After COVID-19 will never be like before the crisis. Businesses and individuals are affected like no other time before. We will be all reassessing our priorities, reviewing our Strategic Plan and Commercial Strategies. However, there is a Better New Tomorrow waiting for us.
Health and Safety should be your utmost priority!
Businesses who will rise again from the COVID-19 crisis, are the ones who will be taking care first of their employees and their leadership team. Remaining safe and healthy is key, if the leadership and the employees get sick, unable to attend to this emergency situation, then there is nothing to take care of tomorrow.
Your second priority is your Employees and Customers
Your second utmost priority are your Employees and Customers. Treat them with care, respect, empathy and with compassion. The businesses who will survive the crisis, and rise above in the Better New Tomorrow; are the ones where their employees will go the extra mile for them and where their customers will show their unconditional loyalty.
Your third priority is your Cashflow
These are unprecedented, untested, never expected times. Most of the businesses were not ready for such a crisis. Even the ones who thought they were ready, based on their risk management processes, are finding themselves not that much ready.
Preserve your cash, spend on the strict minimum. Everyone will do the same, and if you do it, everyone will understand. Cash is king, cash is your salvation for the Better New Tomorrow. We all know that revenues and cash are falling much faster than any cost. You will have to keep on paying your fixed cost, however, your sales are on a free fall, your available cash as well.
In the Better New Tomorrow, the take up rate will be slow. Your customers will come back to you, however it will take them time to do so. You will still need to cover your fixed cost.
Your fourth priority, reassess your alliances
Take care of your customers, and if your suppliers took care of their customers, i.e YOU! Then you would know whom to trust in dire situations. It is time for the honest, truthful, purposeful businesses to thrive. The large, shark type of businesses will suffer the most. This crisis affected us all. Affected the way we do business, we see business, we perceive others and we trust each other.
Reassess your Strategic Plan and your commercial strategies. This is the time where you need to do it. A Better New Tomorrow starts with planning for it.
Your fifth priority, BELIEVE IN YOURSELF!
Keep on trusting yourself in the Better New Tomorrow. If you were a successful business, and worked based on the 4 other priorities, you will rise again. You will rise again, because you did the right things. Your customers will come back to you, your employees will remain loyal, you will be reassessing your cost structure, supply chain, the way you do business. You will become more efficient, and your business will thrive. It will take around 12 months to recover to the point prior to the crisis. Yes 12 months, to come back to the Better New Tomorrow.
Everyone is confused. As a CEO you are wondering what the Better New Tomorrow is hiding for you. When the Better New Tomorrow will start? Your employees are scared, your colleagues are anxious, your lenders are stressed, your close entourage is perplexed. Yes, we all are! However, setting your 5 priorities right will save you and save your business.
We all should believe in the Better New Tomorrow!
ABOUT THE AUTHOR
Marc Zirka is the Founder and CEO of Strategy Up. He is leading the global Strategy and Consulting practice form their offices in Canada. Marc’s focus is on Small Businesses, Family Businesses and Startups, building Strategic Plans and Commercial Strategies. Leveraging technology for a better operational efficiency.
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