Insights With Trent Munday

If you have stock on your shelves that has a Use By date on it, every day it sits there is one day closer to its expiration. Start thinking about how you can move that inventory.  Ideally, try to sell it. If necessary, offer value added incentives for customers to purchase now. eg: for a Spa, offer a FREE Treatment Voucher with every $100 of product sales. But if you can afford it, give it away.  Turn this current crisis into a brand building opportunity. Send a surprise gift to your best customers. Better still...send a Skincare Gift Pack to the doctors, nurses on the front lines. Even the grocery store staff who are keeping us fed. Whatever you do, just don't let your stock expire because of these lockdowns and shutdowns. #inventorymanagement #retailing #brandingstrategy

During a turndown in business, like many of us are experiencing right now, it's the Fixed Costs that can ultimately kill the business. But what if they could convert some of those Fixed Costs into Variable Costs? Rent, is a great example. What if you could convince your landlord to accept a Variable Rent structure? Pre-COVID-19, this might have a been a dream. But as we come out of this crisis, all bets are off. Anything might be possible. In preparation for the Brave New World that awaits you, take a look at your P&L and start thinking about how you might be able to change some of your Fixed Costs into Variable Costs. #businesscontinuityplan #fixedcosts #variablecosts

A key deterrent to most people in creating and publishing content is the fear that it won't be good enough. That the production quality won't be high and therefore they will come across as unprofessional. Pre-COVID-19, that may have been true. But take a look at what's happening on your TV screens every day at the moment. Program Hosts are coming to you LIVE...from their lounge room. Guests and interviewees are coming in LIVE...from their kid's play room. Now, all of a sudden, the content you can create content that looks just as good as what you're seeing on TV every night. So go on. No excuses. Give it a go. #contentcreation #contentcreator #qualitycontent

Are we in need of a Cultural Reset? Many are saying that this forced Lockdown and slow down is giving our planet a much needed chance to rest, recover and reset. Many more are taking this as an opportunity to reset their own lives and reassess priorities. I believe that for these resets to be sustained, we need the collective media to get on board. They need to start telling the stories of the Back To Basic life. The Simple Life. If they don't and instead continue to promote a lifestyle of opulence, I fear that we will simply revert to our old ways. In a modern world, all forms of media have a role to play in determining the direction of the culture. #cultureshift #mediacoverage #rolemodels

There's no shortage of people ready to take a swipe at the media. No doubt, it's often justified. But sometimes I feel like we're by laying blame on the media we can somehow absolve ourself of any blame or responsibility or accountability. Right now, many are blaming the media for creating a state of panic around this COVID-19 Pandemic. And it's true. This has happened. But sadly, I think we needed it. Without it, do we really believe that the collective community would have so quickly adopted the type of social distancing behaviours that the experts say we need to flatten the curve on the rate of infections? Without 'Panic Media', would we have stopped going to football games, concerts, bars & restaurants? I don't think so. When urgent action is needed, maybe 'Panic Media' isn't such a bad thing. #mediacoverage #crisisresponse #crisiscommunication

Many businesses have been forced into drastic changes in their operational hours during this COVID-19 Crisis. Some have been completely shut down. Others are operating on limited hours. Most are hoping that when this is over, things will go back to 'normal' - whatever that means. But even if your business does get back to normal levels, will your old hours of operation make sense? I believe that many businesses now have an opportunity to re-set and reframe their businesses based purely on the demands of the end users. And with that, I think we will see some changes. For example, with Hotel Spas...most are open for 10 to 12 hours per day. Is this necessary? Not really. Many could probably satisfy all their demands if they just operated for 4 hours per day. What about your business? Will your Hours of Operation change on the other side of this? #hours #operations #rethink

