In Times of Crisis, A Business Must Have A Plan
"A goal without a plan is just a wish." - Antoine de Saint-Exupery
"If you fail to plan, you are planning to fail." - Benjamin Franklin
The Covid-19 virus has certainly caused disruption and desperation, affecting most if not everyone around the world. At this moment, most small business owners are desperately trying to figure out what to do next. Many consumers are trying to figure out how they are going to pay bills in the future.
Like most, I have never experienced anything like this in my lifetime. Like most, I try to spread encouragement and inspiration. Like most, I try to help guide and inspire others with my knowledge and experience to help others who are desperately looking for solutions.
Right now, small business owners would fit that category. And although my small business coaching services are primarily for small business owners, they are also applicable to most leaders, executives, and company culture builders.
Realizing, most of us do not have time to read a lengthy article, let's get to the meat of the subject.
In times of crisis, time is of the essence.
In times of crisis, time is of the essence to make a plan.
A crisis plan is not the same as a typical business plan. A business plan is more about purpose, mission, and vision in a stable economy. A crisis plan is more about prioritizing areas that can help a business navigate through uncharted waters.
A crisis plan addresses areas of your business that affect your outcomes like profitability and the ability to operate in the future.
Realizing that every business is in a different season of vulnerability, the areas addressed may or may not make sense for your business or apply to your business at this time of crisis.
As a small business coach and marketing professional, I must also state this is not a public relations management crisis plan. This plan is to help guide and direct management to effectively recognize strengths and weaknesses to help navigate your business to the other side of the crisis.
Here are some areas to consider for a crisis plan:
Action Plan - high, medium, and low priorities
Innovation Assessment - opportunities thinking outside the box
Cash is King - catch up invoicing, collections, etc.
Purchasing - eliminate unnecessary costs
Vulnerability Assessment - weak areas
Telecommuting - equipment, systems, processes, compliance
Systems & Processes - rethinking status quo
Communications - team leaders and staff
Contact list - for quick distribution
Designated chain of command
Forecasting - cash flow for riding out the storm
and many more depending on the current state of your business.
If you already have a plan, congratulations! You are ahead of most small businesses. If you would like another set of eyes to review, I would be happy to help you.
If you do not have a plan and would like assistance, I would be happy to help you.
You may reach out to michael@michaeldmorrison.com.