Addressing Today's Crisis As A Business Owner. What To Do?
Today, many businesses are at a standstill because most of the U.S.A. is on pause with some suggested or required lockdown due to Coronavirus (COVID-19) disease. Many business owners have been forced to shut down all operations with no window in sight for re-opening. Future cash flow has come to a halt. Yet, the liabilities have not. So, as a business owner, what should you do?
Well, when I begin to work with a business, I look for areas that are holding a company back. More times than not, these weak areas are typically a result of the lack of direction and clarity and some form of procrastination. So, in this unknown amount of downtime, the first step to making it out on the other side is to commit to doing something. Anything! And do it now.
Do not wait! Time and time again, history has proven that business leaders who work on their business and not in their business in a downturn generally thrive when things turn around.
Immediately, start making a categorized list of everything you can do right now to work on your business. Categorize your list as High Impact, Medium Impact, Low Impact.
A sample of ideas for each are:
High Impact - Discover an innovative way of continuing to do business right now, enquire about SBA Loan, forecast cash outflows/inflows, catch up on invoicing, catch up on providing estimates, organize your workspace for more efficient production moving forward, etc.
Medium Impact - Find apps or platforms that will make your job more efficient in the future, finish that course you signed up for and never completed, create your buyer persona and marketing plan for the future, re-evaluate your expenses and cut your unnecessary costs like those online subscriptions you never use, etc.
Low Impact - Create better systems and processes for smoother operations, create retention programs for returning clients, re-evaluate hiring/onboarding processes, re-evaluate the profitability of your products and services, etc.
Of course, these areas and action items will vary for each business, depending on what season your business is in or how strong it was before the downturn.
The critical thing is to do something now and not nothing at all. Create a list, prioritize it, then take action. Now!
If you feel like this is a daunting task and do not know where to start, I would be happy to help you get started. Let's find a convenient time to visit over the phone or online.
Start working on your business today for success tomorrow! Reach out to me at michael@michaeldmorrison.com.