How to THRIVE during change and chaos
Yes, the world is upside down right now.
How you ran you company 4 weeks ago isn’t what it needs now.
As an entrepreneur we are used to risk. We are used to rolling the dice to see what we get. We have all lost money before. We have all had wins in the past. This time is no different.
Here are 6 tips to THRIVE during this pandemic
Reserve your cash
Do an expense audit
Look for new opportunities
Add value to your clients
Keep your team connected
Know your numbers
Let’s dig into each one.
CASH
Hold onto your cash. We don’t know how long this will last. You also don’t know what opportunities will arise during this time. You don’t want to miss out on something because you ran out of cash.
EXPENSE AUDIT
Run an internal financial report to see where you have been spending money for the last 6 months. Can you make any cuts? Is there software you aren’t using? Can you call the bank to switch to interest only on your loan for a few months? Can you renegotiate with your landlord, especially if you aren’t using it due to working from home?
NEW OPPORTUNITIES
What have you been doing in person that you can now do online? How can you switch your product offering to an online platform? Can you create a digital product that shares your expertise and sell it online? Now is the time to review what is working and double down on it. If something isn’t working, what can you do to tweak it to fit the new normal?
VALUE
Right now your clients need you to help them through this time. How can you walk along side them on this journey? How can you stay in touch with them to encourage them? Yes, you need to charge for your expertise but you can still provide value without a price tag. Which leads to more clients!
TEAM
If you were not a virtual team before, you are now. Don’t forget to find ways to create community among your team. There are no more team lunches or grabbing a beer after work. So, be intentional to bring your team together. How about you start your next Zoom meeting with a scavenger hunt? “Who can find 3 yellow things?!” Make it fun.
NUMBERS
If you didn’t have real time tracking of your accounting before, it is critical that you start now. You need to know what your burn rate it, what is your cash flow runway. How long till you run out of cash? Is the new ad campaign working? Are you getting the an ROI on your contract labor? If you don’t know your numbers in real time, this time of chaos will be way harder then it needs to be.
As a business owner, you can either let this time beat you or you can chose to beat it!
If you need help getting your accounting in order, so you can make better decisions to THRIVE during this time just schedule a call.