Covid-19 is not new news and you don’t need us to tell you what’s happening. Please know that we hope that you all stay healthy and are not hurt too much by it all.
If photography is your business and you’re faced with a change of this magnitude, we tend to go through the same five stages of grief as someone who has lost a loved one. First is denial – “this virus won’t affect us”. Then anger – “you’re making me stay home and taking away my business”. We then bargain with ourselves – “okay, social distancing for a few weeks, and everything will be better, right?”. Many may go through a stage of sadness – “I don’t know when this will ever end.”
Finally, acceptance – “this is happening; I have to figure out how to proceed.” To that end, let me share some tips that we hope will be helpful.
Immediate Financial Triage
Review all your expenses. What’s variable, what’s fixed? And remember, the definition of essential has changed. It’s no longer “how can I make this boat go faster”, now it’s “how can I keep this boat afloat”.
Cut costs that aren’t producing revenue.
Scrutinize your tax return for extra money. Both personal and business returns. Many people leave money on the table so engaging a good CPA may be a very effective expense right now.
Shore Up Your Business
Employees and Talent – now is the time to really show leadership. Set the tone, be positive. You’re riding a wave that you can’t control. Pay attention to it and adapt. The employees and talent you may work with can be essential to your future success. Treat them dearly.
Don’t treat this time as a forced vacation. Turn off the 24/7 news coverage, it will just depress you. Turn off Netflix. Instead, work on self-improvement projects. You are your own greatest asset so make yourself valuable.
Take care of your customers and keep in touch with them with a consistently clear and positive message. Don’t gripe or whine – this even includes social media, especially if your clients see you there too. Ask your clients for help – now, more than ever, people can empathize with small business owners. Maybe send them something from a previous engagement with them as a thank you. Send along a referral card and ask them to share it with their friends. Better yet, just ask them for references.
Plan for the Future
Unfortunately, we are nowhere near a return to normal. In fact, nobody knows what the new normal will look like. Even so, now is the time to reassess your business plan for the coming years. And, if you don’t have a formal written plan, now is the time to put one together.
Learn from this experience. Don’t just return to the status quo. Plan to make yourself and your business stronger and more unique. Plan for financial reserves and prepare for emergencies. If anything, this pandemic has shown that anything is possible.
Be Charitable
Everyone is affected by this pandemic. Some are hurting much more than you or me. Now is the time to show your humanity. Help in your community. Share your talents with others. Empathize with your neighbor.
I’ve heard of one photographer whose business basically dried up overnight. Instead of complaining about her lot in life, she called the local high school and offered her services to help put the yearbook together. Think of that for a moment. Not a single student is in the school and yet they may still want to finish the yearbook so that they at least have memories from this incredible year. She’s truly a hero.