If the current COVID 19 Global Pandemic isn’t the definition of a life-altering event, then nothing is. The spread of COVID 19 has change lives all over the world. It has it served as a reminder of how fragile life is. A spotlight has been put on the need for crisis and recovery plans that extend far beyond a natural disaster event.
Business owners world-wide have been adjusting, pivoting and panicking because they were not prepared for the extent of the impact COVID 19 had. Scrambling to survive, business owners struggled with the financial impact of closures, restrictive health and safety requirements and changes to the way they did business. Many owners were surprised and were left reeling because they didn’t have effective plans in place. Sadly, because of this, many small business owners have lost the battle with the virus that has infected their business’ future.
Since March, using proven systems and processes, ActionCOACHes have been helping business owners not only outlast the effects of COVID 19, they are actively guiding their clients coaching them through the development of future infrastructure to safeguard their businesses in the future.
Lack of Planning
This global event identifies some gaps in most small business’s practices. The lack of formal planning and the absence of some fundamental guidelines put small business at risk. Because most business owners tend to be reactionary instead of being proactive, they don’t take time to establish some safeguards to fend of threats. It’s hard enough to keep the doors open under normal conditions, in times of crisis, if they don’t have concrete plans, they will see their business attacked once again. You can click here to discuss your planning in more detail
What Measures Can You Take Today?
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 plan.
- Get professional financial and accounting support.
- Establish a relationship with a financial advisor.
- Formalise 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.
- Enhance your online presence and digital interactions with customers are strong.
- Consider alternative or back-up suppliers.
- Establish robust CRM processes.
- Ensure your cyber security is robust and your business has adequate protection for its data.
- Update your email practices, privacy and term of use policies.
- Create meaningful connections with influential business leaders.
- Consider establishing flexible scheduling for your staff for the long-term.
- Establish a feedback loop with your customers.
- Consider new sales and marketing approaches when traditional channels aren’t available.
- Establish safety and health standards and processes for the long-term implementation.
- Update your .com or .co.uk Business description and account.
- Update all your social media accounts to reflect current conditions.
- Hire a business coach.
Systems and Procedures
Whether in good times or in bad times, creating a more effective and efficient processes and procedures may not be “exciting” but based on current history, they are critical.
Back in the 1700s, Benjamin 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, to connect with me and to book a coaching strateegy session with me, CLICK HERE and find out how a small investment in your present business can lead to a more profitable and secure future.