9/11 - When Plan A Fails: How to Build Your Survival Insurance
Louie Bernstein
LinkedIn Top Voice | INC 500 Winner | Founders: Spending too much time in sales? Feeling Founder overload? I can fix that without breaking the bank. I have been where you are now. Book an introductory call.
In May of 2001, I negotiated a deal to take over a portion of the training business from our largest competitor.??
It immediately tripled our top line.
But it also came with liabilities.
We took on their salaried instructors and six of their training centers around the country.
For the first couple of months, it was going great.?So great that in June of that year we renewed the 12-month leases for all six training centers.
Then came September 11th, which changed everyone’s lives and a ton of businesses, including ours.
After 9/11 people quit flying for a long time.
As it turns out, 57% of our training students flew to get to our training centers.??
Over 50% of our revenue disappeared overnight.
But our expenses didn’t.
Aside from the new salaries, we had training centers sitting half, or completely empty.??
And the leasing company would not give us any concessions.?
To compound matters, shortly thereafter, the country fell into recession.
Sometimes in business, you can do all the right things, and it doesn’t matter.??
Sometimes things happen that are out of your control.
How about you?
Ever feel like life treated you or your business unfairly?
Ever seen a crucial deal you’ve been working on for a long time, just evaporate for any number of reasons.
Ever outperform all your competitors only to be passed over because of politics?
Everyone’s good at handling Plan A.??
But what happens when Plan A gets shredded???
Most small businesses can’t afford Plan B, C, or D.
Amazingly, most people spend more time planning their vacation than what to do if their biggest customer goes away.?Or, their best salesperson quits.
Here’s how you fight back.
Prepare for these situations by developing grit, resilience, and a plan, hoping you never have to use that plan, but expecting you will.
It’s what I call buying survival insurance.?
But this policy doesn’t cost you a penny.
So, here’s your Action Item and mission this week, should you decide to accept it:??
Create your survival insurance policy.
Whatever your job or business is, create a spreadsheet or document with three columns.
Then start filling in the rows.
Take your time and be honest with yourself, regardless of how remote it seems.??
Think 9/11.?The world, your business, and your career can change in an instant.
If you want, make this part of your Resilience Notebook, which we discussed in the first Sunday Starter.??
Adding to or reviewing your Resilience Notebook should be a daily habit.?And this is another excuse to keep it current.?(Hint, hint.)
And here’s the real power behind this exercise.
Aside from the business implications, these problems are taking space up in your head.?It’s taking energy away from the things that help you grow and move forward.
You will be better prepared.?You’ll sleep better.?And you will have more energy to focus on the things that will bring you success.
After 9/11 our company made it through those tough times.?
But it wasn’t easy.
I wish I had prepared better.?I wish I had gone through this week’s exercise.??
It shouldn’t take you more than a few minutes each day.?But it may save you a lifetime of regret.??
It’s not easy being the best we can be.?You have to do things when you don’t feel like doing them.??And doing the things, others aren’t willing to do.??
Take another step this week toward being the best you can be.
You’ll absolutely be better off from completing this week’s mission.???
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Note: A couple years ago I visited The National September 11 Memorial & Museum. It was extremely moving. The bravery and courage of the first responders were both inspiring and sad. The tragedy the families faced was unthinkable. If you haven't already, it is worth the trip to New York City to see and feel. Blessings to the families for your losses on 9/11.
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Thank you for reading or watching. Have a really rewarding week and I’ll see you next time.
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About?Louie Bernstein
I'm an?INC 500 Winner?for achieving rapid sales growth over a five-year period without outside investment. I specialize in helping?small businesses and startups?with proven sales processes and systems to scale their growth and hit their goals.
If you're looking for someone to audit your current system and then help hire, organize, optimize, and train your sales team (and who's been where you are), reach out to me at [email protected] .
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