Making It Work! – Managing for Success Through the Coronavirus Pandemic
Don’t Shut Down!
We realize that many state Governors have asked non-essential businesses to essentially shut down. This of course is a drastic, if not lethal step! The good news is that there things that you can do to protect your business even if you have shut down most if not all of your operations. It is critical that you survive for the next couple of months and make sure that you are in a position to bounce back.
Here are a few essential thoughts and ideas to consider.
- Protect your customer base – Even if you have no revenue coming in at the present time, there are things that you can do to maximize your chances of future revenue.
- Communicate with your customers. Call them. This is probably the best thing you can do. Find out how they are doing. Showing concern for their well-being will help them remain loyal. Simply reaching out to them and reviewing their needs can generate several pretty cool ideas.
- Brainstorm of ways to give your customers an incentive to help ensure future revenue. Can you give discounts for deposits on future work? Many customers will put off major purchases during these uncertain times – make sure they will use you.
- If you are a supplier to a manufacturing company, perhaps you can work out a planned payment schedule to release supplies and material once they begin to assemble again.
- Many businesses may experience significant demand just following any return to work. How can you take advantage of this situation?
- Be creative on ways you can provide services and information remotely during this time. Can you offer an advice hotline? Short educational videos? Online training conferences?
- Is there anything you can do to generate goodwill, value and loyalty?
- Make sure you understand clearly their future needs so that you can maximize your chance of success in a few months. Be creative! There might be many things you can do during this time that will speed the process back to success.
- Protect your employees – You need to ensure that your employees, especially your key employees are unrecruitable.
- Fortunately, there are programs underway by the federal government and various states to support your payroll needs. Investigate these and apply ASAP!
- Consider training programs for your people that will create better skills and productivity. This is a great time for them to up their game.
- Upgrade equipment, facilities and systems to position your business for greater efficiency and cost savings.
- Take advantage of the shut down and keep your people busy. Consider retooling, cleaning and organizing your shop for better efficiency and just doing all of the things there has not been time to do when you were busy. You can still get stuff done and protect yourself and your employees if you get creative.
- Create a help-line for your employees. Many will need help with short term cash, health, child care and other personal issues. Here is an opportunity to create great support for them.
- Consider buying gift certificates from local restaurants for your folks. They will love the thoughtfulness and you will be helping local businesses survive as well.
Brainstorm, be creative, communicate with your customers and employees. Sometimes just talking is a great way to create value.
Over the next several days our Agora Team will continue to post specific thoughts and ideas to help position your company to weather the storm and recover quickly. Look for these, have discussions with other business owners – survive and thrive!
How can Agora’s Strategic Advisors help? Give us a call and involve us in the dialogue. We can be a very creative resource. We make this offer to you on a no cost, no obligation basis. We offer you complete freedom to talk with us. We know we can help, and even help you build value. We have been through a few downturns before and provided valuable assistance.
Contact us. It will be a very interesting discussion!
Garry Krum and the Agora Team
Kevin Brownlee, Engineering, Manufacturing, Supply Chain – (406) 600-1937; firstname.lastname@example.org
Garry Krum, Creative Strategist – (970) 227-2885; email@example.com
Kevin Lemasters, Logistics and Workforce Management – (970) 576-9437; firstname.lastname@example.org
Josh Schuler, Management and Tactical Strategist – (970) 658-6381; email@example.com
Steve Smith, Financial and Business Development Advisor – (401) 481-6863; firstname.lastname@example.org