Reduce. Reallocate. Re-energize.
Updated: Mar 24, 2020
Sharing some thoughts for thinking about the big picture. Take time with your process and your decision making. Stay connected and centered around your values and what makes you feel valued. This isn't time to focus on what might be lost, but reconnect with your higher purpose and what can be gained.
Stress: It’s non-negotiable. Your business needs a healthy leader. By taking the advice you already know works such as exercise, time away from work, or your favorite breathing app you are giving your business and yourself the best opportunity to succeed.
Expenses: Your business can live without certain things. There is no need to start cutting essential needs until you have to. As a first step, break down your expenses and categorize them into 2 groups: nice to have, and need to have. When the time is right to reduce, you will have a clear picture to work from.
Reactive Tendencies: It’s true, change and even crisis can be the platform for new and innovative ideas - so much so that great companies have been born in moments like these. However, great businesses are successful not only because of the idea, but because of the planning. Don’t let the “urgency” of this environment throw you off your game. Careful planning, vetting and inputs are critical.
Focus: At the end of the day, the same simple equation remains; you have a product (or a service) and you have clients. Understanding the best way to reach them and the best way to relate to them is time well spent. Once you have a clear picture of your financials, shift your time to focus on marketing. Reminder, messaging what you have rather than focusing on something new is likely the most efficient approach.
Dollars: Most likely you are thinking about pulling back. You might be actually feeling relief that you won’t be at that trade show. Before cutting those dollars out completely, think about shifting them to other activities that put your brand or your product in front of your customer. Call like-minded companies and brainstorm on partnerships. Peer to peer guidance is often the best low cost way to get things done.
Trust your gut: You already know so much, including what works and what doesn't. Lay your dollars down where you know they will be well spent. If you speculating on whether digital is the right way to go; consider that asked and answered.
Mindset: This crisis will either be a self-fulfilling prophecy or a well managed problem: it’s your choice. Your approach to the problem can make all the difference. Need a little help breaking out of the fog? Call your mentor, google a guru or listen to a podcast around success in the face of challenges. Every business leader needs a community and a set of tools that lifts them up and allows them a shoulder to lean on. Now it the time for you to find yours.
Messaging: It can be challenging to know what to say when. One wonders if it will be appreciated, or land “right.” Now is not the time to recede; it is the time to dig deeper into your brand and reveal your products as real and confident solutions to your clients’ current pain points. For example: there is no doubt that while we are low on supplies, and supply chains are being disrupted, thoughts around the impact of globalization are top of mind. If you are a local American-made brand, that might be something your customers start valuing more, and you should be messaging louder. #smallbusinessbusinessguidance #smallbusinessadvice #crisismanagement