Soraya (Morgan) Gutman provides five key points for business owners to embrace and implement now to assure they emerge stronger and well-prepared for the business rebound that will come later. So in her own words, note the following:
The COVID-19 pandemic is an extraordinary event in history. Our daily lives, families, and companies have become disrupted and many people are feeling anxious. But I know, based on history and data, that this will pass. We will be stronger as a result [1]. But what to do in the mean time? Over the past 20 years, I have spoken at over 50 organizations to hundreds of CEOs and Founders who have successfully rebound after crises, including 9/11, the 2007 subprime mortgage crises, and the market crash of 2008. They shifted gears and did what it took to not just survive the crises, but thrived.
Below are the five main takeaways from Gutman’s seminars that will be helpful during this pandemic as most normal business-as-usual routines have been upended:
1. You are not alone. Invest in your family and small business community.
2. Maintain a strong cash stream.
3. Gain market share.
4. Identify and reward your superstar employees.
5. Try new things and have some fun.
You Are Not Alone.
This is the time to reach out. My husband, Ilya, and I are embracing the challenge of working at home and schooling our 13 year old daughter. We also know we are not experts at teaching and so combine our efforts with a trusted tutoring company. Who should you be reaching out to for counsel? For me, I read the Bible every day and ask for help from professionals I know, like, and trust. You can see a list of the companies I most admire below [2]. We also use this time to support local businesses by paying upfront (I save the receipt and will use it when things get back to normal) to small companies most negatively affected by the closings: beauty salons, restaurants, local tutoring companies, grocers, chiropractics, orthodontists, butchers, and stores.
Think Back-Office Only When Cutting Costs.
Don’t follow the pack and immediately fire employees or start making 10% cuts across the board. Instead, look at critical, but non-customer facing costs. Take advantage of low-cost loans the government is offering through the SBA [3]. Pull out your insurance contracts and equipment leases. See if you can shop around for better rates, renegotiate your contracts, or raise deductibles to save money. Get a lower cost technology and health insurance provider. Look for a different bank—like a local community bank or credit union—that offers more free perks, less fees and even—yes—corporate interest-bearing checking. Take advantage of the April 15 tax deadline that has been pushed back a few months, to July 15. There is a lot you can do on the back end.
Fight, Fight, Fight Fear. Focus Instead on Your Sales.
Most companies, unable to compete with the fast-paced changes happening as a result of this pandemic, are reducing customer-focused expenditures rather than slashing fixed costs. However, studies and our experience have shown that companies that increase their sales and marketing efforts during slowdowns consistently outsell their competitors who cut back. In today’s market, the riches are in the niches. Laser focus on your most profitable prospects. If you are passionate about sharing a deeper purpose through Biblical wisdom combined with your business skills to other hard working business owners, consider increasing your sales funnel by running a CrossTALKS group in your local area. Learn more here.
Review Current Staff & Hire.
Everyone is stressed. This is the time to communicate more as a business owner. Not less. And feedback—even in the virtual work environment—should continue. Employees, especially when things are stressed, want and need feedback on how they are doing; especially Millennials, who outnumber Baby Boomers, according to the U.S. Census Bureau [4]. And not from annual or biannual reviews, but in real time. Incorporate a feedback loop based on specific behavior instead of a scheduled review date; it will be much more effective both for you and your direct reports because it is data-driven, not personality or drama driven.
If you’d like to see an example of what a feedback loop looks like, send me a note at Soraya@YourCrossTALKS.com and I will be glad to send you an example. The technology software industry has been very successful at using Agile methodology. Unlike traditional hierarchical structures, Agile methodology uses self-governed cross-functional teams that are solely responsible for the delivery of a product or service from design to completion. However, you do not need to be in the technology industry to be a compelling company. Once you identify specific traits of your highest performing employees, hire others with the same purpose, attitude, and principles that guide your company. While your competitors, unable to adapt to the changing conditions, fire employees as a way to cut costs, do the exact opposite. Now is the time to be aggressive in the marketplace. What better way is there to give you an edge over your competition; especially once the economy rebounds?
Embrace the Discomfort.
Whether it is giving a hip bump instead of a handshake or washing your hands for an extra few minutes, try to embrace it. Use these slower times to test out something new, partner with others in your industry (including competitors), and learn something new. Take this 2 minute business assessment to see where you are compared to others in your industry.
Find Your JOY.
Home schooling has been challenging. Fortunately, my dear husband has found original and unique ways to get our daughter to do her school and home work successfully. We are finding our joy in the journey. And in the midst of chaos, we all have had tremendous bursts of laughter. It is the laughter we will remember from these challenging days. It’s not the stress of the pandemic, keeping calm putting study plans together, and maintaining a semblance of structure. It’s going to be the laughter!
If you have a success story of how you are turning a challenge into an opportunity during this crises, feel free to join our CEO think tank, YourCrossTALKS and share your story. I look forward to highlighting your insights and wisdom to other hard-working business owners. It would be my privilege and honor!
For more information, visit www.YourCrossTalks.com or email Contact@YourCrossTalks.com.
Soraya (Morgan) Gutman will be giving one of her most popular seminars on April 21, and it is free for any business owners on the cusp of growth who are seeking more clarity on the government stimulus. To register for this free seminar, go to www.yourcrosstalks.com/webinar-part-2.
RESOURCES AND REFERENCES
1. Goldman Sachs’ Investment Strategy Group, www.goldmansachs.com/insights/pages/from-room-to-grow-to-room-to ..
2. Carmen Garcia, Aspen Chiropractic; Christina Stanbery, Beyond Fifty Fitness, Hockessin & Wilmington; Dennis Sullivan, Breakthrough Marketing Pros; Liz Brown, Be Well Life Coaching; Dan Butler, Butler Financial; Brooke Miles, Delaware ShoutOUT; Ed Dolan, Epic Results; Dr. Connie Greeley, Greeley Orthodontics; Jim Power, Huntington Learning Center, Newark, DE; Earl Jeter, Jeter and Company CPA; Kelley Kendle, KHK Advisory; Steve Goble, LiveToLead, Lancaster; Pastor Robert Kossak Ministry; Tanya Williamson, Married to the Ring; Dr. Kim Nalda, Rekindle Family Medicinel; Ajit George, Second Chances Farm; Joanne Graves, Sanctuary Spa; Ed Samuel, SamNova; Sharon McCollick, Strong Point Strategy; and Johnny McCartin, XeRo Media
3. SBA: Small Businesses Drive Job Growth in the U.S., www.sba.gov/advocacy/small-businesses-drive-job-growth-us
4. Millennials Outnumber Baby Boomers and Are Far More Diverse, Census Bureau Reports, www.census.gov/newsroom/press-releases/2015/cb15-113.html
Press Information
CrossTALKS
651 Valley Rd., Suite 1103, Hockessin DE 19707
Soraya (Morgan) Gutman
CEO and Founder
302-643-9195
