How to Pivot Your Business
You. You. You. Guys. Are having a great afternoon I, wanted. To jump in here to catch, everyone, up on not. Just catch. Everyone up on what's been going on but most importantly, begin to deliver on. A, lot of the I. Guess, results, from. Those. Of you who are here for the first time my. Name is Jay. Mentals. But, ultimately, it's cash flow that we care about now. Here. Is, for. Those of you watching watching the replay etc, as, you, heard me mention last month what we, are going to be doing in terms, of where we're going to be going live and when we're going to be going like all that type of stuff I wanted to catch everybody up on that and then give you a an. Example, of what that's going to look like by. Sharing, with you literally, a strategy. On how to pivot, your business. Specifically. As it relates to any. Crisis, but obviously, in this particular case we are in. Doing so because there's, a number of individuals, looking to understand, how to make that happen. Short-term rental space as well now. With. That. Being. Said, okay. With that being said, what. We're how, we're going to do this for. The next little while is we're. Going to be, going live similar. To like we've been doing we're going to deliver the content on a particular, topic, like today, and then. What, will happen is, that after the topic that. Particular, topic we're going to take questions around. That same particular. Great. That. Couldn't have happened more. Perfectly, so we've. Got a number of new things that we're experimenting. With as well that, are hopefully or at least that are working that. Was. Right there thank you for following it totally appreciate that for those of you who when you subscribe, on Facebook follow we got a number of things set up like that anyway. We're gonna do the content after the, content, we're gonna take. Any questions. Related. To the, content that's really key here questions. Related to the content, and then, we're going to primarily be posting, all of these specifically. On Facebook. I'm sorry on, YouTube. So if. That is something you want to make sure because we have a long. List. Of, content. That we're going to go through to be answering, a number, of questions that, we have found either.
On The internet or questions, that have come in to us, from. From you guys or just cut for example one, of the things that we're going, to start during this series is. We're. Going to share with you over, a number, of days. Literally. What. You need to do so pretend, that you want it to take 30 consecutive days, and you wanted to take those 30 consecutive days and know, what you needed to do step by step over those 30 days and. We're. Going to go live to give you that content, as well produce it as a series, so, if that's something that's of interest to you get over to youtube at youtube.com. 4slice cash flow diary so the. Intent, is to be, as. As much. Of service, as we possibly, can and also. To give. YouTube. The content, it desires, it needs and to help as many people as possible because, we've, heard from, a number of you that you're like hey how can I send. My friend my friends wanted to see what you did and and they wanted to see some of that same content, that I saw, so, this is what we've come up with in. Order to be able to do it to make it really easy to make it really simple and it all be in the same location so with. That, being, said the, goal. Let me make sure. Oh. Got. It we're. Still doing a normal q8 well it's not the normal time for the QA but for those of you if you're in the Facebook groups and whatnot and you're wondering if we're still doing the QA today yes that is still happening and. Also. For those of you who do listen to the podcast. You. Will begin, to hear different, type. Of content there as. Well, so we'll still occasionally be doing the interviews, but. You're gonna hear a different kind of type of content because that's kind of what is needed at this particular, moment in time as, well all right so. Let's see if we can get this right which, again if you haven't figured out, we're. Gaining, new skills very, similarly, to how we. Suggested, you guys do the same thing so the goal is to, literally. Model. It all the way through with, every, bit of the mistakes as. We go anyway, let's. See how. Where, is. One. Minute okay got it one. To. Two. Ideas. I'm, just trying to make sure everything, oh. That's. Right I'm on the wrong screen there that's the problem I have lots, of notes in front of me to make sure that I get. This similar. Right or, as right as I possibly can all right. We're. Gonna go to. My. Buttons, are not in the right spot but that's okay. Awesome. Anyway. Hey. Guys welcome to the channel my, name is jay massey CEO of cashflow diary in this particular video what we're going to talk about is a strategy. That I have used and that well you can use to, take your business from where it is to a new plane of existence if, you will commonly. Known as the, pivot oftentimes, when. There is a crisis, or when revenue, is not what you were hoping would be or something. Is going on in the world then. You, can hear a number of entrepreneurs say things like well you just have to pivot and you, know all, you got to do is pivot and then if you pivot you'll be fine and all. Those types of things but I haven't. Heard enough of where, and. How to, pivot and is, there a strategy for it can it possibly be, understood. In a systematic. Way well. Stick. Around because, in this particular, video that's exactly, what we're going to talk about today. Welcome. Back so, for, those of you who have, been in business for a while or you're looking, to continually. Grow your business and you want to make sure that. Your business can I, don't know survive any turns.
