We would all like to wake up next Wednesday morning and have the COVID-19 virus to have been an April Fools joke. That the world pandemic is not real. This is not the case. By now we are all acknowledging the impact is very real. No, it is not Armageddon or the end of the world, but it is reshaping the future. Unlike more localized events in history such as boarder wars or civil rights movements, this world wide health challenge has both immediate and long lasting outcomes.
Right now you are maybe in the gasping for air mode. The information coming at you and your ability to sort through all of it may be taxing. In some cases you and your business were set up stable enough to take a pause, reflect and make strategic changes to move forward. Others are in a state where the business and potentially the personal world were already in a out of balance state and now the scales have tipped even further.
Regardless of present state, now is not a time to push the pause button. Yes the country has been asked to shelter in place to #flattenthecurve but that is not an invitation to take time off. Yes, follow the directives of local, state and federal authorities for social distancing but work on your business with the most valuable resource – your time.
Now is a time to reset to the fundamentals of owning and operating your business. The three base components are Sales, Profits and Operations. All three of these are impacted by this pandemic. Depending on your industry or business mix of products and/or services each of these will be affected differently.
Do a hard review of each of them and decide which of them you need to work on first. For instance, sales – based on present backlog of contracts is the attraction of revenue a current issue? If no, then look to using that backlog so that operationally you execute as precisely as possible to garner the greatest level of profit from those contracts. This means you must focus on operational excellence. Are your processes and procedures delivering on your promises and commitments to deliver on budget and on schedule? How can you work on improving them so your organization can provide the best products and services. If your sales are not supported by backlog then you must start there. If you are gasping for air i.e. sales, the rest of the business is less important. Here is where your creativity needs to be engaged. Traditional belly to belly, face to face sales is under quarantine so what can your team do to be reaching out to existing customers and new accounts during this time. Even though our external interactions are on pause, it by no means stops our opportunity to interact with our target market prospects.
This time of change is an opportunity to work on your business. Do you have a detailed understanding of your pipeline of revenues? Do you understand your cash flow burn rate for fixed costs? What steps are you taking to elongate your cash on hand so that you can weather the longer unknown cycle? What business practices can you tighten up, train on, bring in new more efficient ways to execute during these drastic times.
Just know that we are going to emerge from this dramatic change in the world. The question is – will you be stronger and better or will you concede to the pressure and fold?
Need a “Promise Guide” to talk with? Give us a call at (313) 527-7945 in Michigan or (407) 984-7246 in Florida. We are here to ask better questions so you can make better decisions.