12 Must Do’s for entrepreneurs for current state of unprecedented times

Execute the changes now.

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.

• You must do your scenario planning and take change head-on. All the
  things that you planned and not executed review them and take charge.
• If need be, shake up everything – products, services, delivery, pricing. Ensure that the
  changes you make fall in line with your business plans.

Maintain Positive Thinking

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.

• Panic and worry never help.
• Look for small wins every hour with your team.
• Keep the passion and enthusiasm on.
• Lead people with positive words.

Survive for sure; in fact, aim to thrive and look for opportunities.

Embrace Virtual as the New Normal

• Say yes to Technology.
•  Keep a daily routine for yourself & your team.
• Keep a daily morning video conference call with the team
•  Keep the weekly performance reporting standards.

Communicate Effectively

In unprecedented times, one generally forgets to communicate. For an entrepreneur, it is the most damaging thing to do.

•  Talk to your team and keep communication clear, crisp, & transparent.
• Talk to all your customers. For them to remember you, you need to remember them now.
•  Talk to suppliers and understand what is changing and keep yourself updated. Your relationship with suppliers will help you to keep the engine of your enterprise on. The whole network of yours must feel that “your enterprise is working.

Cut cost, wisely

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.

Managing cash flow wisely

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.

• Maintain a strict recovery mechanism and offer discounts to customers that are important.
• Focus on the best customers and repeat customers.
• Pay suppliers and partners in time so that they value the relationship with you and ensure business continuity for you.
• Avail government benefits and facilities wherever you think is prudent.
• Reduce CAPEX.

Sales need a more compassionate approach now.

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.

• Change the sales tone; must be empathetic
• Keep engaging, as relationships matter
• Sell with purpose

Get the most out of your people

Layout the rules, provide direction to employees and motivate and reward them.

• Convert fear into focus
• Set the new standards
•  Be seen leading and taking charge of complex problems
• Train and re-train
•  Keep as many as you can as you’ll need them post-crisis, but let go of employees you had already planned.

Build a strong mindset.

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.

• Utilize time well and learn new areas of competence to grow professionally.
• Focus on health and fitness, and remember a healthy mind stays in a healthy body.
• Focus on opportunities, not crises.
• Be selective about what news to consume, as there is a deluge of information on media platforms.

Marketing strategy must shift.

The marketing strategy you had a couple of weeks ago might seem obsolete.

• The message must be different.
• Compassion for sure.
• The urgency for sure.
• Virtual and viral.
• Much more than before.
• Know your numbers better than ever.

Plan for the next 90 days

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

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.

• Over-deliver on customer service.
• Put people first.
• Think out of the box.
• There is no scope to take anything for granted.
• CLEAN and Don’t Touch.
• Stay home during the lockdown.

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