The danger of not seizing your moment

The world is going through a radical change as we all deal with the global Coronavirus pandemic and the countless challenges this has presented to individuals, businesses and governments. In a time of increasing uncertainty, there is one constant, the need for us all to evolve and adapt.

As most of the global population is in lockdown, with some countries enforcing stricter measures than others, it has given lots of people time to think and evaluate how they will proceed post Covid-19. Throughout the generations, we have seen watershed moments that have changed the landscape around us and shaped the preceding years.

For example, many commentators and analysts are predicting the world to be a very different place to the one we were accustomed to just a few weeks ago. For example, the Coronavirus has really brought into focus the need for personal hygiene practices, the role of technology in business and work as well as highlighting who the real key workers are in our daily lives.

However, looking at the business world, we can see that many companies in the corporate world are looking to make themselves more lean by reducing their workforce or implementing measures to champion working from home for most employees. The byproduct of this, to save costs and ultimately become more efficient.

While this path may be useful for organisations in the corporate world, it has implications for the employees who have been made redundant. Although the government has stepped in with a relief package to safeguard jobs and livelihoods, the reality is that for many people, the world after Covid-19 looks very uncertain.

Switching focus to non-corporate businesses, specifically the types of businesses found on the high street, they are simply not in a position to offer flexible working practices to the same degree as corporate businesses. This is because they rely on their employees and customers interacting, usually face to face. As a result, many smaller businesses are looking for ways to use technology to achieve efficiency savings as well as boost engagement with their customers.

All of this leads us to our central theme in this week's blog which is around the danger of not seizing the moment. We are often told that the timing is crucial for any decision, whether it is a personal or professional decision.

Whilst we don’t dispute that timing is an important consideration, in our opinion, it is not the main factor when making a decision. Let’s take the current Coronavirus pandemic as an example. The default reaction for many people is to ‘wait it out’ and not start something new because the risk factor is too high.

Furthermore, from a businesses point of view, the tendency may be to reduce marketing and advertising expenditure during this situation as people are unlikely to make a purchasing decision.

In reality, there will never be the perfect time to make a decision or to start a new business or to invest in a new marketing campaign. By default, the human psyche is programmed to take the path of least resistance in most cases. This means following the status quo and not framing your own narrative. For instance, watch the news and there will be no mention of the amount of people that are launching new businesses or even existing businesses that are turning this current negative situation into a positive.

One simple example is Facebook advertising, widely considered the largest advertising platform in the world. Over the last few weeks, many businesses have slashed their advertising budgets on Facebook and this has given a competitive advantage to the businesses that stuck to their vision and continued to invest money in advertising campaigns. Indeed, many businesses are actually reporting enhanced Facebook advertising performance as a result.

When it comes to starting a business, many people are reluctant to make a decision at the moment due to the global pandemic. However, for most people, the uncertainty in the job market is largely out of their control. The very nature of being an employee means you are at the mercy of an organisation or manager to decide your future. The way to break free of that uncertainty is to focus on launching your own business, whatever that may be.

Here at iOB Business, we are passionate about helping people realise their ambition of becoming a business owner. That is why we help our Partners launch a Digital Agency and assist small/medium sized businesses take advantage of technology solutions.

At the end of the day, as an individual you are in control of your own destiny. The danger of not seizing the moment is real. By starting the process of shifting your mindset and exploring new opportunities, you can break free from the uncertainty that is troubling many at this moment in time.

To find out more about our business opportunity and how you can launch a Digital Agency with us, please contact a member of our team.

Until next time, please look after yourself and each other.