What started as regular daily news has now become global havoc. The rate at which the coronavirus spread took everyone by surprise.
In response, a fair number of countries quickly implemented safety measures to protect their citizens and residents; a good example is the UAE. However, for others, it has been sympathetic. Regardless, most countries put their best foot forward to fight against the spread of the virus.
That being said, this is the time to prod our businesses, finances, staff, and customers in readiness for the downtime, which is anticipated soon. So, how do you get into the state of readiness for the economic downtime?
Break Out of the Bubble
Stock- even if everything is okay with your business, it is wise to accept that it will not remain the same for at least 12 months.
Strategize a New Game Plan for 2021 and Beyond
The strategies and goals you had set in 2019 don’t matter anymore because patterns have changed. Everything is back to square one. So, old rules don’t rule anymore. It may seem fine now, but the impact will be felt, eventually. No doubt about it.
Start Conversing with Your CFOs, Shareholders, and Staff
- How do you tell your associates and employees to prepare for economic downtime while being productive and positive? How can you redefine and prepare for a scrunch?
- How can we redefine and prep for the hunker-down period?
- How will you ensure your business stays atop and you aren’t compelled to close?
- What should your company be spending on, and what should it forgo?
- How do you negotiate higher profits without causing tension with suppliers and customers?
These are just a few of the many uncomfortable discussions that need to be held to ensure a stable proposition during an economic crisis. If you are a consulting company, bring your clients and customers’ focus to the fringes of the matter. Let them design and implement distraught business strategies now.
Such measures will keep the business intact during downtime. Short, aggressive strategies can help your company make the best out of the situation. Be adamant with starting anything from scratch, whether it is a personal or business activity. But if you start something new, don’t drag your feet, and ensure the tempo and speed to succeed is fast and measurable.
Don’t Agree to Long-term Projects or Contract
If you have to pursue projects and contract, it should be placed in quarterly phases, where it’s easy to measure the KPIs. Things may look stable now, but the market dynamics are bound to shift anytime. So, it would be best if you do not commit or make a promise.
We have all learnt from past events and history, and not being prepared for an economic meltdown may be costly to you and others in the long run.