Posted by: Tavis Patterson on May 1, 2020 at 8:00 am
Work on your “after coronavirus” game plan now.
Well folks, this sure is different, isn’t it? As I write this my administrative assistant, Laurel, who takes care of your product orders, and I are the only people in our office. I’m sure you might be in the same boat or are entirely working from home as the rest of my team are. The amount of calls we got in the end of March and beginning of April was just astounding, and I’m proud of my staff for coming together even though they are working in different areas.
So the natural question for you business owners is: What is your game plan for after this? Here are 3 suggestions that I’ve discussed with peers:
- Cut costs. Start looking now at what costs you can cut, rather than waiting until later when you really have to do it. What items can be put on hold or moved out a little bit? We’re happy to work with you through this year knowing your budget has likely changed.
- Reduce Risk. What did you take on in perhaps the last year or so that you look back on and think, “I probably shouldn’t have done that.” It’s time to cut that now. Perhaps it’s a product, a person that doesn’t fit your environment, or a stretch on what makes your company great.
- Drive Revenue. All business owners need to work on driving revenue to either replace what is lost or keep some afloat. Combined with cutting costs, this should help sustain you for the foreseeable future ahead. One area that a lot of folks fail in this regard? Marketing. Now is the time to think about ramping up marketing efforts so that you see the fruits of your labor in 6-9 months.
We are all in this together. Hang in there and stay safe!