We have just entered a very unsettling and potentially difficult time in business. With restrictions in place that affect our ability to do business, we've put together a few tips to help you survive lockdown.
01. Focus on the wellbeing of your people
There are many things you can't do at this time, but I tell you what, how you treat your team and look after them during this time will have an impact on how you come out at the other end of lockdown.
As business owners and managers, you want your people to be the biggest advocates for your business. If you show them that their wellbeing is important you show them how valued they are and this will translate into their loyalty and commitment to help your business survive and then thrive again.
02. Review your finances
Now that we know the restrictions of Alert Level 4, many businesses won't be able to operate. Now is the time to look at your finances, the financial support you can apply for from Government, your fixed costs and create a budget for the next 4-6 weeks. Make sure you can keep your head above water.
03. Focus on what you can control
There is still quite a bit of uncertainty, so to look after your own wellbeing focus on what you can control, rather than everything you can't control. Lots of businesses are in the same boat, and staying awake all night worrying about all of the things that you can't control isn't going to give you the rest to be able to come up with a clear plan. There is a lot of assistance available, because our government doesn't want businesses to fold during this time.
04. Come up with a plan
Once you've had some time to complete steps 01-03 now it's time to come up with a plan. If you've never read it, check out Who Moved My Cheese (audiobook). This book will start to shift your mindset into how you need to swivel and adjust your business to met new market opportunities. One thing I can pretty much guarantee is that you can't keep doing things like you've always done them. You need to identify new market opportunities and align yourself with them.
05. Have an adaptive mindset
Your market opportunity in Level 4 might be different to Level 3 and Level 2 etc, so you need to have an open adaptive mindset to adjust and proactively shift to market opportunities. Remember, your business isn't about you, it's about your customer and their needs.
We know there will be plenty of restless nights coming for business owners and managers around the country. If we can help through our strategic consultancy or website expertise please contact us.