Episode #257: The 5 P’s
TAYLOR BRADFORD: You are listening to episode number 257 of the Boss Girl Creative podcast. Today’s episode is all about prepping your business for post-Corona. On to the episode.
Today’s episode is sponsored by the Inner Circle community, which is my private community specifically for those who are wanting to take their businesses next level, who also are interested in supporting Boss Girl Creative and all the behind the scenes efforts. So for as little as $10 a month, you gain access to the Inner Circle, plus another community that’s private, and you get access to my resource library, and a monthly live Q&A, which you can be part of or you can just watch later or listen to later because I do post the replay later. So I always ask, “what are your questions?” so I can make sure to get whatever questions you do have actually answered in that live Q&A. Then you can catch the replay if you’re unable to attend it live. Level Two, at $25 a month, unlocks my template library. It also unlocks a monthly co-working session and weekly office hours. So if you have something that you’re struggling with or you want to bounce an idea off of me, every Wednesday, you’re able to send me a Voxer message and ask that question, and I will get back to you and help you through whatever it is that you’re needing help with. Level Three, which is brand new. It’s kind of been sitting over there in the corner for a while I wasn’t really paying attention to it, but now I figured out what I want to do with Level Three. Level Three is $100 a month, and what that gets you is everything in Level One and Level Two, plus it gets you a 60-minute, one on-one-session with me every month. So if you have been wanting to pick my brain or let me help you through your business to help move you forward, Level Three is where you need to be. So three different levels. Level One is $10 a month, Level Two is $25 a month, Level Three is $100 a month, and y’all, at Level Three, let me just tell you, for a 30-minute one-on-one session, it is $97. So, kind of, Level Three is a no-brainer if you’ve been wanting to work with me one-on-one because now you get 60 minutes, one-on-one once a month, and you get the office hours and you get the co-working session, and you get the live Q&A. All of that at Level Three. So three different offerings. What are you waiting for? Get into the Inner Circle today. Go to bossgirlcreative.com/innercircle.
Hey, welcome to the latest episode of the Boss Girl Creative podcast. It’s Episode 257. I’m your host, Taylor Bradford. Thanks You so much for tuning in to today’s episode. It’s all about kind of your business and post-Corona. And before we dive into that, I’m going to give you kind of a recap of what’s been going on in my world, and we’re going to dive into what your business might look like post-Corona, and kind of maybe some shifts. I found an article from the Harvard Business Review that I’m going to share with you is written by Carsten Lund Peterson and Thomas Ritter. It’s actually titled preparing your business for a post-pandemic world. I found it really fascinating. So I’m going to share that article with you.
But it’s kind of interesting what I’ve seen in the online business world since Corona, and as Texas begins to reopen kind of post-Corona, even though I feel like we’re still in the throes of Corona and or, COVID-19, whatever you want to call it. And it’s either been full steam ahead for people and lots of pivots, or I can’t be bothered, this is overwhelming, and I just want to sit on my couch and Netflix. And to be truthful, there’s no right or wrong here. You can either be that full steam ahead, I’m in a pivot, pivot, pivot, or I’m going to sit on the couch and eat my popcorn and watch my Netflix. There truly is no reason to be one or the other. Like there’s no wait for one or the other. It is literally all mindset-related. And I’ve had days where it’s been the pivots, and I’ve had days where I have fallen apart so much that I’m the Netflix. And you just kind of want to block off the world and like, pretend that you’re in control and whatever that might be, which is why I have a counselor because those days actually do sneak up on me. And you guys have heard me talk about Better Help in the last couple of episodes because I have needed to have somebody to talk to that’s at the professional level of counseling and to help me work through some of that because that isn’t my normal. My normal is pedal to the metal, constantly moving, constantly working. And to have zero control over the things that are going on in the world, like, that’s not my normal. I am a hustler by just blood, and those times are really hard for me, and then I feel like I should be doing something, and I can’t because I physically can’t do that. So that is where Better Help has really helped me, and if you haven’t had a chance to do something about your mindset and how you’re feeling and to speak to somebody, I’m going to encourage you. There is no