Global Pandemic Devastation. SO WHAT NEXT?
Over the past week, several friends and business acquaintances have been in touch, a tad worried and confused about what the future holds. Many friends and colleagues are going out of business and in the cold light of day, the stark reality is that things may never be the same again. I asked my mum last week, whether she had witnessed anything like this during her lifetime. She had lived through times of war and had to flee from her home surroundings back in 1971, life was never the same for her. Likewise, it was never the same post 9/11 and post the global financial crisis. We came through those times and we will come through this again.
Whatever good habits we have, we must maintain them. Without a gym, it may be difficult to sustain good exercising habits for instance. How about doing a workout with the family instead or exploring your local neighbourhood surroundings, that never seems to happen, whilst jogging or walking?
In no way am I saying this is going to be easy. God willing, most of us will not lose our homes during these times, and in fact, are even unlikely to lose normal comforts such as access to foods and a television. Therefore, this crisis will be what we make of it. If we absorb the negativity to overtake us and we get into a negative spiral, it could have a catastrophic lasting impact. On the contrary, if we remain positive, show gratitude and use this crisis as an opportunity, we could come out on the other side a different animal. Let me explain…
Time To Take Stock
Over the past weeks, the true value of health as the ultimate wealth has come to the fore. Governments, corporations (small medium and large), travel, leisure and even weddings, funerals and mothers day have come to a grinding halt to give preference to our health. Life cannot be enjoyed without good health.
For many, living life in a never-ending the fast lane, this is a unique once in a lifetime opportunity to spend substantial quality time with family like never before and possibly never again. Easier said than done perhaps, but we should cherish this time and plan a good balance between working, worrying, scheming for the future and having great fun with our families.
And Business Opportunities?
Now is an opportune moment to begin building a business. It can take four years or more to build momentum in a startup business, and some of the biggest names of the past and present were launched during a recession. Namely, IBM, Microsoft, Disney, General Motors, Uber, Airbnb and WhatsApp – but to name a few. Whatever industry you are in, ask yourself the two questions below:
- How can we reduce 50% of our costs and double our revenue?
- After this pandemic, how is our industry likely to change, and how can we get ahead of the curve?
People Will be Seeking Leaders & Educators
As the dust will begin to settle, new paradigms of opportunity will appear and only a few will be able to identify them and pioneer openings for others to follow. Be bold and become a leader that others aspire to follow and if that is a tall order, as a minimum stay connected with the thought leaders you aspire to become. People will need their hands held to recover, rebuilding momentum again – be at the forefront to educate, inspire and lead.
Whatever you FEEL today, your team & family will FEEL as well.
If you’re afraid, they’ll be afraid.
If you’re confident, they’ll be confident.
If you’re worried, they’ll be worried.
These times give birth to wartime leaders!
Online Will Be The New Norm
I’ve had a number of online meetings this week with dinosaur-type of people whom I’d normally never do an online meeting with! Online meetings can be efficient and lean, it saves time of travel, costs in coffees and if structured well, can be far more productive by sharing ideas and resources visually. The company share value of Zoom.inc shot up to $45bn this week – get used to a new norm.
Prior to this crisis, high street retail was taking a battering over the past few years and going through a nose-dive. For many high street outlets, this will be the final straw. So ask yourself, how you can pivot your business to adapt it to the new norm?
Get Trained To Transition Into The Skills Economy
Working from home over the coming weeks and possibly months will take its toll on some. For others, it will give them an insight into a new world and a new way of working. Use this time to build what you’ve always wanted, double-down on your learning and personal development. Learn how to build a business online, do training online, and upskill to move into the highly paid skills industry.
Personally over the next 90 days, while my property ventures take some sort of shape with the economy. I will be learning and teaching online marketing skills. Why?
- Everyone needs a customer and more revenue, and after this crisis will need help to secure new business to survive and rebuild.
- Social media and influence marketing is here to stay, they may eventually overtake TV advertising revenues and being ahead of the curve in this area as an influencer myself will give me more authority of influence.
Watch out for my articles and videos over the next 90 days.
Reallocate Existing Resourcing To Survive & Cut Your Losses
The reality is that most businesses in most industries will be hit hard during this time, even for those that have multiple sources of income. Assess your resourcing carefully and ask yourself how you can pivot and adjust. Overcommunicate with vendors, employees and all stakeholders to gather intelligence, maintain confidence and strike deals. For example, my coach made me realise this week to shift my focus on the business which is most likely to yield a result for survival during these times. He made me look at my food venture from a different angle because the most valuable asset and commodity to people at the moment is food.
You maybe be operating in a business or industry that you have become very tired with over the years. And for some time you have toiled with the idea of moving away. Perhaps you have been in this situation for a long while, years or even decades. Now is a great time to cut the cancer and leave it behind and start afresh. Use this time to pursue that project or dream you’ve always wanted to pursue but have never had the time or were unable to move away from due to existing commitments.
Be Ready To Maximise Investment Opportunities
On a final note, whilst most people may be spending the extra time fretting, overeating or on Netflix. Leaders will be preparing for the resurgence in the economy. As Warren Buffett once said that as an investor, it is wise to be “Fearful when others are greedy and greedy when others are fearful.” Whilst I don’t condone being greedy at any time, there will be opportunities for acquisition during this economic downturn and leaders will be working to be prepared to maximise with resourcing, whilst the majority remain occupied in anxiety and worry. A remedy to prevent worry and anxiety is to take charge of your destiny and have a go.
If I’ve missed anything important, please feel free to comment and add below. Would love to hear your feedback…
Bringing It All Together
This global pandemic is unprecedented and is likely to end with catastrophic economic consequences. As humankind, just as we have in the past, we will work our way back up from this challenge by maintaining our good habits and enhancing ourselves with this sudden gift of free time. This is a time to take stock of the gift of true wealth being our health and it is a once on a lifetime opportunity to spend quality time with family. There will be opportunities that emerge from this crisis, namely a vacuum in leadership, building businesses in the new norms, upskilling and reallocating our resources. This could be the most opportune moment to cut our losses and become prepared to benefit from the investment opportunities to emerge.
ABOUT THE AUTHOR:
Babrul Matin is known as the ‘Islamic Investor’, he is best known for Real Estate Development in the UK market. Babrul’s mission is to combine ethical performance with profitability, and drive shariah-compliant investment and business practices in real markets across the Globe. For the past 16 years, Babrul has been a specialist teacher, trainer, coach, consultant and public speaker in business, economics and Islamic property development. He is the host and founder of the UK Islamic Property Investors Network.
Babrul has written for, or been covered by, The BBC, The British Council, The Red Money Group, The Office for Standards in Education, The Specialist Schools and Academies Trust, Islamic Finance News, as well as various councils and local newspapers.