and you may have other opinions of what you should be doing. That’s GOOD! But the operative word here is DOING.
What are you going to do in the next 30 days to mitigate the impact of things you cannot control?
Here is what we are doing at the Rod Khleif companies:
- Communicating. We are concentrating on communication and being effective at using our words to help calm the storm and let others know we are being proactive. We are communicating to our investors our opinions on the timelines we are projecting and the plans to mitigate the short and long term effects. To pretend there will be no effects is just not being honest. However, our take on the effects is positive for the long term. Whatever your personal outlook is, share it with your customers and investors. Have open discussions and please don’t listen to only one opinion. Get a well rounded view by watching and listening to more than one channel on your TV or radio (or podcast).
- Cutting Expenses. Yeah this one is hard. You need to look at the overall health of your company, and its finances, and determine what and who you need to cut or furlough. When the economy is booming we tend to pile on expenses that look quite ‘indulgent’ when times get lean. Well, times are lean and companies from small mom and pop operations to large corporations are cutting all but essential expenses.
- Negotiating. We have some expenses that are essential but also expensive. I’m personally calling all of our vendors to see what they are offering to help out during the next 30-90 days. Since all of us are in the same boat, many are working with us in the short term to keep our business, instead of being rigid and risk losing our business.
- Innovating. Business is two things, marketing and innovation. We are changing our model because we can clearly see the advantages of moving our events online. Our Live events are now Virtual Live Online events. Our new event page http://multifamilyvirtualbootcamp.com is live and we are open for business. Powerful multifamily training, delivered straight to you. And, we have a Facebook group for networking and finding your partners and building your teams.
Innovation is the hallmark of a growing, healthy business. The speed with which you can turn your ship toward new opportunities is critical to your success.
The good news is that by being proactive you can, and will, survive and thrive. Consider the 4 ideas I outlined above to help you and your team (and your family!) get through these next few weeks.