Many businesses are suffering right now, shut down or on life support while waiting out the COVID 19 pandemic. Every day we hear from business owners and senior executives who are struggling to prioritize, plan and manage people and cash flow in an environment of daily uncertainty.
I have provided most of my thinking on how businesses can manage this crisis on the Martinis With Scott channel on YouTube and Apple Podcasts. You can find the content by searching Martinis With Scott. There is a COVID 19 playlist.
Notwithstanding, I will summarize my advice in a series of short posts, of which this is the first.
Don’t Lose Momentum
Momentum is everything in business. You work hard every day to move in the direction of your objectives, whatever they may be. More than anything else, losing momentum is, for me, the very definition of a troubled company.
Company A records $10.0 million in revenue and $1.0 million in EBITDA, whereas last year was $7 million in revenue and $0 in EBITDA. Company B also records $10.0 million in revenue and $1.0 million in EBITDA, whereas last year was $15 million in revenue and $2.0 million in EBITDA.
Would you rather invest in Company A or Company B? That’s the power of momentum – of direction.
How do you maintain momentum, even during a crisis?
- Don’t lose sight of your aim. You are in business for a reason; don’t let this crisis take over your thoughts and cause you to forget your aim
- Work as hard as possible every day. You already do this in normal times; a crisis is not an excuse to freeze up and stop working
- Be positive and focus on positive things. By positive, I am not talking about happiness but, rather, anything that drives you towards your aim.
But I’m shut down, you say – how can I maintain momentum?
Double down on your business. Outwork your competition on all those important, big picture tasks you don’t do when distracted by the day to day. Examples:
- Rethink your strategic and business plans
- Build your on-line, direct to consumer, sales and marketing strategy
- Build and/or clean up your CRM database
- Get on the phone, Zoom or some other platform and say hello to your customers and suppliers; build a relationship
- Update your website – focus on making it dynamic
- Do a deep dive into your general ledger accounts and see where you are wasting money
- Clean up all that administrative work that has been sitting around and that you know will come back to bite you if not finished
Your competitors are frozen with uncertainty and fear. Use this crisis as an opportunity to not lose momentum and to come back stronger than ever.
Sinclair Range is offering free Zoom or phone consulting in 15-minute increments to businesses struggling during these difficult times. We believe that is one small way we can add some value.
Feel free to reach out to book a conversation.