Apart from the very real health concerns raised by COVID19, there are very real financial and economic implications that concern business owners.
What do you when all your strategy and best-laid plans go out of the window? Strategy works when things are predictable, but in the current unprecedented situation, you need to get tactical.
This is not the time for strategy. This is time to get tactical.
If you’re a business owner or are working in a business that has been affected by the unwinding developments related to COVID-19, here are the 7 key areas you should be focussing on to safely navigate this period.
1. Manage cash-flow during COVID19
Work on maintaining cashflows. Keep a tight eye on this on a daily basis. Have weekly projections. Right now the situation is too fluid to get to grips with. Without this critical information, you are flying your plane blind.
First things first, like in a plane emergency you need to put on your oxygen mask first. Make sure that you have cash reserves to take care of your family for the next 3 to 6 months. Then do the same for your business. Identify fixed costs that are essential to keep your ‘doors open’. Next identify the variable costs and look at how you can minimise, mitigate or stop them to ease your cashflow. A penny saved is a penny earned.
2. Focus your bandwidth on Marketing, Sales and other Income Producing Activities.
It’s easy to get distracted by what’s happening around you. Your competitors are also scared and holding back on ad and marketing spends. This is the time to double down.
The question to ask and genuinely answer is how can you grow sales by 20% while decreasing costs by 40%? Asking a quality question will get you to focus on the right things.
Identify 3-5 things that can generate revenue for you. Don’t try and work on huge goals. Work on things that you can accomplish in the next day or two. Implement them and then see what’s working.
I’m setting up a virtual online marketing mastermind to help business owners generated quality leads. This is the best time to master this new skill. The world is going digital. Businesses need to go digital. You can set up a call with me to take you through the top 3 things you can do to upgrade your marketing. Click on this link to set up a strategy call with me.
Identify key measures that will help you understand if you are making progress. Is it the number of new leads, number of conversations or calls you need to have that can lead to new income.
It’s also time to cut those things that are not working.