Pivoting in a Crisis

Its not raining, it’s a torrential downpour of biblical proportions. The worst part is that you could not have modelled or planned for these events. So now that we’ve dealt with what we can’t control time to focus on what we can.

Life offers us opportunities to grow as individuals, some choose to use these opportunities as lessons and learn from them, others do not.

Take this opportunity to Pivot on what you thought worked vs. what is actually working during this ultimate stress test.

  • Your Financial Situation
    • Which investments held up well, which didn’t? Transition to those stocks or instruments that held up well, buy more of what worked.
  • Your Income Stream (Job/Business)
    •  If you’ve been furloughed or laid off, has the drop in income affected your spending? Where can you adjust to meet your reduced income levels
    • Has your business been impacted by the shutdown, how can you adapt to the new reality?
    • What is the leanest your business can run without affecting service and losing customers?
  • Your Health
    • What can you do to stay active
    • What can you do to keep your sanity and keep boredom at bay
    • How can you avoid overworking while working from home
    • How can you maintain the “right amount” of contact with partners- too much vs. too little

In short, pivoting is the fancy word for adapting. However, choosing which approach is best suited for your situation is where the difference lies. Pivoting in the right direction takes research, trial and error and quick decision making when things don’t work.

Take back control however limited and steer your ship with the wind at your back.

Till next time.

Rick

 

Published by

rickbarbosa

Our Senior Partner Rick Barbosa is a Professional Accountant and Personal Financial Advisor with over 25 years experience dealing with Large Fortune 500 Organizations and Small to Medium sized Family owned Businesses. If you're looking for help with your finances, taxes, investing or starting and managing a business you've come to the right person.

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