How to Keep Your Business Going In Times of Crisis
At this writing, the world is in the midst of the largest, single disruption of modern times.
The sheer scope of impact from the COVID-19 global pandemic is proving to be significantly greater than:
- Technology-Bubble pop in the stock market in spring of 2000
- Twin Towers attack in New York City on 9/11
- Financial meltdown of 2008, fueled by the collapse of the sub-prime funding markets & subsequent “great recession” of that era.
In each of these, and many other times of crisis, businesses large and small felt a significant impact. Many businesses failed, others found a rocky path allowing them to barely hang on, and others…frankly FLOURISHED. You can be in that last category…IF you take the right steps RIGHT NOW.
Here’s What NOT to Do
- Do not sit in denial about the realities of what is going on in the world this very moment. The COVID-19 pandemic is FOREVER CHANGING THE WAY BUSINESSES WILL OPERATING MOVING FORWARD. Staying down after a crash to merely lick your wounds will seal the fate of your business.
- Do not wait for someone else to call and tell you what to do to make sure your business survives. While I am not suggesting that you take rash, ill-conceived action for fear of doing nothing, I am simply stating the harsh reality that nobody knows exactly how all of this will pan out, so beware of anyone who promises to have “THE answers” today. Failing to take proactive steps to build the business your customers will need going forward is your largest risk.
- Do not believe for a second that an injection of cash (loan, grant or investment) is all you need to survive this moment. No amount of capital can save a business that fails to meet the needs of its customers.
Finally, DO NOT MAKE IT POSSIBLE FOR YOUR CLIENTS TO “DROP-YOU”.
Opportunity, like the one we are facing now, is what your business was made for and your time is NOW…
…but you cannot make that journey on a rusty old beach cruiser of a business plan.
Okay, Cooksey, So What DO I Do?
- What are you about? Take this opportunity to step back and remind yourself why you got into this business in the first place. What outcome were you seeking before the disruption and what value or outcome do you desire now?
- Quit lying to yourself! You need to dig into the numbers and really understand where your business was really coming from before this crisis. Be honest about how sustainable your old business model is in the new reality of now. Is your business at a complete stand still? Be honest. Without this level of awareness, it will be impossible for you to get where you need to be and keep your business relevant going forward. Most of all, talk to your existing clients or customers and understand what they need from you now. ASK THEM…and then LISTEN to what they tell you.
- Put new ideas and concepts into action. It is time to reassess, retool, and rethink your business. Explore the possiblities of adding MORE services and solutions for your best clients. How could you take this disruption as an opportunity to shed the unprofitable relationships you now have? Get creative and you might even find new business who thrive in areas you struggle. Refer the right partner, and your clients will be thankful.
- Get out of the wrong gear. It is time to adapt. Not only should you be assessing what you do, for whom, and to what extent, you must also consider HOW you do it. Examine all of your processes. How consistently do you work with new clients? Existing clients? Are you practiveley (and consistently) pursuing additional prospects? As organizations of all size are being forced to furlough, lay off, or otherwise cut back on staffing, now is the perfect time to rethink HOW you get everything done. When your business comes back online, or you launch into your new structure, lean and ready will win the day. Are you ready? It’s hard to climb uphill pedaling slowly (and with great effort) when you could more easily ascend the mountain with faster turns of the crank in an easier working gear.
What you do RIGHT NOW is what matters most!
This is the time to be innovative and creative. Be careful, however, not to be reckless or ill-advised. Do your research. Shed old (bad) habits. Believe it. Now is the time to finally redirect your energy into streamlining your business and get into position to win when the shelter-in-place orders lift, and we are again free to move about the country, state, and cities in which we live.
Give Scott Cooksey a call today! Let us get you oriented in the right direction to emerge in the leadout…at the head of the peloton! Imagine YOU…#InPositionToWin!
Though virtual-live meetings, online access, distance learning solutions and more, I am directing my clients to take full advantage of this opportunity to retool. Do not miss out on this once-in-a-generation time to reset your business and position for success! Schedule a no-obligation, 15-minute FREE COACHING CALL at www.ConnectWithCooksey.com TODAY! My promise to you is that you will leave our call with at least one immediately actionable idea to move your business forward with confidence.
Scott Cooksey is owner and senior consultant at Cooksey Connects LLC and the Leadout Performance Group. Since 2009, he has worked with leaders around the globe to empower business teams and help get them in position to win. Learn more at www.CookseyConnects.com
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