The prospect of getting back to normal at the end of last year was spurring along with business leaders everywhere.
A new vaccine and the prospect of countries being able to come off lockdown created a sense of hope and new energy.
However, as we entered 2021 and the situation appeared to be getting worse we started to witness a rapid onset of Business Fatigue and questions being asked like…What’s the point? When will this be over? This is only getting worse, and more prominent in the business community.
We are in a dangerous situation worldwide, Covid is top of mind and many businesses are hanging on by a thread.
As we move deeper into Q1 of 2021 we are going to see a high percentage of bankruptcy and it’s predicted that over 50% of all small businesses will be wiped out this year.
This, however, provides you with a fantastic opportunity to make changes to your business and have new conversations with new and existing customers.
Below are 5 key action steps to help you make those changes and thrive this year:
Step 1 – Review your working locations and what travel is essential: Establish where your team is and what risk they are into either travel to the office or work from home. In this review look at what technology they might need and how you can use this to your advantage.
Step 2 – Check over your Crisis and Continuity Plans (You do have them right?) If you do not have them then make sure you subscribe to Your Business Hacks as you can access resources to create one. If you do have a plan make sure you revisit and update with the latest changes like Covid stats, Changes to How You Advertise and Where, Talent Pool, Risk Assessment etc.
Step 3 – Every business has a supply chain: You need a clear understanding of your supply chain so you can expose any potential disasters waiting to happen. Product and Service-based businesses all have supply chains, you need to look beyond the surface and look further than your first or second-tier suppliers.
You need contingency plans. We have already seen first-hand companies move from China to South Korea as a Plan B just to find out they need a Plan C or D as those other countries were affected by Covid too in terms of stock, manufacturing and export.
Step 4 – What points of failure are in your business: Create a list of all the key products, services and team members to deliver what you are offering. What can you do to spread the risk if something or someone is no longer able to work with you?
Step 5 – Your communication needs to be on point: Over the last 6 months, we have seen businesses work hard to keep customers, team members and suppliers informed to help combat the confusion and misinformation out there.
Authentic Leadership right now with very clear communication is going to be key to your success this year in 2021. The research backs this up that people are looking to businesses to navigate a successful outcome and are trusted more than previous and official authorities.
Have a clear communication map with open, authentic and positive messaging to everyone in your ecosystem and your business will benefit from it.
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