The unprecedented COVID-19 has caused a major shutdown of economy.
But the purpose of this article is discussing how to minimize downside risks, while maximizing upside opportunities?
How do we rethink:
(1) helping our clients? our memberships?
(2) learning and recommending work-at-home activities with business metrics to maximize work-from-home activities?
(3) emphasizing the social distancing in order to return to pre-COVID-19 levels of economy?
(4) Highlighting consistent, sanitary cleaning protocols?
These are some ideas, but where are our innovative edges? How do we remain relevant? How do we stay in business if we are a small company?
Some possible actions:
(1) Are you brainstorming with clients, members, and personnel on a daily or less ambitious schedule to determine new emerging problems, opportunities, trends, questions, and how to develop responses ?
(2) Communicate via an e-newsletter emailed and posted on your website with updates on your company . . . not COVID-19 directly. But what are the results of your reactions to the problems?
(3) What e-tools are you using to try and stay afloat doing business as normal activities in these abnormal business times. E-tools may not be on your list since you didn’t use them in the office; but we now have new needs and e-tools are good for today, at a minimum.
(4) Develop metrics to evaluate the changes and be prepared to modify your processes as you gain new insights.
(5) Request feedback on our new way of doing business?
(6) Thank the people: inside and outside (contractors) and companies (clients) that help you to remain successful.
The major focus of the six actions is communication to all the stakeholders who benefit from you.
One major thought is government bailout. The large national companies will get it. But realistically, if you are a small company, forget it! When you’re dealing with your clients, do you want to extend payment times to ensure payment since their success is yours as well. There is a risk the client will declare bankruptcy so you may want a personal “loan” with the owner since the business will declare the bankruptcy, not the people; talk with your lawyer or financial team to determine this feasibility. While there is a risk you might lose resources, you may need to do a cost-benefit-analysis to make a well informed decision.
We may fade or fail due to current events but time will heal that. During that time we will revive our present initiatives, even develop new initiatives that separates us from our competition.
© Jack Holleran, March 2020