What COVID Taught Me About Business Survival That Still Applies Today

A business plan needs another look when the conditions that made it work have changed.

In March 2020, our one remaining cruise ship stopped operating. It ended up sitting, tied up at a dock with no revenue, for two years.

We had bought five small cruise ships, refurbished them, and leased them to a cruise operator. It was a lucrative business that required relatively little of our time, and we had gradually sold the vessels until only one remained when COVID hit.

We had a business model that worked, and then the conditions changed completely. In March of 2020 the cruise industry hit a wall – no ships were operating anywhere, worldwide.

We eventually sold that last ship for less than we had targeted and moved out of the cruise ship business. We believed the industry would take a long time to recover, and that mattered more to our decision than how well the business had worked before.

I carry that lesson into my one-on-one coaching: we look at the conditions your business depends on and whether your decisions still make sense in light of what is happening now.

You cannot predict every disruption. We certainly did not see COVID coming. But you can make a habit of checking the assumptions behind your plans, even when you are busy and things seem to be going well.

This week, choose one assumption your business relies on, such as steady demand from your largest customer. Write down the evidence that supports it today, one measurable change that would prompt a review, and a date to check it again. This is a practical way to begin defining criteria for decision-making before you are under pressure.

If daily decisions leave you little time for that kind of review, my Owner Diagnostic can help you see how much your business still depends on you.

If you would like help reviewing a business decision you have been putting off, reply to this newsletter and let’s explore working together one-on-one. We can look at the facts, the choices in front of you, and what each would mean for the life you want.

To your freedom,

Ral West

Podcast Spotlight

I joined Anna Gibbs on Monday Morning Mojo to talk about moving from operator to owner and building a business that gives you room to live.

We discussed how to:

• Turn the knowledge in your head into guidance your team can use.
• Give people the authority and confidence to make decisions.
• Define success beyond revenue, including time for yourself and your family.

Anna brought her own experience as a business owner and coach to a thoughtful, practical conversation.

If your business still depends on you for most decisions, this episode is worth a listen.

Listen here: Episode: 160 Are You the Bottleneck in Your Business? with Special Guest Ral West