Short term thinking is going to damage more business than coronavirus! Of course you’re trying to scrape together sales today and recoup the money you lost during lockdown. But more importantly, you need to be looking at the next 18 months and ways to rebuild and reinvent your business for a new (and exciting) reality!
Here are a few tips to get you started in your long term thinking strategy.
1. Preserve capital
Slash expenses wherever you can and hold on to your cash with a tight fist. We don’t know how rough the recession is going to be or what changes you’ll need to make to your future business that will require money.
2. Be ready to answer this question
“What do you sell and to whom? “ That answer shouldn’t be the same as it was pre-COVD.
3. Seek clarity in small bites
None of us seems to have a working crystal ball right now and therefore, none of us knows what the future is going to look like. (Anyone who tells you they have the answers is lying!) So each time you see a clear path, even it’s only to the next step, take pride in that milestone
4. Understand that recovery is not linear
Just because we may hit bottom, doesn’t mean it’s a straight shot back up. There may be plateaus. There may be changes in course. Instead of being surprised, be prepared.
5. Get real data on the situation
Take your personal life, business and perspective out of the equation and research how COVID has affected your category of business and your community. Is unemployment higher because a large company had massive layoffs? Were cases relatively mild? Try to drill down to understand how quickly your community will recover and get a better understanding of how to best serve them.
6. Rehire carefully and with intention
Rebuilding your team is a fantastic opportunity to create a new culture that will successfully suit your future business.
7. Cultivate your own war room advisors
This is absolutely no time to go it alone! Gather together business neighbors, friends, even customers to discuss the future from various points of view. You’re almost guaranteed to find new ideas and inspiration by doing this.
It’s time to let go of the business you used to have and embrace the new opportunities that lie ahead.
Until next time remember,
You can do this!
Angel
