Practical steps to take as we prepare for the business impact of Covid-19.
As we stand braced for further disruption from Covid-19, with its enforced isolation and the subsequent deterioration in business, economic conditions and community groups, its important to recognise that there is still much within our own control. We each can decide how we approach the circumstances we find ourselves in – the choices we make now will determine who will survive and thrive.
The following steps are some of the things I have been discussing this week, hopefully they will be of some use to others too…
1. Focus on cash. Revisit your budget, re-forecast revenue and spending plans, model out a number of scenarios and build detailed plans for each one. Speak to your accountant, local business growth hub, etc and find out what financial support is available to you. The chancellor has made significant provision for the financial impact of Coronavirus, make sure you understand what this means for you and maximise the allowances, payment holidays and tax breaks available.
2. Embrace the virtual and maintain the social (albeit at a distance). Keep projects, relationships and teams alive via skype, web-ex, zoom or your chosen tech. Neglecting the humanity and connectedness in our lives and businesses will be damaging far beyond the impacts of Covid-19
3. Expect and manage the “trough of despair”. Change can be hard for many, and it inevitably comes with a certain amount of frustration, anger and resentment, especially when we are not in control. This can lead to some difficult emotions and illogical behaviour (note: the supermarket toilet roll isle). Add to that very real feelings of isolation and loneliness and many among us are facing some challenging conditions. Now is the time to get ahead of the game, support each other and look for the light at the end of the tunnel. We are on a rollercoaster, we know there are some dips ahead, but in time we will ascend and summit, the ride will end, and normality will resume. Let’s make a choice to be in a good place when that happens and do what we can in the meantime to position ourselves for growth. Business growth, personal growth, adapting a growth mindset and embracing the opportunity to read, learn, research.
4. Focus on your own actions. Don’t expect a central team, manager, or colleague to have the answers – this is a new situation and we are all in it together. Instead of looking to others or waiting for others, be the change you want to see. Define it, shape it, create it and model it. This isn’t just a time for businesses to embrace change and plan for future opportunities, but also for individuals to position themselves for future career opportunities within organisations.
5. Don’t apply old solutions to new problems – this is a paradigm shift unlike anything we have seen before. For many years we have discussed the opportunities technology has presented for home, remote and flexible working, but its never been fully embraced, until now. Our circumstances have changed, our attitudes are changing, motivations are largely driven by fear and anxiety today, but one day joy will return. Whether circumstances and attitudes fully return is something for us all to discover together, but what is apparent today is new problems need new solutions.
6. Remember to celebrate your wins. We are in a horrible situation with far reaching consequences and a certain amount of sobriety is inevitably called for, but we will need to balance out the gloom with recognizing, rewarding and celebrating our wins. Whether it’s a new approach that’s gaining traction, the achievement of a team commitment, or a community initiative that’s genuinely helping others in need, it is important for morale, motivation and everyone’s mental health to celebrate the positives.
7. Stay customer focused – Its never been a more important time to really know your customer. If we accept that buying behavior is a function of need, circumstance, attitude and motivation, really knowing who your customer is on a deeper level will help you to plan, engage and second guess customer reactions which will help you in decision making, investment choices, resource allocation, etc. Revisit those research studies, embrace online surveys, set up virtual focus groups and learn as much as you can, and then implement.