shame. Please, please, please know there is no shame to getting help. Like, with whatever stress you are dealing with or feeling or whatever. And you can receive 10% off Better Help if you go to try trybetterhelp.com. That’s T-R-Y-B-E-T-T-E-R-H-E-L-P.com/bossgirl. You’re going to get 10% off your first month of service, and my counselor is really, really helped me. And again, like looking at what is this post-Corona going to look like for our businesses? And if you had a lot of those pivots, or even if you didn’t, like, it’s all gonna affect us. The post-Corona is going to affect us just like Corona has affected us all. And some of us are going to keep like moving forward and come out of you know, the post, Corona apocalypse and then Some of us are going to really struggle and it really does have to do with your mindset. It has to do with how you’ve been able to handle things and work things out and whether or not you’ve had the resources and the support to do that. And that makes such a big difference. And yeah, so if you, I’m going to encourage you, please get yourself some help. Whether it is through Better Help or not. If you have a counselor you’ve seen in the past, maybe give them a ring. Most of them have moved online so that they can help their clients, and we’re gonna just need it. Like, we’re just gonna need it. I need it. You’re gonna need it. If you think you’re stronger than it, let me tell you, you’re gonna have some days. And I’m not even kidding; it has been cyclical for me. Wednesday’s have been really, really hard. And I’m a control freak, you guys. Like, I do not like those feelings, and I don’t have any control over them. And when you know, you’re naturally a strong person, and you’re naturally very strong-willed, it is soul-crushing to not be able to do anything to get out of that feeling. Get out of that slump. It’s, it’s quite devastating, which is why I’m grateful that I do have somebody that can help me through that.
Okay, so let’s talk about this article from Harvard Business Review. Again, Preparing Your Business for a Post-Pandemic World by Carsten Lund Peterson and Thomas Ritter. And they talk about different ways. It’s literally like from a management theorist, Henry Mintzberg, who famously defined strategy, so business strategy, as five P’s: Plan, Ploy, Pattern, Position, and Perspective. These guys have adapted his framework to propose their own five P’s, which is now: Position, Plan, Perspective, Projects, and Preparedness. And so they’re going to ask some questions that will help you with these different five P’s, which I think is going to help kind of rework your mindset for moving forward out of Corona with your business.
So their first question is: What position can you attain during and after the pandemic? “To make smart strategic decisions, you must understand your organization’s position in your environment. Who are you in your market? What role do you play in your ecosystem? And who are your main competitors? You must also understand where you are headed. Can you shut down your operations and reopen unchanged After the pandemic, can you regain lost ground? Will you be bankrupt? Or can you emerge as a market leader fueled by developments during the lockdown? We hear of many firms that are questioning their viability post-pandemic, including those in the travel, hospitality, and events industries. We also hear of firms accelerating their growth because their value propositions are in high demand. Think of home office equipment, internet-enabled communication, and collaboration tools, and home delivery services. Because of such factors, firms will differ in their resilience. You should take steps now to map your probable position when the pandemic eases.
Number two: What is your plan for bouncing back? A plan is a course of action pointing the way to the position you hope to attain Should explicate what you need to do today to achieve your objectives tomorrow. In the current context, the question is, what you must do to get through the crisis and go back to business when it ends? The lack of a plan only excavates just orientation in an already confusing situation. When drawing up the steps you intend to take, think broadly and deeply, and take a long view.
Number three: How will your culture and identity change? Perspective means the way an organization sees the world and itself. In all likelihood, your culture and identity will change as a result of the pandemic. A crisis can bring people together and facilitate a collective spirit of endurance. But it can also push people apart with individuals distrusting one another Other and predominantly looking after themselves. It’s crucial to consider how your perspective might evolve. How prepared was your organization culturally, to deal with the crisis? Will the ongoing situation bring your employees together or drive them apart? Will they see the organization differently when this is over? Your answers will inform what you can achieve when the pandemic ends.
