Now is NOT the time to panic!

COVID19 is a threat like we have not seen, and it is easy, in this unprecedented time, to want to retreat or to respond with panic. Neither of these approaches is either a) sustainable or b) good for your wellbeing.

Firstly, it is important to remember, the sky is not falling. The sun will come out tomorrow – even if it is very very grey at the moment.

Secondly, there will be toilet paper (and pasta, and flour, and bread) tomorrow, so panic buying is not the answer.   This impacts your cash flow, and also where do you put all of it?

Thirdly, our 24-hour news cycle, access to information and news as it happens, means we can stay informed better than we have ever been able to before.  But it is important NOT TO LET THIS OVERWHELM you…  Read and watch ONLY REPUTABLE sources – go to .gov sites whose business doesn’t rely on propaganda.

COVID-19 is a threat – but it is also an opportunity.

 

What do I mean by this?

Changing how we live, work and connect requires purpose and is often difficult…

While many of the changes we are seeing have been forced upon us; these changes provide an opportunity to pivot and reassess how we communicate with our family, our friends, our customers, and to consider how we work.

 

The option for flexibility in working arrangements – something that has been sought for decades – will soon become the norm and we will learn how to navigate and utilise Zoom/Microsoft Teams/Video Conferencing and tools like virtual whiteboards.  Not only does this mean that parents who want or need to work from home can, it can mean savings for businesses that no longer require fixed premises to run their business.

More than ever, it is a time to pull together as a community, not to retreat. Even in isolation, we can choose to connect through technology – not just online, but on the phone….remember those? We used to speak directly to people – not through a third party like Facebook. 😊

What can you do?

You may feel like you want to throw your hands up in the air say, ‘I’m done!’; but the impact your feeling and need to act won’t change.

If you own a business, now is the perfect time to consolidate and do some planning. Yes, planning!  The key to weathering any storm, is not to react, but respond.

Take time to consider how your business may/is/will be affected by COVID-19.

  • Do you need to change how you offer your services?
    If so, can you do this alone or do you need to reach out for support?

  • Can you work from home?
    What do you need to do this?

  • Are you eligible for government support?
    Make sure you keep up to date with information provided by state and federal governments regarding grants / funding / payments. Your accountant or bookkeeper should be your best friends during this time!

  • What support do your team need?
    Your team have been there through hard times and good, and it is important to find a way to support them through this too. If your sales are impacted and your cash flow, consider reducing team hours you can. If you have to let people go, discuss with them the situation and at what point you may invite them back.

  • What support do you need? How are you managing your response?
    It is more important than ever to have people around you who can support you get through this. Advisors, Accountants, Friends and Family. People who can lighten your load and share your burden. 

    Businesses, like families, are conceived, developed, raised and supported by a village – we can’t and nor should we do this alone.

Remember,  also:

COVID-19 will pass, and people/businesses will need your services or products when it does.  How you manage this change now and more plan fully you respond, the easier it will be to recover in the future.

Any plans you put in place now will support you in the future. This is an opportunity to improve the way you work and offer your services. It is an opportunity to create an agile business that can pivot when circumstances change.

If you are a small business owner affected by this and would like to chat about it with someone – perhaps to brainstorm ideas, help managing the risk and impact it is having on your business, or just need a virtual hug, please reach out. 

This is not a vague attempt at getting business – this is a real offer to provide support and assistance to anyone who would like it.  Reach out at [email protected] or via our social challenges @elephantintheroomau.

 

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