Momentum - Business to Business Online Magazine MOMENTUM April 2020 | Page 18

FROM THE BUSINESS COACH MIKE HILDERBRAND, BS, MBA ActionCOACH of Galveston [email protected] www.galvestonbizcoach.com Don’t Panic – PLAN TO PIVOT! A s the Covid-19 pandemic hits the U.S. in the coming days and weeks, business owners are wondering how it will affect their businesses – and their lives. How we react to this emergency and what actions we take now will determine how well we are able to adapt to the new and emerging business paradigm that is unprecedented in our history. The best thing we can do right now is to be well- informed about what is happening – which will allow us to make intelligent, informed decisions based on facts – not emotion or hype. These are fast-paced, daily changing times when business owners are experiencing never-seen-before mandates and societal changes that require them to structure their businesses and teams differently, engage their customers creatively, and reallocate resources in an unprecedented manner There is far less tolerance for trial and error due to 16 MOMENTUM how fast the marketplace is changing. Because of the dynamic nature of the market right now, and much emotion and misinformation that may be driving bad decisions, business owners need to have a rational thinking path that drives them to put together a proactive action plan that fits their particular business and industry and allows them to pivot rapidly. The Pivot Plan needs to include the following 11 element checklist of issues and steps to take now: 1) Communication – with team members, customers, suppliers, and the community; you can’t over communicate during a crisis. 2) Mindset – Panic and worry never help; you need to be the most positive person in the room and lead by example. 3) Time scale of economic cycles – usually 7 to 10- year cycles but we will be experiencing the whole cycle in just a few months. 4) Change – is scary, but with the rapid changes we are experiencing, what got you here won’t get you there. Be open to drastic rapid changes in your business. 5) Cut back – where can you reduce outlays. Stop spending, slow things down or postpone. 6) Extend credit – increase credit lines, secure additional credit (cards), low interest SBA loans. 7) Staff appropriately – don’t wait until the ship is half under water. There are options. 8) Plan to work from home – consider technology, banking, and customer service levels. 9) Utilize online business and delivery – the wave of the future arriving now. 10) Marketing – in economic challenges, marketing should be the last thing cut. 11) Protect your core customers – repeat business means cash-flow and profit; keep them at all costs through positive communication and special consideration. Make sure they know they are important to you. They won’t forget. Follow these 11 steps to put your pivot plan together and then execute it. THINK – PLAN – DO. Use all the resources at your disposal, but don’t wait. Do it now. For more information about ActionCOACH of Galveston visit www.galvestonbizcoach.com.