NCET Biz Tips: Your Action Plan for The Economic Recovery

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by Marie Gibson

Or just the opposite?  Are you scrambling to keep up with new requirements in human resources? New levels of communication with clients and customers? Changes in products and services that you’re able to offer?

Or maybe you’re one of the lucky ones whose changes in your business haven’t been material.  And, maybe you’re thinking about expanding your business during this time.

Regardless of the state of your business, there are seven key steps you need to take NOW to prepare for the economic recovery that will occur once the quarantine is over.  Why wait?   Busy?  Slow?  Business the same?  Doesn’t matter. Prepare yourselves now by taking these seven steps:

  1. Define your niche and select an appropriate business model. You need to know who your business serves and who is the perfect customer/client. Be able to articulate your message of your services and products.

  2. Set clear, definite goals and create a business plan. Planning? You must still have plans to get through the next 30, 60 and 90 days. How are you going to be prepared to grab the economic growth once we’re ready to move forward?

  3. Create your marketing action plan. Know what your brand is…it is not a mishmash of products services that you sell whenever catastrophe strikes. It is carefully thought-out and scheduled.

  4. Set up your internal systems…make sure your accounting system, policies and procedures are set up. If there is one thing that you’re learning…keep your financial statements current.

  5. Increase your credibility and expand your contact data base. Now’s the time to speak and connect with your community.

  6. Manage your time wisely and charge what you are worth. Schedule your time every day; what one step can you take each day or each week to move you closer to your goals??

  7. Model the correct people. Identify those who you respect; emulate them; call them; talk with them. Find out what principles shape their lives and their businesses.

Quarantine is already being lifted in parts of the world; it will lift here as well.  If you have slow time, prepare; if you’re hectic, hold the course and fine-tune in incremental adjustments.

Learn how to create your action plan for your economic recovery, at NCET’s online Biz Cafe on at 3 pm on May 6, 2020. NCET is a member-supported nonprofit organization that produces educational and networking events to help people explore business and technology. More info at www.NCETcafe.org.

Marie Gibson is award-winning author, speaker, business consultant and owner of Gibson & Associates, a Reno-based firm that offers business consulting in the areas of accounting, costing and inventory systems and strategic cash flow planning.  She is one of 300 members of Intuit’s nationwide Trainer and Writers Network.

Chris Ewing