I’ve learned one thing during 2020: Masks are worse if you eat onions with your lunch.

As you are well aware, 2020 has been crazy. What you may not know is there is authentic, good news for leaders out there. Here is some:

All of my clients are breaking their personal records. All of them are based in a region that was experiencing a localized recession leading into 2020. All but one are in industries that have been negatively impacted COVID19.

In spite of the odds stacked against them, they are killing it: Outperforming themselves, their industries, and the economy around them.

I asked a few of them if I could share their stories. I’m doing this for two reasons: To encourage you and to inform you.

I want you to know that their success isn’t random. They aren’t random recipients of good fortune.

Their success comes from applying specific principles. Principles that reliably help organizations thrive in any economy.

They are doing it. You can do it.

What are they doing differently? Below, I’ll introduce three principles that will help you to thrive in any economy. All three of the companies I mention use all three principles. But I’ll illustrate just one principle with each company:

1. Staying the course: Keep pursuing your vision

Bilista, Inc. holds a family of construction-related companies. At the beginning of the COVID19 shutdown, they decided that they were going to continue pursuing their vision and growth goals.

This was a remarkable choice. During the same time frame, the US Chamber of Commerce reported that only 16% of those in the construction industry held real confidence for any growth at any time this year.

They were part of an industry minority that still saw opportunities.

COVID19 required that they shift their 2020 strategy. No one could know what to expect. In light of this, Bilista’s executive team came up with the following focus: “Business as usual, as much as possible.”

It’s important to understand that for them, growth and entrepreneurialism is business as usual. While taking action to create a safe working environment for employees and accommodate concerns of clients – they decided not to take their foot off the gas or slow down.

Already a nine-figure company, they’ve since secured contracts that should result in a 30% increase of profitable growth in 2020 alone.

This isn’t just good for them. It also means more jobs, more services provided, and more value to their clients and the community.

Take away: Keep pursuing your vision. Your strategies or tactics might change – but stay the course.

2. Operational efficiencies: Build a lean, mean fighting machine

Alaska Industrial Paint provides industrial paint and coating services. They built their business almost entirely by serving clients in the oil and gas sectors as well as tourism.

Oil and gas have been taking a beating for a while now. Tourism essentially halted this year. The future looked grim.

However, along with staying the course, they also made a critical choice: They began to get serious about their operations.

Most companies have looked to save costs primarily through cutting. Alaska Industrial Paint, instead, focused on being more effective and efficient with what they had.

This included simple to say, but not always simple to do, activities such as: Forging cultural and operational alignment, building systems of accountability, becoming more effective at setting expectations and delegating as well as creating dashboards that simplified management.

All of which add up to getting more out the resources they had. The value of this has translated into a profitable year. But perhaps more valuable, there is also a significant decrease in the operational stress and the “tyranny of the urgent” that they used to experience.

Some of their goals for this year? Adding new positions. Providing good jobs and being a great employer.

When good businesses succeed, everyone does well.

Take away: Rethink your operations. Don’t make cuts your first option. First, make sure you are getting the most out of what and who you have.

3. Aggressive Business Development

First Rate Financial is a boutique mortgage broker. They already had a strong record for growth and a vision for more.

COVID19 has contributed to an interesting dynamic of both historically low-interest rates and a hot real estate market. As a result, the mortgage industry finds itself in the sweet spot.

But just because the opportunity is there doesn’t mean you are getting the business. Everyone will want to ride that train.

First Rate Financial isn’t the oldest or most well-known broker. It doesn’t have inbuilt customer relationships like banks. They have to actively cultivate business.

And they’ve done so. Undoubtedly they would have experienced some growth just because the market was hot. But instead of contenting themselves with that, they’ve actively pursued building referral relationships, appearing in the media and other traditional advertising methods.

As a result, they’ve doubled their volume of business this year. They took advantage of the conditions in the market to surge ahead in their growth plan.

Take away: Continue to do business development, sales, and marketing. Never stop evangelizing the value you offer.

Is it this simple?

It can be. There are many other success stories from industries who’ve almost seemed maliciously targeted by COVID19. Here is a couple of those:

Addo, a Puerto Rican restaurant in Seattle, followed the principles above. While many restaurants around them are shut down and even going bankrupt, they’ve grown. They’ve increased both profitability and staffing throughout COVID19.

Reid-Rodell, an event planning service based in Washington D.C. While in-person events, including weddings and funerals, came to a near halt – they realized that people still needed to gather. They pivoted to providing quality virtual events. An unexpected benefit? Lower-overhead costs have increased their profitability.

There is nothing magical or surprising about what any of these businesses are doing. They are all simply following the principles above.

Is that it? N0! The bonus fourth principle

There is one additional principle that I want to point out as well. That is pivot towards driving value to your customers.

Businesses that reacted to COVID19 by reducing or limiting the value they provided to their customers are hurting the most right now. Based on studies of the last handful of recessions, they are the most likely to go under. Those that don’t will have the slowest path to recovery.

On the other hand, businesses that leaned in hard to continue to meet the needs and desires of their customers are either prospering or are well-positioned for a fast bounce back. Here are the three questions they answer:

• How do we continue to provide the same value to our customers?
• What new value do our customers need or want right now?
• How do we reach new customers whom our competitors no longer serve?

It’s tough but there are options and opportunities

Recessions are hard. Many people have been hit hard. Layer on top of all of that, all of the frustration and angst of the past few months.

But you probably have more choices and options than you are aware of.

Stay the course, do more with what you have, continue to search for business opportunities, and keep providing value.

It’s not a secret. It’s good business.

Keep well,

Christian

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