There are many things to be learned from the Covid emergency we all went through. Even as we begin to move back to normalcy, looking back on 2020 should give every one of us a bit of business shock.
I think looking back; I am fortunate that my company weathered the storm so well. We were able to survive when so many others did not. However, learning and adapting means also knowing that this exact scenario may play out again and again. How can we be sure we will survive the next storm?
One of the biggest problems in business is knowing when to branch out and move into uncharted waters, such as a new venture. When your business is doing well, who thinks of getting into a completely new startup? When times are perfect, why rock the boat right?
The age-old adage always comes into play; Never leave all of your eggs in one basket. There is truth to that statement. If you own a restaurant, why can't you also own a t-shirt manufacturing company? If you have a gym, why not also invest in real estate rentals? If you have a nightclub, why not also open a brewery? Why do we solely re-invest our income into the same business, again and again, thinking that is the only way to grow?
Think about that and let it sink in. You want to grow and expand your business. Well, whoever wrote a rule that says the expansion has to be under the same roof or the same name? Why can't your business expansion be into many different ventures? What happens if there is a next time and you invested everything into that one business that ultimately fails because the government deems it non-essential? Who is to say what will be essential next time?
For me, it is more important than ever to spread my wings and fly in a few new directions. Building new businesses from scratch isn't such a bad idea and can be a little fun, even if it takes a lot of time and effort.
If your business didn't make it through 2020, I wish you all of the best in your next endeavor. If your business survived, I hope you take my advice, so you weather whatever storm comes your way. And to everyone reading this, I thank God we are all still alive to fight another day.
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-Lonnie Passoff
Founder and President
About the Author:
Lonnie Passoff started the first-ever internet-only eCheck processing firm in 2008. It has grown to be the largest eCheck processor on the planet. A veteran of the United States Army, he has become a multi-millionaire through honest, smart business practices. He frequently speaks at business conventions and is a paid advisor to multiple corporations. He also holds a seat on the board of a Real Estate Investment Trust and a non-profit Clean Ocean Initiative in the Caribbean.