The only constant in life change. So, it’s time to accept & execute changes in the day-to-day functioning. Remember, business is not just about ideas – It’s about execution. The time to
manage the change now.
When bad news is pouring in from all corners, it’s challenging to remain positive. But,
be careful of your thoughts, for they may become words. The situation of crises is common to
all. One who thinks positively will win. Staying positive, it’s also a time to look for opportunities.
Survive for sure; in fact, aim to thrive and look for opportunities.
In unprecedented times, one generally forgets to communicate. For an entrepreneur, it is the most damaging thing to do.
In unprecedented times, the most significant help for your business will be to ensure that you cut back on all non-essential outgoes and focus on doing things that will help cash come in. Big-ticket expenditures should be reviewed and rationalized to ensure that only essential functions are funded and the others can be pushed back. In times of crisis, you must retain cash for necessary functions. Cash becomes the king. Renegotiate your contracts like rentals, housekeeping, advertising etc. Make sure you cut back intelligently so that you don’t let go of things that are important and may hamper sales.
Cash gives you the ability to sustain and grow, especially during crises, so it’s very important that you maintain your cash flow. One should be vigilant and allocate resources evenly to ensure customers pay. Below are the guidelines to ensure adequate cash flow management.
Remember, the sale is a function of human relationships – You must be highly compassionate and empathetic in your sales approach during such unprecedented times. If a compassionate approach can get you a client forever, an aggressive approach during current times will lead you to lose the client forever.
Layout the rules, provide direction to employees and motivate and reward them.
As you are at home and as you are being bombarded with negative news, it is pretty likely that you will get dragged into the weak and lazy zone. Only you can stop yourself from any such limitation.
The marketing strategy you had a couple of weeks ago might seem obsolete.
The next 90 days are going to be very crucial for your business it’s at this time that you will
probably focus on your survival and then on growth.
• What will you market and sell.
• How will you deliver and charge.
• Survive first, thrive second.
• Work with your coach if you have one.
Common sense and compassion are some of the most important attributes to have in these unprecedented times, along with effective communication. Ensure these are practised amongst your team.