Creating a sustainable business

Some of the businesses that have suffered the most are the ones built on bringing people together and having person to person interactions.

On the other hand for the people that have created online businesses they can run from anywhere, it’s pretty much business as usual. They may even be seeing an increase in customers/clients as people look for something to turn to in these uncertain times.

And so now these people that used to run businesses based on people being together are having to re-think their plans.

Asking themselves questions like ‘How can I transform the in person experience to an online experience without a loss of value?’. That could be as a plan to totally move their business to the online world or to be a supplement to their usual income.

An example could be in person one on one coaching, moving to online one on one coaching or group coaching sessions.

A group cooking class moving a to live online cooking class that can also be purchased afterwards.

A baked goods store moving to click and collect or home delivery.

I think the current situation has made a lot of people realise that their are different (and in some cases better) ways of doing things.

 

Price, value and auction

I recently wrote a post called Does the customer determine value?

Here are some more thoughts related to value, price and the customer.

Think about an auction, the seller will often have a reserve price (the minimum amount they’re willing to sell the item for). Yet items often get sold for significantly higher because buyers are prepared to keep bidding if they want the item badly enough.

Even if an item could fetch around 20k, the seller can never start with that price, they have to allow the buyers to build up to it. Instead, the seller can only hope that people will pay that amount or at least above their minimum price.

I think it could be said that, although the seller sets the price it is in fact the customer that determines the value of the item.

Does the customer determine value?

I recently saw some things for sale and my first thought was that I wouldn’t buy them. In my opinion the items weren’t worth the price they were being sold for.

But people were buying the items.

Turns out that that even though I didn’t value the items at the price they were being sold for other people did, which got me thinking.

Who determines value?

If you’re selling something for £50 and nobody buys it, is it actually worth £50.

Or does value come from what the customer is willing to pay for it.

In my opinion it is the customer that determines the value because they’re the ones willing to pay for it. However, it is worth noting that just because you’re unable to sell to one group of people, doesn’t mean you’re prices are too high.

It might just mean that those people don’t see the value in what you’re selling.

But maybe another group will.

Tending to your needs

Now might be the perfect time.

If you find yourself stressed, anxious or overwhelmed, you might also feel a little helpless.

But the chances are you actually have a pretty good idea of what you can do to help yourself.

Rest, put your phone down, turn off your tv or computer, phone a friend, stretch…

However, despite knowing what to do and knowing what will help, we refuse to tend to our own needs.

People will often say things like I don’t have time to rest or I’m too busy to take a break.

But the truth is that mindset comes from not valuing taking care of your well being.

It might feel strange at first but it’s much better for you to regularly rest from life than to be forced to rest every time you work yourself into the ground.

 

Is now the time for productivity?

Instead of questioning whether or not you should be maximizing your productivity at this time, it might be more useful to check in with how you feel.

If you spend 3 weeks watching netflix, how will you feel?

If you spend 3 weeks working yourself to the bone, how will you feel?

Chances are you won’t feel great doing either.

As much as it is good to rest you’ll also feel good doing things. Whether that is one task a day like reading x chapters of a book, decluttering a room in your house or starting an online course.

But you don’t need to compete or try and milk this time for all it’s worth. It’s healthy to rest and it’s healthy to do things. You just need to figure out what works for you and go with it.

Regrets of an aspiring linchpin

Can you guess what book I’ve been reading?

Over a year ago (on my other blog, wordsbygemm) I wrote a post about my job.
Looking back, knowing what I now know I kind of regret my words.

Here’s what I wrote: Maybe, it’s strange that I sort of like being a cog in a machine, doing my bit to support the bigger picture.

I didn’t know it at the time but I’d fallen into a fear based trap. I basically wanted a factory job that presented itself as something else because it was in an office and I was at a computer instead of a machine.

I’d go to work sit at my desk, check emails,  read documents, chat with colleagues, write letters and occasionally make phone calls. That was all I did on a loop pretty much in any random order depending on the day.

But I’ve since seen the light, I suppose. Firstly my level of contentment with how I was showing up at work wasn’t what I thought it would be. I found myself wanting to more.

And so thanks to me choosing to read Seth Godins book linchpin, I’m understanding how I can be better at what I do.

I want to show up at work and add value not just follow instructions, anyone can do that.

Criticism and feedback

Which one is worth more?

Often feedback is something you ask for whereas criticism is something you get given.

And so there is the idea that criticism is always negative and feedback is useful which in some ways I think is true.

I think that both are worth something if they’re specific and can be used to make improvements but the circumstance should also be considered.

Letting a restaurant know the food arrived cold is worth more than telling an author that their book was bad because you didn’t enjoy it. Nobody enjoys cold food that’s supposed to be hot but there will always be people that like stories about aliens.

And so it’s not a conversation about criticism and feedback but instead objectivity and subjectivity.