At a time of crisis, like right now, we need all the leadership we can get. According to Mark Cuban, that means all of us can have a role to play in the leadership of our organisation, social group and even our family. Leadership should not be limited to the person out the front. Smart leaders realise that they can't do it all on their own. And even if they could, they shouldn't. SPONSOR: Today's sponsor is Oscar Smith - Master Trainer, Author & Owner of O-D Studio in Tribeca, NYC. Check out Oscar's YouTube Show - Sweat The Show - where he takes you on a journey to uncover the various out of the box workouts in NYC. https://www.youtube.com/channel/UCkOCmjlB-ghUhJf-y8N781g  #leadershiplessons #leadershipmatters #crisismanagement

Branding or Sales. Which is more important? It's a debate as old as business itself. Truth is, of course, that a sustainable business needs both. Just how much of each at any given time really depends on each company's unique circumstances. But right now, for many businesses, they are closed. Sales is not an option. So why not double-down on your branding? Even if your business does have the opportunity to make sales, ask yourself, could a Brand First strategy be a better play? Just look at what Rohan McKenna of PrimaFit is doing. #branding #sales #brandingstrategy

Many people around the world right now are experiencing some form of lockdown or quarantine or restricted movement. Much of the advice given is to stick to your old habits and routines as much as you can to try to maintain a sense of normality during this COVID-19 pandemic. But there's another option. Use this time to try out new habits. If you like them and they work for you, hold on to them.  If not, just discard them and move on. Because as Sam Spurlin suggests, not every new habit has to be forever. PS: You can check out my free eBooks here... https://www.trentmunday.com/ebooks/ #habits #habitchange #routines

At at time of crisis I think we all seek comfort. It's only natural. But coming out of this crisis it will be important for people to understand are they inherently a Comfort-Seeker or an Opportunity-Seeker. There will undoubtedly be some big opportunities after this crisis passes and the world finds its way. But like many opportunities, they will come with risks. But if you're DNA is that of a Comfort-Seeker, you need to steer clear of them. There will be new jobs and new career paths for both. The key is understanding which one you are. It's the only way you'll really find your groove in the Brave New World. #comfortzone #opportunityzone #selfawareness  

Jeremy McCarthy - Group Director of Spa & Wellness for Mandarin Oriental Hotel Group recently said... 'People who are inspired by wellness are people who are future-focused' This is part of the reason, according to Jeremy, that Wellness is often seen as something for the affluent. Because those that aren't affluent are so focussed on short-term priorities, like food, shelter, etc. Indeed, as Jeremy pointed out in a 2019 article on Medium, Wellness is Optional. It's a choice. You don't have to life a life of Wellness to live a happy and even long life. Here's a link to that article - https://medium.com/@jeremymcc/wellness-is-optional-8fefd8421ec1 And if you want to get hold of my eBook on Hotel Spas and the Wellness Journey, you can find it here... hhttps://www.trentmunday.com/ebooks/ #wellness #wellnessjourney #futurefocussed 

Most of us, at some point in our lives, have hidden behind the Status Quo..whether we realised it at the time or not. If you've ever said, 'I'd love to that, but...' , then that's exactly what you were doing. Because those 'buts' are the Status Quo. Or current situation. '... but what if I get fired?' '...but what if it doesn't work and I lose my money?' '...but if what if my current clients don't like it and leave?' Well, by the time we come out the other side of this current crisis, the 'buts' might not matter anymore. The Status Quo may longer be able to shield you from making decisions and being truly accountable for your own situation. Are you ready?   SPONSOR: European Spa Magazine has just published a FREE Spa Crisis Management Plan Get your copy here... https://mailchi.mp/spapublishing/spacrisismanagementplan And while you're at it, go check out European Spa Magazine here - https://www.europeanspamagazine.com/ #accountability #statusquo #responsibility

There's lots of positive messages flying around at this time of global crisis, which is great. One the popular ones is the phrase...'This Too Shall Pass'. And it probably will. BUT...the world will not be the same after this. And I genuinely believe that most people are underestimating just how much things will change. It's time now for all of us to re-think our businesses and our lives. Will your current business model still work in the New World? What about in your personal life? How will your priorities change?   SPONSOR: Special shout out to Julie Bach and the Wellness for Cancer organisation. With Spa & Wellness professionals all around the world sitting around waiting for the world to re-boot, maybe now would be a great time to become just a little more cancer-aware. Check our the link below to find about more about the Cancer Aware Foundations course they're running. #rethink #reboot #newworldorder

