COVID Shutdown: A Time to Re-invent

by Gary Martens

On the news and in conversations I hear a lot of “Woe is me” complaints. It is true that these are hard times and some will suffer more than others, and some won’t suffer at all. Especially vulnerable are small business owners who have put a lot of effort and their life savings into their business.

We can also view what is happening to us in this COVID 19 pandemic as “someone” closing the door for us. We should not blame ourselves for this loss. It is someone else’s fault, in this case a virus.

Let me illustrate from my own past. In 1996 the Manitoba sugar beet industry closed. I was a sugar beet farmer at that time, and this was devastating for me and my small farm. I could make an income of $700 per acre with sugar beets and only $100 per acre with wheat. I would either have to find more land (almost impossible locally) or shut down the farm and do something else. I took the winter to think about it. On a piece of paper I wrote down all the activities I was involved in. I analyzed each activity and asked myself, “Am I enjoying this?” “Am I making money with this activity?” “Does this activity take me away from my wife and young children?”

After analysing all my activities, I decided to end my career as a crop farmer and seek employment at the University of Manitoba. At the time it was very distressing, but as I look back, I am grateful that the farming door closed for me, thereby allowing me to have a wonderful alternative career which I have enjoyed very much.

If this COVID crisis has shut you down, you should take the time to analyse all your activities and evaluate whether you should continue what you are doing or use this shutdown as an opportunity to re-invent yourself. Now is the time to do the research on what the new you will look like. Prepare a business plan. Talk to friends about your ideas.

In his book Good to Great, Jim Collins, uses a bus driver as an analogy for a business owner. He says the driver does not start the bus, and then tell the people on the bus where you are going. Rather he says, the driver first chooses the people that will be on his bus, then askes them where to drive.

Now is the time that business opportunities will arise. Look out for what needs to be done and what is not being done that you could do. Do it with a group of people that you choose.

Hernando de Soto, a Peruvian economist says that to start a successful business you must be passionate, yes passionate, about three things: production, finance and marketing. He also says that no one person has all three passions and that is why starting a business with others is a great idea.