As our country adjusts to level four of lockdown, international award-winning business coach, Darryn Le Grange from ActionCOACH Ignite, shares five tips for business owners to consider during this time of crisis.
- Mindset – It is important to remember that this is nobody’s fault. Playing the blame game will not help you, it will only make you bitter and distract you from available opportunities. Stay in a positive frame of mind and focus on what you can control.
- Cash Flow – This remains the most important indicator to measure and manage. Keep reviewing and updating your cash flow forecast on a regular basis and know your numbers.
- Communication – Regular communication with all relevant stakeholders during this time is crucial. Let your customers, staff, suppliers and community know of any changes to your services or delivery and what steps you are taking to mitigate the risks in your workplace.
- Marketing – During tough times keep your pipeline full and don’t stop marketing and selling. Remember that marketing should be an investment and not an expense. There are numerous marketing strategies that cost little or no money. Identify the strategies that are bringing in the leads, implement a ‘test & measure’ system for all your marketing campaigns and always ensure that any new business acquired brings in more gross profit than the marketing cost spent.
- Care & Compassion – Make sure you are checking in on your staff and customers regularly and show them that you genuinely care. Show compassion and always put people before profits – especially during this time.
“It is important to work on an action plan for your business according to each of the stages of lockdown. Prepare, stay positive and turn this time into a personal and business development opportunity,” concludes Darryn.