5 Things Business Leaders Should Do To Ride Out Covid-19
In this unprecedented time, business leaders should take these five simple steps to help weather the storm.
(1)
Open Conversations With Your Team
First and foremost, this is a human issue that we’re all going through and we need to be there for each other. So set up a video call with everyone in your team (individually or as a group) and give them the opportunity to ask you whatever they want. Before having these conversations develop a clear stance on how the business intends to operate going forward. Then ask for their input on how to steer the business. There are no right and wrong answers in this situation and involving your staff will empower them.
(2)
Embrace Remote Working
Quickly figure out what tools your team needs to comfortably work at home and install them. We work 50% of time remotely anyway and some essential tools include:
Twist: A direct competitor to Slack so it’s perfect for internal team communications but it’s much much cheaper than Slack.
Whereby: The perfect video conferencing platform. We’ve used the free version of this over two years (back when it was called Appear.in) and it never fails.
Docusign: Getting contracts signed is important and Docusign allows you to go paperless and remote.
Headliner: This is new to us. We’ve just started using it to schedule and promote our podcast.
Google Drive: 100% essential if you're going remote or not.
(3)
Monitor Cash Flow
It’s more important than ever to really understand what your ins and out are. It’s normal to accumulate a lot of software subscriptions so review your debits and make sure you're not paying for anything that isn’t business critical. Also, assume that there might be delays in payments to you, and factor these into your balance. This is about riding out uncertainty so it’s time for shrewd business decisions.
(4)
Seek Advice From Mentors
Even though business mentors haven’t seen something like this before, they will have seen difficult times. My mentors have dealt with uncertainty and made decisions in the face of adversity. Remember it’s not necessary to take someone's advice, but it’s always constructive to get an external view of your business.
If you haven’t got a mentor, now’s the time to get one (or more!). This is a time when people should be more open to helping each other. So go on LinkedIn and look out for people who are either leaders in your sector or who can help you overcome areas of weakness. Then message them.
(5)
Check In With Customers (Existing & Previous)
Your customers are experiencing uncertainty too. At Tectonic, our customers are other businesses so this is the time to check in with them on a personal level and offer them support in any way. We need to be empathetic to each other's needs at this time, support each other and try to keep a strong economy going.