Number four: What new projects do you need to launch? Run and coordinate? Your answers to the questions above should point you to a set of projects for tackling your Coronavirus related problems. The challenge is to prioritize and coordinate initiatives that will future-proof the organization. Be aware of starting numerous projects that all depend on the same critical resources, which might be specific individuals, such as top managers or specific departments. Such as it with too many new initiatives, you could end up with a war over resources that delays or derails your strategic response.
Number five, how prepared are you to execute your plans and projects? Finally, you need to assess your organization’s preparedness. Are you ready and able to accomplish the projects you’ve outlined, particularly if much of your organization has shifted to remote work? We see big differences in preparedness at the individual team, organization, and national levels. The resources at hand, along with the speed and quality of decision-making processes vary greatly, and the differences will determine who achieves and who falls short of success.
So the guys have actually created a worksheet around these five strategic questions. I’m going to link to this article in the show notes. And I know that they’re more speaking to a more global organization or even a national organization or even somebody that’s got multiple team members, but I think what they’re talking about still makes so much sense for small business owners. I’ve seen my fellow small business owners make pivots that truly do make sense, but are they going to be able to sustain that after the pandemic starts to cease? Or is this going to be something that they now see a kind of a new thing for their business? A new way to make money. A new revenue stream. And one example I have is a catering friend. They were, before Corona, they had a small event space, and they were a catering team. And they also hosted supper clubs. Once Corona really started to come in to, you know, where we’re down to shelter in place, I noticed them starting to do actual meals as takeout. And so they basically entered a completely new revenue stream or created a completely new revenue stream, which was a big pivot from their existing structure, their existing organizational layout. And they, it was very, very important to keep their workers. It was very important to keep, you know, revenue coming in and they’re really good at food. So they shifted to do these takeout meals, and they’ve sold out every single weekend since they started them. And it’s kept their chefs in the kitchen, it has kept their employees working, and it has been a saving grace for them. But I know of other catering sources or catering companies that didn’t make that kind of a pivot and, they have really struggled. And I’m not sure that they’re going to come out on the other side, once the pandemic starts to allow businesses to come back, and, you know, even with restrictions come back and start trying to be a business again. And I’ve also seen this catering company launch into the rental world, so tabletop rentals. And I don’t know, is this new thing that they created, these takeout meals, are they going to continue to offer the takeout? Is this now a new leg of their business? It seems like it could be and if so, it would definitely show that if we were to have another huge spike in this pandemic, if we stay in this pandemic for you know, a future amount of time, this is going to be a way that they know they are going to still be able to stay in business.
In the rental world, I’ve seen a lot of rental companies make pivots, to doing backyard weddings and pop-up weddings and micro-weddings. With me and Sugar Creek, I have made micro-weddings a thing, but they were specific to my own space, and they will really kick off coming in the next month or two, once I can actually put together some marketing material for that specifically and start marketing the micro wedding offerings. But I did launch a backyard wedding package. And while I don’t know how long this post-Corona is going to be, and how popular backyard weddings are going to be beyond the pandemic. It is still something that I plan to offer beyond the pandemic. And the reason is because I already service backyard weddings, and maybe a handful a year, so now I have an offering for those brides that specifically want that backyard wedding. And so while it was a shift for me to add this new revenue stream, it is something that will stay because I do feel it’s important to continue offering this service because we already have seen this service in the past. We’ve already seen the backyard weddings, and so why not just make it convenient for the bride to have something to just latch on to. The other thing that I plan on doing is pop-up weddings in the future. Now I haven’t really wrapped my brain around them, but I do see that kind of being a trend moving forward as well as the micro-wedding, and I do think there is some confusion in the wedding industry as to what a micro-wedding actually is and what a pop-up wedding actually is. And so I do think there’s going to be some client confusion over that and I hope that it gets nipped in the bud soon, but only time will tell.
