An Ounce of Prevention is Priceless
If anything is called a life-altering event it would be this Global Pandemic. The spread of COVID-19 has changed lives all over the world. Not only has it opened our eyes to see how fragile life is, it has brought to light the need for crisis and recovery plans that extend far beyond a natural disaster event.
I’m sure as a business owners world-wide you have been adjusting, pivoting and in some cases panicking because of the unexpected impact the Pandemic would have on your operations. Business owners are scrambling to survive and are continuing to wrestle with the financial impact of closures, restrictive health and safety requirements and changes to the way they used to do business. It came as a shock to many owners and they were left reeling because they didn’t have effective plans in place to face the threat on their business. The virus that has infected futures of all the businesses has sadly beaten many small business owners.
Since mid-March however, ActionCOACH® certified business coaches have been working alongside businesses of all sizes world-wide to create plans to help them stem the tide of any disaster. Using proven systems and processes, ActionCOACHes have been helping business owners not only survive the effects of the virus, but they are actively guiding their clients, coaching them through the development of future infrastructure to safeguard their businesses in the future.
This global event reveals some gaps in the majority of small business’s practices. Small businesses are put at risk due to lack of formal planning and absence of some fundamental guidelines. Because most business owners tend to be reactionary instead of being proactive, they don’t take time to establish some safeguards to fend off threats. It’s hard enough to keep the doors open under normal conditions, in times of crisis, if concrete plans aren’t in place, they will see their business attacked once again.
What are some specific lessons business owners can learn from in addition to hiring a professional business coach? Here is a short of list of just a few measure business owners can begin taking today.
- Establish a comprehensive annual tax plan.
- Get professional financial and accounting support to ensure your accounts are accurate and up-to-date.
- Establish a relationship with a local bank and or a financial advisor.
- Formalize all your systems and processes that affect the cash-flow of your business.
- Create a comprehensive Disaster/Recovery Plan for the future.
- Establish an Emergency Cash Fund.
- Pursue additional lines of credit that you can access quickly.
- Ensure your online presence and digital interactions with customers are strong.
- Consider alternative or back-up suppliers.
- Establish robust CRM (customer relationship management) processes and detailed inventory control management systems.
- Ensure your cyber security is robust and your business has adequate protection for its data and the information they get from their customers, suppliers and vendors.
- Update your email practices, privacy and term of use policies and ensure you are adhering to the most recent data protetion requirements.
- Create meaningful connections with influential business leaders, local chamber of commerce principals and economic development organizations to tap into these resources more effectively.
- Consider establishing flexible scheduling for your staff for the long-term.
- Establish a feedback loop with your customers by creating Google or other review site accounts to stay connected with your consumers.
- Consider new sales and marketing approaches when traditional channels aren’t available.
- Establish health and safety standards and processes for long-term implementation.
- Update your google.com online Business description and account.
- Update all your social media accounts to reflect current conditions.
- Hire a business coach.
For better or for worse, creating more effective and efficient processes and procedures may not be “exciting” but critical based on current history.
Back in the 1700s, Ben Franklin, was prophetic when he declared “an ounce of prevention is worth a pound of cure”. Take the advice and invest some time in preventative care instead of suffering consequences in the future.
To learn more about ActionCOACH and to connect with a local certified, professional business coach in your area, schedule a call with Jeff today. Sign up for a complimentary coaching session and find out how a small investment in your present business can lead to a more profitable and secure future.
Download this EBook – Survive and Thrive: 10 Strategies to Help You and Your Business Get Through the Coronavirus Economic Crisis and Beyond.
