Our economy has gradually reopened over the last few weeks and it may seem that life is returning to some degree of normalcy. Can I be honest? Our world is still far from normal and as a business owner I am constantly thinking of the best way to move forward.
I know I’m not alone here. You’ve had the thoughts too. How do we prepare our businesses to survive and thrive in the face of such unknown circumstances?
On the latest episode of The One Thing podcast with Geoff Woods, Keith Cunningham was featured as the guest and he had some great suggestions I’m sure you’ll find useful. Here is what I took away that you can bet I’ll be using to inform the way I move forward in planning and strategizing for my business in the coming months.
Release Your Grip On The Past
Don’t allow your past to disconnect you from the ever-unfolding future. This makes you delusional and delusional is the very opposite of what you need to be to progress. Delusion represents a lack of clarity, insight and direction.
The past is gone, never to return again. How your business functioned is gone, forever changed. It’s time to move on. It’s time to evolve.
Position Your Business For the New Normal
As we’re in the midst of grappling with the impacts of COVID-19, here is one question that you are surely considering: How do we build our business to withstanding disruption if economic blackout is a potential going forward?
What happened one time can easily happen again. We’ve witnessed history these last few months as we’ve been confined to our homes, with the world we know coming to a screeching halt.
What is the defense you need to build up to best prepare your businesses for similar occurrences in the future? This is the time for reinvention, for re-imagination of how fluid your business can be in changing world dynamics. Just don’t get too high off the ground during all this transformation – you must continue to stay vigilant.
Be a Skeptic
Question everything. Look at the facts at hand and give yourself an opportunity to assess what your feelings are regarding the current state of our world. Don’t feed into mass opinions, but don’t disregard them either. The key is to observe. Your observations will shape your decisions. Your decisions will impact your business.
The results of this pandemic will be unfolding for longer than most of us can realistically fathom. It’s easy to make the mistake of being overly optimistic, but the truth is we will likely be dealing with the impact of this pandemic for years to come. Exercise caution. Examine every asset of your business and look for any opportunities to minimize risk.
Audit Your Business
If you haven’t already done so, now is the time to take a good, hard look at your business. Identify any dead weight that you can do without and drop it like it’s hot.
- Trim the financial fat.
- Identify inefficiencies.
- Eliminate excess capacities that may be weighing down your business.
Create a plan that addresses defense and offense strategies. This is a long game and your business’s survival will take you operating on both sides. This means planning for progression, but it also means preparing for adversity. Equip your business with the balance that it needs to emerge from this pandemic bigger, stronger, and better prepared.