Many things will be very different on the other side of this Global COVID-19 Pandemic. Potentially, the entire Organisational Structure of many companies will need to change to adapt to the Brave New World. Is your company's Organisational Structure ready? In his brilliant book, BRAVE NEW WORK, Aaron Dignan suggests that the Operating System of most companies today is simply not optimised for the realities of the world in which they operate. If that was true in February 2019 when he first published his book, how much more true will it be in our post-crisis world? You need to read this book. Seriously! Here's a link... https://amzn.to/39tctEk #organizationaltransformation #organizationalagility #restructure

It's time to Flirt With Stupid! You know all those crazy ideas you had that nobody wanted to listen to? Well, guess what? When we finally come through this current crisis, you just might find the powers that be much more willing to listen. The world will be different after this thing. Many of our businesses will need to change the way they operate. They'll need to come up with new business models. Hell, they might need to completely change what they do to survive. That's when these businesses will be grateful for all those stupid ideas of yours. Start Flirting Now! Thanks to Ben Hollandsworth for this great little phrase! #ideas #ideageneration #thinkoutsidethebox

Hindsight is 20/20 they say. And they're right. Because once you have all the facts and have also been able to observe the results of any decisions made earlier, it's usually pretty clear what actions should or should not have been taken. But right now, many people, including me, are making big decisions without the luxury of having all the information we need. When this is all in the past, we absolutely must review all decisions made during this crisis. That's the only way to can hope to learn from our past. But we must equally resist the temptation to throw stones at those who had to make decision in the heat of battle, without the luxury of hindsight. #decisionmaking #decisionmakers #hindsight

'I always assumed Wellness would be a Recession-Proof industry.' That was a comment I heard from someone in the Wellness space that was recently laid off. So it turns out, Wellness is NOT recession-proof. Of course, there are those who would argue that this COVID-19 Crisis is different. It's not like a normal recession.  Maybe. But I think what this current crisis has show us is that, for most people, Spa & Wellness is a WANT not a NEED. And as long as that is the case, we will always be vulnerable in times of economic hardship. #recessionproof #wellness #spa

Are you ready for the New World Order? I think it's coming. We should all be thinking about how we can best equip ourselves to be of value in the New World Economy. One way to do that is to be Multi-Skilled. I genuinely believe that the most valuable employees of tomorrow will be those gifted at Multi-Tasking. A Spa Therapist who can also be Waiter in the Restaurant and a Receptionist at the Front Desk. Life in the New World Order that emerges from the rubble of this COVID-19 Crisis, will be different. Be Ready! #skillsforthefuture #multitasking #futureproofing #jobready

I've been telling you for years that creating content should be a key part of the overall marketing strategy for any business. Now, with the world on LOCKDOWN, that is more true than ever before. Just look at what we're all doing, all day long, for days on end...consuming content. We're either looking to content to Educate us about the impacts of COVID-19 or we're looking for Entertainment to take our minds off it for a few hours. So, if you're on lockdown, now's the time to start creating some content. Still not sure what to create? When in doubt, defer to Gary Vaynerchuk's theory - Document, don't Create. #contentcreation #contentstrategy #contentmarketing

Many things have been exposed as a result of this COVID-19 coronavirus crisis. Perhaps the one that will result in the biggest change in our lives with Globalisation. Over the past several years we have been running full speed towards Globalisation. Globalisation is Good. Or at least, it was. Today, with much of the world in lockdown, we're needing to look within rather than rely on our global neighbours. Nationalistic sentiments have been rising in many countries for a few years now. Could this be the event that turns us around and headlong into De-Globalisation? #globalisation #globalization #nationalism