21 Mar COVID-19: Where To Start In Your Small Business
The world as we know it has changed dramatically, drastically and overnight! But what we need to do right now is show up as business owners, leaders and take action like you’ve never done before.
The business landscape has changed and is continually changing due to the impact of this global epidemic, the Coronavirus. We are being bombarded with information and news updates every minute, which is becoming overwhelming for most of us. Here are some key points and action steps that businesses can take as this situation evolves.
It’s OK to not be OK
We’re all getting caught up in the ongoing newsreel that is Coronavirus 24/7. Depression is starting to set in, negative self-talk is getting louder, you can’t seem to see a solution or a way to navigate the changing landscape ahead.
Have your moment, trust me we’re all having them. Then acknowledge that you’re not OK, then pick yourself up, brush yourself off and go straight to working toward a resolution.
Do A Business Audit
Investigate how your business is spending its money, income and expenses. Look at all non-essential expenses like subscriptions. Then have a look at how you could be operating more efficiently, while still maintaining quality and quantity. Also look at workflow, jobs currently in progress compared to jobs coming in or being cancelled and how you can maintain capacity.
Understanding your current position and where you may need to make cuts or sacrifices is the first step to planning for the future. Uncovering hidden opportunities is also where you may find the ability to adapt your products or services or even market to completely different target areas.
Speak to your Accountant with regards to Government’s Stimulus packages to see where you can get assistance.
Implement Remote Working Option
Implement a remote work policy that covers when you expect your team to be online or available, how to communicate (via email, Slack, or video call, for instance), and what deliverables each team member is responsible for completing.
There are a lot of free tools business owners can utilise so that teams can stay in touch and keep working even if they aren’t in the same place.
Leverage your Systems and Automation
Systems allow you to create consistent processes for you, your team and customers. When you have consistency you can track effectiveness, efficiency and profitability more easily. Automating your systems where possible will relieve burdensome activities, such as mundane or repetitive tasks.
Take the time to map out your current processes and see where you can systemise and automate in order to reduce stress and overcome any hurdles you may be facing with a limited workforce or remote working, then document everything.
Map Out What The Rest of 2020 Will Look Like for You
Using a mind map is a great way to get a clearer and more visual perspective of the future. It can help guide you on what you need to do to get where you want to go, and it’s also a good way to organise your thoughts.
Start by listing your priorities, what’s important and how you can make it better. Any specific ideas you may have, in regard to pivoting your business or adapting to the current situation. Lastly, write down those big picture goals and the steps you need to make them happen.
In times of change, we need to get creative and start to be more resourceful. There are some incredible FREE online events happening right now which you can join.
You can also reach out to past clients to offer your services. Maybe you went on a discovery call a year ago and they weren’t ready to utilize your services then. But they may need help right now, like a lot of businesses.
Invest in Learning, Development and Online Networking
There’s never been a better time for personal and career development. Some people maybe experiencing long periods where they need to isolate. But fear not! This is the PERFECT opportunity for you to knuckle down and widen your skillset.
You could consider investing in your learning enrolling in online programs. There’s also FREE online webinars and classes, virtual summits and low-cost resources online. Not only will this improve our skillset, but it will also stop us from losing our sanity.
Maintain a Positive Mindset and Morale
You may be bogged down with fear, angry customers or staff or that feeling of overwhelm and lacking productivity. While it can be easy getting caught up in all these negative experiences, it is just as easy to redirect your mind and focus on more positive experiences. When circumstances are beyond our control, we are challenged to change ourselves and everybody is going through the same situation and thought processes. All we can do is choose how we respond.
Change your attitude to that of taking action “how can make this better, what do we need to change” and it all starts from the top. Get your team involved in the process so everyone feel like they are working towards solutions together. This will help maintain positivity and improve work ethic.