NCET Biz Tips: 10 Steps For Dealing With The Coronavirus Crisis

by Peter Williamson

NCET helps you explore business and technology

All of us and our businesses are impacted by coronavirus.  Here are 10 steps to help you deal as successfully as possible with the situation.

1:  Communicate.  In a crisis there is no such thing as over communication, both with your team as well as with your customers, suppliers and community.  Daily team communication is essential.  In many cases the same will be true for other stakeholders. 

2:  Be positive.  Easy to say, can be hard to do, yet it is critical for your team, family and customers.  People want to hear and see positivity.  Look for small wins, review them and share them daily.

3:  Understand that financial cycles are like annual seasons.  Summer is boom time, fall is harvesting, in winter we prepare for spring, act to prepare the “Soil” and plant (Marketing/Sales).  This crisis is like an unexpected early fall.  Hopefully it’s an abbreviated fall/winter but prepare for the worst – extended winter – knowing that “spring” will soon follow.

4:  Re-Plan.  Accept that change is a given and get ahead of it as much as possible.  Review everything – products, services, pricing, delivery, staffing, your whole business model if needed.  Avoid “If it’s not broke, don’t fix it.” Consider the option of “Breaking It”.  This may be an opportunity to restructure your business for greater post crisis success.  Have a contingency plan.

5:  Cash is king – consider all possibilities to increase cash reserves.  These include cut backs, re-negotiate contracts, spending freezes, asset sales, postponing purchases.  Be proactive, seek credit / financial help.  Re-finance if possible.  Certainly, take advantage of SBA loan programs and stimulus package funds. 

6:  Staffing cuts and changes are likely.  If you have to do lay-offs or pay cuts, try to do ALL at once.  Be aware of the impact these steps could have on stimulus funds qualification / repayment.  Currently, the stimulus is not finalized, so this is unclear.

7:  Plan work from home.  Even if your office/business is still open, look at what preparation would be required – technology needs, meetings, reporting, customer service, operations. 

8:  Online and delivery options.  Obviously – adding a combination of online sales, and doing delivery are good if you can do them.  This may break your old business model but be what it takes.

9:  Keep your marketing and sales system in place!  Try to get creative to find news ways of reaching people.  Above all, test and measure ideas, create new offers and where possible, get paid up front to grow cash reserves.

10:  Focus on repeat business.  Your existing customers are likely your BEST Customers.  Maintain or shift marketing and sales plans towards existing and previous clients.  Create deals for them.

Bonus – 11*:  Common sense and compassion – be understanding with employees, customers and suppliers—be kind to all constituencies.

Peter Williamson

Peter Williamson is a Business Coach peterwilliamson.actioncoach.com and Certified Exit Planner (CExP) www.sierrasuccessionadvisors.com,  and NCET’s co-VP of Tech Wednesday.  NCET is a member-supported non-profit that produces educational and networking events to help people explore businesses and technology.  (www.NCET.org)