Work on your business to be ready for what’s next during COVID19!!
The novel coronavirus (COVID-19) pandemic is a drastic set back to our industry. At the order of our state and county officials, we had to shelter in and postpone our 2020 W.I.T.H. Conference. Based on your responses to our recent survey, we will push the conference out to 2021. We appreciate your ongoing support as we patiently wait for venue hotel partners to return to work and provide availability options.
We do not know when the crisis will end but we know it WILL end and we know that every set back can also be a set up. We intend to use this time as a set up to be ready for what’s next! And we know that you can too. Here are a few tips to help strengthen yourselves, your businesses, and your connections; respond calmly and effectively; and navigate this challenging time.
1. Don’t panic. Take care of yourself and keep calm.
Taking care of yourself will help you to keep calm, which in turn will also keep your staff calm. Calmness is critical - especially in a very dynamic and rapidly changing situation. A calm mind is a healthier mind. It will allow you to come up with innovative ideas to move forward. When you are faced with some difficult decisions, take time to balance yourself and your mind before taking any drastic actions. Taking a step back to reassess, asking for trusted opinions, and keeping things in perspective will help. Remember to take care of yourself in a way that works for you, eat well, and try to get some exercise in. Ask for emotional support where you can and when you need it.
2. Tap into you own resources and the resources provided by government and financial institutions.
Look at your financial position. Now that we have seen about two months of damage from the COVID-19 pandemic, it’s a good time to take a realistic look at your finances and find ways to decrease your spending for the next three months.
Examine your key financial relationship. Get to know your financial partners and let them get to know you. Make sure the information in your credit report is current. Remove any old and inaccurate information that could affect your credit rating.
Examine your key expenses for employee salaries, insurance, office rent, and utility bills. Schedule appointments with the key institutions and people to make payment arrangements for the next three months. Explore your options to spread out the costs. Chances are they will be understanding and may already have options in place. Your business is valuable to them and they want to keep you as a client. Always negotiate a win-win, especially when you negotiate with other small businesses.
Pay down your debt. When business returns, keep the lower payments you have negotiated and use the extra money to pay off some bills. Remember to pay off the installment debt with the lowest balances first, then, use that money to make additional payments to the credit card with the highest interest rate until it is paid off. Then do the same thing with your other cards.
Look at your other costs in terms of your immediate and long-term plans for the business. If any costs are not necessary right now, put them on hold. Rather than hiring any more full-time employees, see if you can work on a project basis with freelancers, downsize your office or use a co-working space to have more affordable and flexible payment terms.
3. Find your opportunities and restructure if needed.
Reconsider how you have been doing business and whether your business model and fee structure will be right for the changes that will come from the COVID-19 pandemic. Sometimes opportunities for change and growth can be found in taking time to chat or share information about your business with your friends and relations. Sometimes you need to sit in quiet reflection. Consider how much revenue you really need to have a sustainable business with community impact.
Think about how you expect your customers to behave, what will and won’t matter to them, and where you have a competitive advantage. After being isolated people are going to have a lot to say. They may want to use comedy and music to make social comments. After working from home due to sheltering in place and wearing sweatpants all day, they may want to refresh their look. They may want to be out and moving. They may seek ways to express gratitude and kindness.
Think about the products or services your business will sell to them and how you will deliver them. Think about offering products and services online. Think about ways you can implement technology to collect information on your customer’s habits and offer new ways to connect with them.
4. Up your skills.
Wherever possible, try your best to keep your staff – they rely on you, and, if you have managed a good team, they should be supporting you. But in the future, you may need a different skillset to be efficient, productive and profitable when business revives.
There are online courses that are very affordable and they can be done from home while you or your team is self-isolating. Consider enrolling in them and completing them when business is down. For instance, taking a course in digital marketing is a great way to learn how to create digital marketing strategies and implement them. Look for courses and resources that match your needs and your budget.
5. Maximize use of existing technology.
Evaluate your existing computer hardware and software. Consider whether the equipment, applications and data security system you have are best suited to your present and future needs.
This week I put things on hold and sacrificed some time to learn new software and how to take full advantage of the features contained within the software I use. Using a combination of knowledgeable friends and colleagues and online tutorials, I have learned six new tech applications that I enjoy. Using these new technologies myself will help me reduce the cost I paid for them in the past. I now have increased access to the services I really need for the future. I can offer new services to my clients and advance my business forward. (In a future post I’ll tell you more about these applications. They are fun to use and will save you time and money.)
I have also learned that sharing skills with others will put you and them in a better position to help each other.
Things will get better. Martin Luther King Jr. said, “Doors will be opening that have not been open in the past…. the great challenge we face is to be ready to enter those doors when they are opened.” Get ready!! Take the actions you need now, so you will be ready for your “grand re-opening”.
You are not in this alone....we are in this together.
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About MCCSN and W.IT.H.
MCCSN is a woman owned small business, providing global hotel site selection, contract negotiation, business consulting, and business relationship services. W.I.T.H. provides leadership to increase diversity and inclusiveness in the tourism and hospitality industry by offering rewarding networking, marketing, and professional development opportunities.