If You will because, the. Marketplace constantly, changes one, of these strategies are the common. Phrases, that you will hear is what. You should do is you you need to pivot and that. Can be frustrating, sometimes is to hear something that you like hey okay cool I get it I know what I'm supposed to do but. How do I, actually do. What, you just said like what is step. Number one occasionally, that gets a little bit frustrating. To me is that when I can, hear or watch a video and someone says that this is what I should do but doesn't necessarily, give, me a step-by-step, understanding. Of even. Where to begin so what, we're gonna talk about is, how. To pivot, in and let's be clear a pivot. Does mean a change, it means. Or presupposes. If you will that you are willing to, change your business in some fundamental, way just. Because you're. Changing, the, business it doesn't necessarily, means you're changing the focus or its outcome, it, you, still have a same, vision, but, now we're going to take different. Tactics. So in order to figure, out some, of those different, tactics, one of the things that I heard a long long time ago was, that you cannot, solve a problem. With the same level, of thinking that it was created, with more importantly, than that is the. Fact that. More. Importantly than that is the fact that simply. We. Can how. Do I say this. The. Solution. To a lot of our problems lies outside of ourselves so. That's often what I will do is I will go looking for that solution anywhere, I possibly. Can so what, does that mean in this particular case not. Sure if Harvard. Business Review is a publication, that you ever frequent, but I did find it here, as well which. I did find helpful. Obviously is, that. They're talking about the. Very same thing more specifically, Thomas Ritter and Carr pettersen, are the, two gentlemen that I want, you to pay attention to because they have been writing about. This. Concept, for a little, while and they. Produced. A, methodology. If you will called alignment. Squared, now, the. Links, to a lot of this will be down, in the description below so don't worry about that but, what I want to say to you is you, this a lot of this information that I'm sharing with you these ideas, these concepts, they're.
Absolutely. Free, so those links I'll, be down in the comments, below. Well. What it comes down to is that a little, bit ago they produced, this particular, workbook it's the impact of the coronavirus on your. Business, model I thought, that was very helpful, for them to not, only do so but to do so at again. For, free. One. Of the things you may want to do is to later is to go through this. Workbook, for your own business but in summary. What I'd like to do is to share with you the, five. Specific. Areas, that they, tend to focus on when it comes to, figuring. Out the pivot. Okay, so. The, the five areas as, they, talk about it either in their paper or their workbook, there, are results. The. Customer, the. Value, proposition, value. Demonstration. And capability. Here's. What all of that means, those five things, are tend to comprise a your. Entire, business business, strategy, business model, if you will when, we're talking about the results it's like why are you running the business like what is the goal there was a reason, you started, the business is that reason. Still valid, but, why are you doing it and then, the customer who are they what I do find, specifically. Guilty. Among the real, estate investors. In the, world is that, we. Don't think often, enough about. The, the customer, the tenant specifically. How are they going to use the. Property, then, the value proposition, what. Are you selling to your customer, like do, you even know if. You ask a random. Real estate investor oftentimes, they actually don't know what. They're selling and then. Value. Demonstration. What was your go-to-market strategy how, did you get your product, in front of the. Customer, or service for that matter in front of the customer and in such a way that you could actually. Sell. It to them and, then. Capabilities. What. Abilities. Do you need to actually carry out your business, see, when. You are trying, to analyze your, pivot, the way to begin that, is to first understand, you know like everything else where where are you starting from like. What is it today today how do you, do how does the company do those. Five things because. Once you understand those five things, then. The next, step can, be relatively. Straightforward. Because. What you now do, is you really ate, all five of those. By. Three. Different, stages what do I mean one. There's. A cry during the crisis stage there's. The immediately, after the crisis and then there's, the, new. Normal. So. Again. During. The crisis, immediately. After and then. New normal now. As you evaluate those. Five things through, each of those three stages, and asking, very specific, questions you'll. Be able to unearth. Opportunities. And or weaknesses, that your. Business. Currently has. That, may not necessarily be, apparent. And this. Exercise. Is especially good for unearthing. Opportunities. That you may not have, already considered. For example. When. Looking. At the customer, and again because. Our business is primarily, around short-term, rentals and real estate a lot, of the examples are always going to be around short-term, rentals and real estate but. When we're looking at this who. Are your customers right. So, there's, a time, frame we're gonna call that BC, also known as. Before. Coronavirus. So okay that's the before coronavirus. Okay, and, who.
