It’s inevitable that, over time, we will encounter a number of crises that disrupt our businesses. Most of these will be manageable over a short period of time and have minimal lasting impact on our business. Others, such as the current COVID-19 virus, can cause significant damage and long lasting impact to our business. How we react to a crisis often determines our ability to survive it. Having been a Corporate Chief Credit Officer for a mid-sized regional bank, I recall the impact on businesses caused by the Great Recession.
Many businesses failed, some struggled but survived, and yet others thrived. There are several reasons for the differing impacts. The most critical was preparedness. Those that thrived were prepared by having managed all aspects of their businesses in order to survive high risk events. The second most critical factor to survival and business growth through tough times was how they reacted to the crisis.
During times of crisis, it is important to remember the old adage, “Remain Calm and Carry On.” While this platitude may seem simplistic in the face of adversity, it will serve you well. Calm allows you to think and organize your thoughts regarding business impacts and appropriate reactions. The ability to “Carry On” allows the business to progress in every way possible while alternative approaches and solutions are developed. In other words, “When You’re Going Through Hell, Just Keep Going.” Don’t stop doing what is working. Keep that moving and active. As you’re doing this, be sure you’re acting with intention. Intentionally keep doing what’s working, intentionally stop doing what isn’t working, and intentionally start doing new things to move the company forward. Use the “Start, Stop, Continue” approach.
So, two key take-aways are simply, “Be Prepared” and “Act with Intention.”
Please join my 1 hour Webinar, “COVID 19: 3 Critical Factors to Business Survival” on Tuesday, March 31, 2020 at 10:00 AM (EST). I will be joined by Andy McCreanor, CEO for Access Business Finance, to discuss in detail how to approach the three critical factors you should focus on in your reaction to this crisis.
This Webinar will provide the answers to: “Now What?” We know we have an economic crisis to manage through. We’ve made the necessary adjustments required by “Stay at Home” and “Social Distancing,” but now we need to figure out how to operate the business, how to survive.
We will present the 3 critical focus areas with actionable items to sustain your business, provide guidance on accessing financial resources and answer “top of mind” questions received from business owners. Register now by following the link below.