“The best time to plant a tree is 20 years ago. The next best time is right now.”

Resilience is the abil­i­ty of a sub­stance or object to return to its orig­i­nal shape after being bent, stretched, or pressed. Rev­enue resilience is the abil­i­ty of your rev­enue stream to recov­er after an unex­pect­ed eco­nom­ic event. Resilience gives you the capac­i­ty to sur­vive unex­pect­ed events, so you can thrive when the recov­ery comes.

If COVID has cre­at­ed unex­pect­ed eco­nom­ic fall­out in your com­pa­ny, now is the time to pre­pare and plan to buffer the impact of the next cri­sis. Once a vac­cine is in place, this chal­lenge will have end­ed. It is a giv­en that new chal­lenges will arise. While the cur­rent chal­lenges are fresh in your mem­o­ry is the per­fect time to assess and prepare.

Many years ago, I had a small client that turned into a large client. They grew and my com­pa­ny grew with them. I got lazy. Instead of find­ing more high growth clients to mit­i­gate the risk, I set­tled in and man­aged the growth from this one fast grow­ing client. What goes up must come down, and what goes up fast, comes down fast. When this client implod­ed, all from risks we had been red flag­ging to them, we lost 40% or our rev­enue overnight. I had no back up plan.

My mot­to is, nev­er let a good cri­sis go to waste. Fail­ure, while not my favorite teacher, is my most thor­ough teacher. I put on my big girl panties and set about chang­ing the way we attract clients and the types of ser­vices we offered. I care­ful­ly mon­i­tored my results to keep myself hon­est with my goals.

Two reces­sions have hap­pened since with min­i­mal impacts to our rev­enue. Luck? Sure, at least part­ly. But my abil­i­ty to be lucky was sup­port­ed by my preparation.

If COVID has caught you with your pants down, now is the time for you to put on your big girl (or big boy) panties, gath­er your team and rein­vent, reimag­ine and recre­ate cus­tomer val­ue and relat­ed rev­enue streams.
Take a few min­utes and think about who should be on your rev­enue resilience team? What cus­tomers do you need to reach out to for their input? What new rev­enue chan­nels have you been mulling over? Where are your expan­sion oppor­tu­ni­ties? Geo­graph­ic? Cus­tomer seg­ments? Val­ue added sale to exist­ing customers?

Write down your ini­tial thoughts, right now.