There is an overwhelming amount of information being pushed out about what to do during this unprecedented time. “Expertise” seems to be coming from everywhere. First and foremost, whose expertise should guide you?
Your own, of course.
This may not be what you were expecting, but stick with me. As the CEO/owner of your organization, you have substantial expertise to fall back on during this crisis, and you should use it. That doesn’t mean to exclude other experts.
Let’s talk about the other expertise available to your right now.
From the Medical Profession
Their expertise lies in how one passes along the virus, how one catches it, and the symptoms. Heed their advice, because it’s spot on.
From Public Heath Professionals and Scientists
Their expertise lies in how the virus will progress through communities and how well our health systems can handle it. They are watching the curve and making predictions, so pay close attention.
From Economists and the Big Consulting Firms
Sure they understand recessions, which we are entering. However, do they understand pandemic driven recessions? Some of their stuff makes sense, although it’s mostly for big companies. Remember that no one alive has lived through a pandemic like this.
Now We’re Back to You
You have loads of expertise to leverage. Who knows more about your particular business delivery model? Nobody but you. You are experts about your customers and why they buy from your organization. Do you think there’s someone who knows more about your people and how to lead and deploy them? No, you’re the expert here, too. That’s what you’ve got to work with.
You’re expertise will guide you in figuring out how the pandemic will affect all of the areas mentioned above.
I’m confident that you can figure it out. You just need a bit of focus and confidence in what you know.
There are six areas of focus for you, the CEO or owner.
- Your personal health and well being. This covers both physical health and mental health. Make sure you take care of these things first. You can’t help others if you aren’t healthy yourself.
- Your vision of the near future. Determine you worst case, best case, and middle case scenarios. Follow the middle road.
- Do your numbers. Don’t wait; do this right now. Figure out what 15%, 30%, and 45% drops in revenue and what actions to take to break even in each case. After you complete this task, you’ll know the trigger points for action and the actions you will need to take. You’ll then be clear and confident about them.
- Communication and leadership. Your team wants to know where you are headed. Tell them. Be FREQUENT and TRANSPARENT with your communications.
- Communicate that your objective is to get to the other side in good enough position to grow again. This current time will pass.
- You need to communicate the company plans for when one of you gets sick.
- Communicate the specific actions you are doing to get through through this.
- Cash and profitability. Watch the cash like a hawk. Anticipate the impact of supply chain disruptions, and talk to creditors about extending your credit.
- Opportunities. There is always opportunity in disruption. Mitigate risk, but spend some time finding opportunities.
- Can you improve your COGS and add offerings to improve your margins?
- Is there a way to reach more customers?
- Can you improve your processes and maximize your cash conversion cycle?
- Can you “gussy up” any in thing else in your business in anticipation of the recovery?
I’m available to walk and talk you and your leadership teams through these conversations. I’ve opened up more of my schedule to accommodate your calls for quick chalk talks to get your started on finding your “middle road” to the other side of the pandemic. Here’s the link to my calendar to set up a call https://in-synk.youcanbook.me/.
Two final thoughts:
- Many others are experiencing the same bad luck you are.
- No one will get through this without help from others, so welcome the help.