Business owners who want to make sure their businesses survive this pandemic will need to achieve a strong focus. The forced downtime triggered by the pandemic affords you the opportunity to work on neglected aspects of your business. In this article, we discuss what you can do to help your business survive this pandemic.
Reevaluate Your Business
Step back and look at every aspect of your business. How effective are your processes? Find new ways of doing things. Take this time of opportunity to reevaluate your business. When the pandemic has subsided, and your business picks up once more, it will be more efficient, more effective, and more competitive.
Develop Your 90-Day Plan
Cornerstone Business Services Founder and President, Scott Bushkle, recommends that business owners create a 90-day plan. During this time, business owners look for ways to innovate. This strategic plan should focus on what business owners are going to do and what they want to accomplish. It is critical that there is an actual plan that achieves tangible results. It should not be just a list of things that should be accomplished. Here are a few questions business owners should think about.
- How can I outperform the competition?
- How can I innovate?
- How can I increase my use of technology?
- How can I deliver my products and services in a different way?
- How can I reduce my operational costs?
- Have I reached out to my suppliers and creditors for assistance?
- Have I applied to applicable SBA COVID-19 focused programs?
- What do I want to accomplish in the next 90 days?
Reboot Your Business
Businesses should look at this pandemic situation as an opportunity to reboot what is not working. Look for ways to make improvements in every aspect of your business. This process begins by asking the right questions and striving to find the answers.
To find ways to help boost your rates of survival, you should turn to every asset at your disposal. Ask your management team as well as all of your employees for ideas that could help the business? Everyone should understand that owners are looking for ways to keep their business healthy while navigating the pandemic.
Now is the time for short-term and long-term planning and tangible actions. Business owners can also consult with a range of business professionals, including M&A Advisors and business brokers. Brokers are uniquely positioned to help business owners through this crisis. The team at EBIT can help.