Throughout history, business owners have always faced one crisis or another.
From the 1929 Wall Street Crash to the 2020 Coronavirus pandemic, each crisis has impacted businesses in one way or another.
During these difficult times, it’s important that business owners and entrepreneurs come together as a community.
We must support our teams and make any adjustments needed to plan for the future.
With the COVID-19 crisis still in full swing, it’s crucial that you have plans in place to keep your business on the right path.
This could mean simply staying open now so that you can begin planning for growth in the future.
Here are some of the situations we have seen at James Hopkins Coaching and how we recommend you react to them.
The first is that a business is open but is struggling.
At the moment, many businesses are starting to open up, although many are struggling to bring back the clientele they had before the pandemic.
Firstly, the James Hopkins Coaching team recommends thinking about the box.
COVID-19 has changed the ways in which we do business and therefore we must adapt to this change.
If you offer a tangible product, arrange contactless delivery, create barriers between customers and staff and follow all regulations down to the letter.
While every business is different it’s important now that your customers feel safe when using your services.
After you have made these changes, then take a look at the medium to long term.
Look at your current systems that are working- how can you put greater emphasis on them, ensuring they can grow even more once the crisis is over.
If there’s a particular cost that’s impacting your business, what can you do to cut back?
Do you have the right systems to manage sick or isolating employees?
What can you do now to make your business more competitive in the future?
These are all questions we ask at James Hopkins Coaching.
Although at the moment it may be difficult to think about the future, the more you can prepare now, the greater level of success you set yourself up for in the upcoming years.
The second scenario we are now seeing at James Hopkins Coaching is that businesses are temporarily closed.
In this situation, it’s very easy to go into panic mode, especially as a smaller business.
Without customers, you may not be able to pay your own bills or keep employees which can make the situation more emotional.
After exhausting any way you could serve customers, you must begin planning ways you can jump-start your business once you’re allowed to open again.
Create a new business plan tailored to the crisis, make sure you have the best systems in place, inform staff that you can take them back once operations get started again.
The one asset you currently have if your business is closed is time.
Use this time wisely to prepare and build a business that will become successful after the end of this current crisis.