Business during & after a pandemic
Some businesses are transitioning from “closed due to Covid-19” to “WE’RE OPEN.” Others have been open but have new dynamics of remote staff, virtual meetings, perhaps even furloughs or layoffs. Either way, owners are tasked with new challenges as the country starts to “open up” again. Depending on the type of business, entrepreneurs may have partial staffs, distancing rules, even limited patron guidelines. Getting back to something akin to what business owners considered normal will be a test in courage and perseverance. Some call it a “new normal.”
These conditions bring attention to the concept of working on the business, not just in the business. Again, depending on what the business does (products/services), entrepreneurs undoubtedly have to dig in and produce (i.e. work in the business). Yet, what better time to evaluate and plan, or metaphorically speaking, examine your fighting strategy after being “knocked down but saved by the bell?”
What if you, as an owner or leader, thought about your business like a professional athlete thinks about his sport?
How does an athlete get to be a champion, a Super Bowl winner, win the Masters or Wimbledon? Become a MLB or NBA all star?
Those we consider to be successful athletes, college or professional, have certain physical, tangible skills, of course: size, strength, speed, and/or endurance. But to get to the elite, champion level, an athlete must embrace the intangibles. Things like attitude, perseverance, desire, intensity. Top athletes know skills alone are not enough to achieve elite status.
It’s the same in your business. Solely relying on the tangibles of educational skills, sales experience, or technical knowhow, while neglecting the intangibles isn’t enough in “normal” times. Having to rebuild after a shutdown; or needing to rethink, even reorganize, after workflow disruptions and accelerated working-from-home dynamics . . . owners are faced with reassessing how their world functions.
The expression these are unusual times should make at least the decade list of top 10 understatements. As such, it’s even more important for SMB (small to medium size business) owners and leaders to focus on the intangibles. Things like your why (values), work-life balance, staff empowerment, attitudes, leadership goals.
Of course, financial status is of primary concern. Certain businesses were able to get forgivable payroll loans (PPP) to retain their employees. Others have to rely on savings or debt options to handle necessary recurring expenses. Closed businesses had no revenue, but sales will resume. Companies able to function with remote workers probably experienced a drop in typical sales volume. New or heightened marketing and sales efforts can, over time, regain shortfalls.
Assuming financial survival and the business of selling and serving customers is back on track (albeit more abnormal than normal), now is a great time for owners and leaders to shift their attention to working on the business – planning, strategizing, motivating, and leading. I offer five areas detailed in Beyond the Numbers: 5 Key Factors that Impact an Entrepreneur’s Success. Here’s a brief summary of those factors:
- Learn how to be a better partner, solopreneur, or leader. This is about understanding your style, your values, and utilizing your strengths while delegating those functions you’re not good at or simply don’t enjoy. You can do some self assessment or, if there are multiple owners, revisit each other’s strengths, weaknesses, and responsibilities. You may want to bring in some outside help to facilitate profile instruments (such as DISC, Myers-Briggs, or Neethling Brain Instruments (NBI)). These can be effective tools for owners and other leaders, even entire departments.
- Stay balanced with your personal life. “Balance” is not a clock or calendar measurement. Covid-19 has changed how we live our lives. We’re all “out of balance” in some way. Check out my blog: WHAT DOES WORK-LIFE BALANCE LOOK LIKE NOW? The blog has four helpful ideas about work-life balance.
- Revisit your goals especially as relates to your business culture and leadership style. If you take care of your employees, they’ll take care of your customers (and your profits). Now more than ever, you need to revisit company (and personal) goals. If you don’t have a process, you can download a free worksheet here. It’s a simple form and includes usage guidelines. You can read more about the process and importance of goals here.
- Reinforce WHY you do what you do. Call it a mission statement, your ‘why,’ or corporate values. Whatever label you give it, it must define who you are as a company and what you stand for. This is not just a great service or quality product tagline. It’s the uncompromisable standards by which you do business. It’s how you treat your team, clients, vendors. . . everyone. People do business with, and stay loyal to, companies they like and trust. You earn that loyalty through actions driven by your values.
- Attitudes – positive or negative – are contagious. All businesses are routinely faced with tough decisions and stress. Very little is routine now. A pandemic shutdown disrupts personal and career lives. We feel like the challenges have ingested steroids. Remember the saying “it’s not what happens to you that matters, it’s what you do with what happens to you.” How you react and handle challenges, changes, even stress is visible to all around you. Your attitude will “infect” others. Stay positive.
Tangible skills and knowledge form the foundation of your business. The intangibles described above are the “walls and roof.” They are the actionable tools and tested strategies that can take a business to the elite, champion level.
Thanks for sharing your time and journey. Blessings to all and a most heartfelt THANK YOU to all the essential workers. A special acknowledgement to the doctors, nurses, and medical teams. Unfortunately we don’t have adequate words to tell you how much we appreciate you . . . only our love and prayers for your efforts.
Your comments are always welcome, and please share this information with colleagues, friends, and mates.