Covid-19 has put all of us in a state of flux. From an economic perspective, the world has never been more unsure as to how would it turn out today or tomorrow or after a week after or even a year from today. We are now not sure how many interruptions will Covid -19 or similar pandemics bring in the future. Every analysis is reduced to just a speculation.
Large corporations are finding it tough…they are huge ships who have weathered many storms in the past and are using the best resources available in house and outside to gauge what is in store for them.
Medium size businesses are like cruiser ships… Some even more profitable than large ships and they can possibly wear out even better.
The small businesses are where it hurts the most…just like the lower strata of society which has got most exposed during these times.
Just like any other adversity, the best we can do at such time is to learn how to deal with it and adapt to the new normal (if there is one). When the goal post is moving, the adjustment becomes that much more difficult… Just like the increase in level of difficulty for a sniper with a moving target.
Startups have been caught unaware. This is baptism by fire. Some of the survival techniques are
Look Inward & do long pending housekeeping
Now is the time to do all that you could not devote time and energy to when you were going full steam ahead. Establish the processes. Take your time to revisit your business strategy and the impact the current pandemic has on it. Look at releasing that ever delayed travel policy you could not find time to release. Maybe you want your employee hire to retire handbook out now. The time to build a view to look at your business health n a single sheet is now.
Build personal and organization eminence
Now is the time to use social media to your advantage. All work from home professionals now have more time in their hands and you can catch their eyeballs – whether it is prospects or industry influencers or investors or any other community. Showcase your subject matter expertise by creating articles that display your grip on the depth of a topic in your professional pursuits. Build your professional network.
Hunker down on Cash
Cash is the single biggest asset that any organization can preserve right now. Have a deep hard look at your financial commitments and cut down whatever is not mandatory right now. Renegotiate the office lease, scale down the cloud usage if you can, examine un-utilized retainerships, purchase reorders for consumables..everything.