26 May Staying Focused and Motivated During the COVID-19 Pandemic
Our roundtable discussion explored a variety of issues that relate to both the COVID-19 pandemic and other business broker strategies. One of the key topics discussed during the panel was how business brokers can stay motivated and, in the process, keep their team motivated as well. Let’s turn our attention to this topic, which is of particular relevance during the COVID-19 pandemic.
The panelists for this discussion included Bob McCormick, Managing Partner at Murphy McCormick Capital Advisors; Scott Bushkie, Founder and President of Cornerstone Business Services; John Howe, past chairman of the M&A Source and current chairman of the International Association of Business Intermediaries; and Sara Burden, President of Walden Businesses.
Bushkie noted that business brokers and businesses alike must keep their eye on what is most important. In short, brokers and business owners must think about the big picture. It is vital that everyone stays positive and that this positivity is carried on to team members and clients as well. Bushkie brings up an excellent point.
The COVID-19 climate and situation, while improving in some ways as of late May 2020, is still a situation filled with considerable uncertainty and unknowns. The last thing anyone needs is to have experts of any kind, including business brokers, adding negativity to the situation. As Bushkie notes, business broker clients need business brokers to provide professional advice and guidance in both good and bad economic times.
Bob McCormick echoed many of the same thoughts. McCormick feels that you have to keep your routine, keep planning and stay focused. He states, “Focus on the needs of your clients, your needs and the needs of your team, both in the short term and the long term.” McCormick also feels that now is the time for business brokers to work on their business as well.
The underlying theme of self-discipline and motivation was also touched on by George Giles. Giles astutely points out that independent contractors must be experts in self-motivation, regardless of whether or not the industry is doing well or poorly. In short, business brokers must be self-directed. According to Giles, part of being self-directed, particularly in a situation like the COVID-19 pandemic, is for business brokers to simply pick up the phone and ask clients or prospective clients how they are doing and if there is any way they can help.
In the end, business brokers must stay motivated. Now is not the time to sit back and assume that there is nothing you can do. Now is the time to “get out there” and build your business relationships. A reoccurring theme in our panels throughout the COVID-19 period is that people will remember those who reached out and offered support, expertise and advice. Since the beginning of time, people have remembered those who stepped up and were there for them when the chips were down. Being that person will help you build your business while doing good at the same time.