If you are a business owner or if you are an entrepreneur and your business has been affected by the global crisis
What I am going to share with you today will have a profound impact on your business. There’s no doubt these are very challenging times for any business owners. It doesn’t matter if you are running a small or big business this crisis tips will work for you if you implement them.
The plan you had for the 12 months doesn’t matter anymore throw it out of the window and forget about it. Think of it like the Titanic. The plan was to go from Ireland to New York. That’s was your 12-month growth plan. But when you hit the iceberg the coronavirus things got to change you need to adapt.
This is not the time to panic. This is not the time to get all nervous. It’s tough and it’s very tough I understand that but this is the time you want to stay calm, cool and collected. Because you cannot make an intelligent decision in your business if you’re panicking.
Your team demands leadership from you. This is a time where you step up as a leader as a CEO, as an entrepreneur and say okay, this is what’s going on and we’re going through this together. What do we need to do? What strategic do I need moving forward?
The first thing to know, this is not the time to take a risk because in order to survive or thrive, first, we need to focus on stability. We need to stabilize what you have first. So, all those big plans that you have that maybe that requires a lot of cash outlay you want to suspend them. You want to look at every single line of expense that you’ve got and you got to think about what are some of the things that you could cut. It’s very critical.
You need to shut down all cash-heavy projects. For example, let’s say you’re looking at a group of projects that you have to do. Take a look at them which one takes the most amount of cash and evaluate it using the 80/20 Model.
The third thing you want to do is to sell off any non-producing assets. Unfortunately, not all businesses could be saved things changed some businesses could not be rescued. If you are looking at it with no emotion you know in some case you got to turn the key off. I know it’s tough to walk away but you don’t want to waste time trying to revive a dead horse.