It goes without saying that these are unprecedented times amid the COVID-19 pandemic. There’s enough panic and negativity out there to keep you fixated on the news and social media – and perhaps rightly so.
That said, I’ve written on many occasions that trying times can always turn out to be times of hidden opportunity. Will this be any different? I suppose there’s two ways to approach it:
- With fear
- With positive planning
So, you do nothing, freeze staring into the oncoming headlights or you plan for when we come out of the other side and act accordingly.
Providing myself and my loved ones continue to remain unscathed health-wise, here’s some things I plan to do along with some things that might be useful ideas for you and your business.
Strategic planning
When we’re entrenched in the day-to-day running of a business, it can be hard to find the time and the clarity of thought to look at the big picture. If you find that your particular business is quieter than normal, this is a chance to review your strategy.
This coronavirus is going to affect every business. On the face of it, at Pearson Brown we’re going to be fine. We can complete all our work remotely so there shouldn’t be a problem should there…?
Well, if you look deeper, we could experience extreme negative impact.
Some clients will go out of business. Others will stop their marketing spend. Not being able to have meetings will put large projects on hold. Some businesses will batten down the hatches and do nothing.
Consider how the outbreak will affect your clients and the knock-on effect that will have on your business.
It’s going to be critical to understand the short, medium and long term impact as things progress and things change.
Client planning
We will be taking the time to understand the impact on every client and their specific industries. What action can we help them take now and as this pandemic persists to help them come out the other side in the best shape?
What opportunities are there for them and us in light of what’s happening? Should we go on the attack or go defensive?
Financial reviews
All small business owners should take this time to review their expenditure – for the business and at home.
I’ve just realised that I’m paying £26/month for insurance for my cat – direct debit cancelled!
This should be something that’s done regularly anyway but hey, we’re busy people!
Which expenses have become non-essential in light of the outbreak? Which subscriptions can you cancel? Which subscriptions should you invest in? – Slack, Zoom? Definitely Netflix!
Work on your foundations
Depending on your situation, this could be the perfect time to rebuild your foundations to come out the other side ready to reach new heights.
By your foundations I mean your branding, your website, your documentation, your key messaging, and your overall proposition.
These are critical things to review regularly and keep ‘on point,’ but again they’re often overlooked during the busy day-to-day.
Have a look at your business. Does it still present itself in the right way to attract the clients that you want? If not, use this downtime to rebuild these vital foundations. Speak to us if you want our help.
Learning
As the COVID-19 situation progresses, I’ll be doing more online courses and reading more than normal – there’s not many better ways to use this period than to develop your biggest asset – yourself.
Just like your business, work on ways to come out the other side a better version of yourself.
3 r’s
Rest. Recuperate. Reflect.
Use the time to heal your body and mind if you need it.
New routine
Our lives are going to fundamentally change, there’s no denying that.
You need to develop a new routine so that you don’t go stir-crazy stuck at home.
Emotional-physical-spiritual-practical. Dedicate time to all aspects of staying healthy, mentally and physically.
Start something completely different
If you’ve been thinking of starting something new, there’s probably no better time to consider the big decisions and make change in your life while the world is on hold.
Plan that new business. Close down your business. Learn new skills. Stop bad habits.
This is a chance to re-think, make necessary change, and get ready to go again when all this has blown over.
Family time
Most important by far, look after those you love during these tough times. Take care of elderly relatives and those in poor health.
Spend some quality time with your family. Tell them you love them. Try not to kill each other if you have to isolate for weeks!
Let’s get through this together.
Sending love to you and yours,
Matt
If you want to discuss any of this further, email me at matthew.brown@pearson-brown.co.uk or call me on 07717 683 642. As business owners we have a real challenge on our hands. It’s good to talk and get each other’s perspective and opinions. Reach out if you need to.