Are Your customers, I know for ourselves that was primarily, business travelers, families. Traveling with small children and, then medical travelers so. You begin to ask yourself the questions, all right during, the crisis, during this particular, stage, of the, event. Does. That change is that. Something, that is still, there does that customer. Still exist, see, one of the benefits, of understanding that. You like, don't have an Airbnb business but that you have a short-term rental business that specifically. Provides. Temporary. Housing, to, people that need it when it matters most is, the. Fact that you can expand, not. Only your marketing, but your thought process, beyond. Just. One, customer, acquisition. Strategy so in this particular case here's what I mean many. People often will say you have an air B&B. Business, okay fine and, that's. Unfortunately. Very limiting. And here's. What can happen very similar to what happened back in March early March or the middle of March rather between. The 12th and the 15th, in 16th, or so we. Saw a significant. Number of, cancellations. And, an. Overriding, of our, cancellation. Policies, lots of refunds it was relatively. Chaotic. To say the least alright and, if. That was your main or only, customer. Acquisition, strategy you now we're faced with a very challenging, proposition. At. That particular time I know for ourselves watching. Up more than 117. Reservations, goes straight out the door that's, not exactly an exercise, I recommend, anyone. Repeat. But. Who are. Your. Customers not, who were who, are, please. Understand, its present, tense present, tense now with the new conditions. The, new conditions, are as follows, so who are your, customers, I know, for us one of the first things that became. Apparent, is that well people. Still need a place to stay I mean that's one of the benefits of having housing. As your business model but, here's, something that may be a little. Unconventional. For you that I give, to you to hopefully, help. When. You are looking for business. Ideas, and or, leads or, their I say problems, to solve one, of the easiest places to find them believe, it or not it's, actually the news the. News in every country that I've ever been to is very, very good at reporting, the. Problems, in great, detail, they tell you exactly who did it what happened, how long it's been going on and. All of that they don't necessarily present. A solution but. They do tell, you what's broken in fact they do it multiple times a day at like 6:00 and at 10:00 and at 2:00 in it you. Get the idea my. My, point though it's very simple. Leveraging. The news as your lead generation source, is a hack, to finding. Your. New customer.
In Many. Cases, and it was for us one of the first stores we started to hear about specifically. Given this existing, crisis was the fact that, emergency. Responders. Didn't, want to go back home and they needed a place to stay so your police and your firemen and your they, they, would be exposed, and didn't. Want to go back home so they needed a place to stay which then begins, to, open up conversations. Just think about it conversations. With entities that. BC. Were. Not open, to, the conversation, and in many cases that could be your city. And local governments, in various different ways it's. Like wow this, is kind. Of neat I mean I'm not excited, about the. Why. We're talking but I'm excited that we can help we. Also started hearing stories of you. Know, medical. Professionals. Who needed. Places to, stay well. That's still, very true in fact many. Governor started asking, for more medical professionals, to travel, to the areas and then. We began to receive emails. From hospitals, asking. Hey does anybody know anyone, who has a place to stay which had never happened before, and then. You, you may not think about it but the, military, they're always, moving, and it, doesn't change just because of, the the current situation so. They're. Still in play and then. We, also heard about the the schools as they began to close and well, as the schools began to close guess what that also meant that, the those. Living in the dorms didn't have a place to stay now so now they had to go figure out a new thing and some were just trapped where. They were which. Also created yet another opportunity see, by analysing, who are, the, customers, given, this current condition, and then watching, the news and with ears open, it. Allows. New. Opportunity. And, again in some cases opportunity, that would not have existed before, to. Arise. And. That's one of the many ways this. Particular, strategy, of how to pivot, can assist you so now you. Begin to ask your question that's during, the crisis but what about immediately.
After, Does, anything, change does anything change with your customer. Immediately. After, maybe maybe, not but ask the question and then new normal, what does that look, like right. See, as I look at this, this transition. That we're all going through I I. Think it's gonna be a while before a number, of individuals, are not only willing to get on an airplane but, travel and and and. Congregate. If you will and something. As simple as a hotel lobby and. I. Think. For. A while. Those. Who provide, short-term, rental housing will having a very, significant. Advantage if. You will because. Well. Quite simply, because. We're smaller because there are less, people around and, we can cater, to more specific, needs and I, think that's going to create a very unique time, frame and/or, window, if you will well. Let's get back to the, idea of pivoting, see. That's just with your customer, but you should run, that same scenario through, all five, of them all five, of those categories. Whether it's during, the crisis, immediately after, or new. Normal, ask yourself, the questions because when, you do so new, opportunities, arise in fact one of the best ways for to, do that it is. To get a group of friends a group of entrepreneurs and, he get home zoom if you have to whatever it takes for, you to get together and have everybody. Go. Through the workbook together, and ask each other the questions and the more similar, the businesses. Are in this particular case, the. Better because, it can help elicit. New. Ideas. Because. What, you will then begin to see is that oh there is something. That I. Can do because, as a human being, we. Have typically. One of three responses I'm no psychologist but it's, sometimes, it's fight sometimes, it's flight. And sometimes. It's freeze and. Freeze. Isn't. Gonna work on. Something like this and flight. Isn't. An option because where you gonna go, which. Leaves. Just fight and. Being. Able to, put, yourself or put your business there I say in a position to. Have a fighting, chance is what, it's going to take for you and I and everyone to. Be able to make sure that we can continue to provide the jobs that we want to and take. Care of the, families. That we all provide for and also. Make, sure that well. We're. Just not the only option for the, customer, at the. End of the day. Small. Businesses, we've. Got, to survive we've, got to find a way and. There. Can, be. Fortunately. We have resources, like this and again check the links below and you'll. Be able to use. Resources, like this to forge. A new path in, this wonderful, wilderness at. This particular, moment in time, nonetheless. If you like information like this do us a favor go ahead and hit that like button because, YouTube really, really, really, likes it when you do so and if, you want to make sure you get notified, when we release more, videos and go, live and. You. Want to participate or, maybe even ask a question, or two make sure that.
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