Dealing with COVID-19’s Economic Impact

There are many things that business owners can be doing to deal with COVID-19’s economic impact. At the top of the list is to be proactive. You should be thinking about how best to position your business after the economy has returned to something near normal. Not preparing for the relaunch of the economy could cost you.

In David Finkel’s recent Inc. article entitled, “10 Things Every Small-Business Owner Needs to Do to Deal with the Impact of COVID-19 on Their Business,” Finkel outlines key steps business owners should take immediately.  Finkel is the author of 12 business books and CEO of Maui Mastermind business coaching company.

We do not know how long the COVID-19 powered economic downturn will last. This means time is of the essence. Business owners need to prepare as though the economy could relaunch tomorrow.

Key Steps

Here are Finkel’s 10 key steps that business owners can be doing to deal with COVID-19’s economic impact:

  1. Take steps to protect your staff and customers from getting sick.
  2. Tell your customers what safety steps you are taking.
  3. Educate your staff on how to stay healthy at work and at home.
  4. Engage in scenarios planning to deal with how markets could change.
  5. Enlist vendors and suppliers for help. You should ask them to negotiate payment terms.
  6. Take steps to plan out your cash flow.
  7. Open a dialogue with your management team.
  8. Go on the offensive and look for opportunities.
  9. Get your team together and brainstorm.
  10. Be sure your key leaders communicate in a united fashion.

 

You will notice that communication and education are at the heart of most of these points.

There is a lot of fear and uncertainty out there. Now is the time to communicate. Business owners should be advised to communicate with their customers, clients, suppliers, staff, and management team in a clear fashion. Effective communication based around a consistent and logical message can help to reduce fear. Part of being a good leader is to reduce those fears whenever possible.

Another common thread is planning. This includes looking for new opportunities. Whenever there is chaos and fear, there are also opportunities. Look for those opportunities, whether it is improving your own business practices or looking for other companies to buy.

Good communication and planning can help you navigate these rough waters. Planning for the recovery from this pandemic could be the difference between staying in business and going out of business.

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