Sierra Crest Business Law - June 2020

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June 2020

THE SILVER LINING TO COVID-19 This Could Be Your Fresh Start

As some of you might know, I consult a business coach to help me grow and manage my law firm. Over the years, his advice has been game-changing for me on more than one occasion, so I always take his lessons and recommendations seriously. Last year, he suggested I do an exercise he called “Losing It All.” Basically, he asked me to imagine that for whatever reason, I’d lost everything and needed to rebuild my law firm from the ground up. He told me to really put myself in that position in my mind and then answer these questions, among others:

1. What would starting over feel like? Would you feel relief or dread?

time, I thought it was a helpful exercise, but I never could have predicted that a year later it would be even more relevant because pretty much every small business on the planet would be going through a real-life version of “Lose It All.” These last few months have been tough for businesses and business owners. Some entrepreneurs I know have shut their businesses down completely, while others have had to adapt in unexpected ways to survive the pandemic. When this crisis passes, they’ll either rebuild from scratch or reassess their current way of doing things. I have to credit the “Losing It All” exercise I did with my business coach with giving me the confidence I needed to weather and rebuild after this pandemic. Thanks to my coach’s foresight, I had a plan in place for this kind of scenario. “Losing It All” also helped shift my perspective. Back when I played chess, I realized that if I stood up and walked to a different side of the chessboard, I saw more potential moves — and this felt just like that.

Instead of looking at the pandemic as a disaster, “Losing It All” helps me look for opportunities. I’m not going to pretend things will “get back to normal” on the other side of this crisis. In fact, I think the advantage for entrepreneurs could be that things won’t get back to normal. After the COVID-19 pandemic passes, the world will look different, and that new world might be the perfect place for a fresh vision. If you’re trapped in “Losing It All’’ right now, not as an academic exercise but a practical necessity, then I’m here to help you get back on your feet. I’d be happy to have a conversation with you about my “Losing It All” experience and help you take advantage of new opportunities, make necessary changes, and revamp your business plan. Together, we can make sure that version 2.0 of your company is stronger, smarter, and more efficient than version 1.0. If you’re ready to talk, then give me a call. I’m ready to listen.

2. What are the first 10 things you’d do to rebuild your income and your business? 3. Name three things in your current business that you’ve tolerated for too long and that you’d avoid with version two. Why have you continued to tolerate those things until now?

4. Who do you think would stay by your side through the rebuilding process?

5. Who do you think would leave and how would that impact you?

6. What are five things you think you could do to dramatically improve your business in the upcoming year? After I answered those questions, my coach had me write a letter to my future self — the me five years from then — and explain why I didn’t implement those five things. Then, I had to write a letter as my future self back to my current self. At the

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