How To Keep Business Moving Forward
Something you’re not thinking about: how to keep business moving forward.
Most of us have been running in survival mode since late March when the global pandemic landed on our door steps. Has the dust settled from the mad scramble to keep your business functioning and put a continuity plan in place? Now is the perfect time to go through your business with a fine-tooth comb and set yourself up for ongoing success.
Contracts & Agreements
Are there agreements in place that no longer make sense for your business? Now is a great time to look at your leases, contracts, and terms.
Do you still need as much office space as you are renting?
Have you gone virtual/paperless and now have a copy machine sitting idle?
Have you reached out to your vendors and suppliers to make sure you’re getting their best pricing and terms?
Has your revenue or payroll changed significantly? Your Workmans Comp and general liability insurance premiums are probably based on your payroll and revenue numbers, this would be a great time to talk to your insurance agent about updating your policies to reflect your current reality.
Workload, Processes & Staffing
How has your workload changed?
Are there outdated or inefficient processes in your business that you just haven’t gotten around to doing something about? Now is a great time to look at improvements in processes and technology that can make your business more efficient and productive going forward.
Do you need to make staffing changes?
Is it time to consider full (or partial) unemployment for some of the staff?
Do you have the right people in the right jobs? This is an ideal time to review the performance of your staff, to examine which of their job functions adds the most value to your business, and to identify unnecessary functions or positions that can be eliminated.
Clients & Services
How profitable is each of your clients?
How profitable is each of your service lines?
Is it time to focus on profitable service lines and reduce services that are under performing?
Do your clients respect and value the services you provide them? Now could be a good time to renegotiate the scope or fees of clients who barely break even and offload undesirable clients.
This has been a stressful time for all of us, there’s no doubt about that. But I have also noticed that this stress has been a catalyst for some great ideas. It is encouraging to see so many businesses coming up with solutions for how to keep moving forward. The businesses that have responded nimbly and creatively to these constantly evolving challenges will likely be the businesses that ultimately survive. Will you be one of the survivors?