No doubt this is a challenging time for many businesses out there. With unprecedented times we are currently in and more to follow, it’s important to take important steps for the survival of your business.
As a Professional EOS Implementer, I’m a trusted partner and resource for many businesses to help them scale and grow in good times, as well as to help in times of need when the opposite may be needed. For these businesses, having an outside and unbiased resource that is removed from the emotions within the business is a priceless asset to help facilitate necessary discussion and decision making within an organization.
So, what are some items you should NOT be doing with your business during tough times…
PANIC & GIVE IN TO THE CHAOS – It’s a natural reaction not just as a business owner, but as a person to initially panic and freak out when something extreme happens. However, it’s also a choice as to how you choose to handle it moving forward from that point. Keep in mind as a business owner, leadership team member or even as an employee that your business will take on the feelings and emotions fed and culture created within it. If you’re focusing on the negatives and the challenges instead of the positives and the solutions you’re not going to last long. Be a beacon of hope for not just those within your business, but to your customers and clients as well by being optimistic, getting down and dirty with group problem solving and having everyone check their egos at the door in order to figure things out.
TRY TO GO IT ALONE – One of the last approaches you can take is to lone wolf it and try to get through challenges alone. This is a time to collaborate with other companies and people, even if it means working directly with competitors. Embrace the growth and abundance mindsets to get through this together. It’s more powerful to swim downstream together as a school than upstream as an individual.
SPEND LOTS OF CASH – Not knowing how long tough times may last, it’s important to conserve as much cash as possible. Now, don’t confuse that with refusing to spend money – there’s a huge difference there. As a business you can’t afford to, and it’s highly impossible, that you’re going to be able to cut all spending and costs. In fact, this may actually be an ideal time to work ON your business in order to forge ahead. Realize you may be forced to run credit lines a little higher, get creative and flexible with payments from clients and customers and definitely reach out to those accounts receivable you haven’t collected on yet. Let this also be a very valuable lesson in always making sure you collect money owed to you as quickly as possible.
CUT GROWTH & REBUILDING FACTORS – An initial instinct may be to start looking at all the different areas within your business where you can cut costs. That’s always a good place to start but be very careful in where you bring down the axe. Avoid at all costs the items that will allow you to continue functioning, and especially the investments you’ve made that will allow you to grow once you’re able to spring out of this. Considering people in your company, do everything possible to keep those that possess the skills and talents to pull you out of this in the short-term and long-term. Your creative problem solvers and relationship builders are going to be worth every penny right now.
SCRAP MEETINGS – Many businesses will look to scrap meetings to try and get more business done, but this may be more on the back end of the law of diminishing returns curve. Instead, make them more of a regular part of your routine to address challenges that will be popping up daily, and even hourly. As part of the EOS Process, businesses implement a weekly L10, or Level 10 Meeting, structure. This format dedicates a majority of your time to be identifying, discussing and solving issues and to also stay in close communication regarding the happenings within your business. Now is a great time to implement more frequent meetings to make sure you’re staying on the same page as an organization and attacking obstacles appropriately.
STOP MARKETING – Marketing is the lifeblood of every organization and is typically one of the best returns on investment (if being done correctly, of course!). Now is NOT the time to cut or pull back on your marketing big time. If anything, with many businesses going quiet, it could be the BEST time to push your brand and company forward. Focus your marketing efforts on solutions you are currently providing your customers and clients out there. Remember that they’re looking for answers just like you, and if you can effectively help them with those then you just became their new best friend!
GIVE UP & CLOSE YOUR DOORS – As the baseball legend Babe Ruth once said You just can’t beat the person who won’t give up. The only way you’re assured your business will fall to the wayside right now is to give up. Now is the time to collectively use the brainpower within your organization and the resources outside of it to find ways to continue on. How can you offer services still? Are you able to set up e-commerce? How can you shift and pivot within your services or offerings to reach an audience and meet demand? How can you effectively and uniquely market to your customers?
Remember that scars don’t define you, they merely tell a story. Together we’ll be able to survive these challenging times and continue to move forward.
If I can help your business in any way, please don’t hesitate to reach out, as I’d love to give you some of my time in order to help center you, provide needed direction and solve your organization’s challenges.