You have made the initial quick adjustments to your business to deal with coronavirus shutdowns and covid-19 shelter in place directives. But for most businesses the future is unlikely to look like the past. For most business owners determining and preparing for changes as the ramp-up back from the coronavirus shut down begins is unclear.
- Perform planning, strategy, and role playing with trusted advisors. Run “Best”, “Likely” and “25% below the worst you can imagine” scenarios for the next 12-18 months.
- On a daily basis monitor sales, variable expenses, and cash.
- Keep your fingers on future sales. Stay in touch continuously with key customers, key suppliers, and politely ask difficult questions. (Can you pay us?)
- Make tough decisions early. Don’t delay.
- Grow key people. Now is a time where they can shine.
- Communicate and Lead. Leadership counts in times like these. Over-communicate.
This will open up possibilities and solutions so as things happen (good and bad) you will have already given thought to many situations and can make decisions from a place of reason, not just emotion.
After all, you need to stay in business and prosper to have business value.