And then also, me launching the retail side of Sugar Creek through Sugar Creek Collective. I am really pumped about that because I plan on partnering with handmade artisans that are female-owned, and to support them to be able to encourage the vintage life. And by that, I don’t mean your grandma’s vintage. By that, I mean, kind of getting back to that slower way of living and repurposing and reusing. So the repurposing and reusing is coming from me going out and basically treasure hunting for those really cool, eclectic finds that will seamlessly come into your home, and they have a story. They won’t be something brand new. They will be super original. They will be things that are rare. They will be things that aren’t replicated. So that’s what’s really cool about vintage is while sometimes I am lucky to find two of one particular thing, it’s really hard sometimes to find two of one particular thing. So the things I will be selling will basically be one-offs because it’s vintage. And I’m just really excited about this next phase of Sugar Creek. Plus, I plan on also offering home staging, to help people get their home sold, and also room refreshes. So you can hire me to come in, I will show up with a trailer of goods, and I will actually shop your home and also pull from my own collection and place in your home, and then you’ll have the opportunity to purchase those things or just get an idea as to what you might need to go out on the hunt for. Again, it’s repurposing and reusing, and bringing new life to your spaces. And yeah, I’m just really excited about all of that. And those are all things that I have come up with during this whole Corona time down. And because events were shut down completely. Like, that is a pretty large side hustle for me. It’s not my day job. My day job is still intact. Thankfully, I work for a really, really great oil and gas company who basically stays debt-free, which I’m grateful for because it means we still have work. And, but my side hustle came to a complete standstill with events. Without events happening, I can’t make money. And now, as things are starting to be relaxed, I am starting to get the inquiries again, and my business will start to pick up some momentum. But I need a way to continue making money in that side hustle when a pandemic happens or when or if this happens again, how can I continue making money? I want to be able to have the things already in place where I don’t necessarily have to make additional pivots in the future. Will I have to pivot? Absolutely. We’re all going to have to if we encounter another historical pandemic of this stature, and now that it’s happened, it’s for real, something that could happen again.
So going back to their five P’s, like what are you going to put in place to help you currently, and to help you move forward in your own business, but also to prep for something like this again, because now, this is our reality. That’s something that I keep having conversations about, like, I feel like we’re still in this Twilight Zone. We don’t really know what the future holds, but this is our normal right now, even though it’s not normal, but this is kind of our new normal, but a weird Twilight Zone normal, so how are you going to prep and plan for the future of your business? How are you going to shift? What are you going to do differently? What are you going to do the same?
So going back to their five P’s: Position, Plan, Perspective, Projects, and Preparedness, I think all of this makes sense for you to figure out so that you are stronger, moving forward. Again, prep and plan. So incredibly important. Set goals. So incredibly important. Know that those Wednesdays are going to pop up, and you’re not going to want to do anything, and it’s going to be devastating, but it’s just how it is, at least for me. There are those Wednesdays that are popping up. I don’t know, it’s like, I feel like I’m in this weird cycle, but Wednesdays pop up, and I struggle, and I’m not that effective. And I’m not that, you know, I’m not hustling. I’m not putting anything forward, but I am giving myself a rest. That’s where we have to find our clarity is in those rest moments and those moments where we cannot control anything. It’s where we have to find our rest.
Thank you so much for listening to today’s episode. I hope that that gives you something to like grab on to, and focus in again. I know that article was geared more towards bigger businesses, but I find so much value in it even as a small business for planning after COVID. And what are you going to do now? How are you going to move out? What are you going to do in the future? Give yourself something to work towards, because I do think we also need that structure that just that plan. Thank you again for listening. I will be back next week with another episode of the Boss Girl Creative podcast. Again, shout out to this week’s show sponsor, which is the Inner Circle, my private community outside of the Boss Girl Creative Facebook community. Get into the Inner Circle. Don’t dally. Get in there. bossgirlcreative.com/innercircle. Again, brand new Level Three, I just announced back at the top of the show. Okay, guys, have a great week. Until next time.