As our country adjusts to level three of lockdown, international award-winning business coach, Darryn Le Grange from ActionCOACH Ignite, shares six top lesson learnt in business during the lockdown period.
- Emergency Fund – There are countless reasons you might need emergency cash, both for personal reasons and for your business. Rather than panic or use a high-interest credit card to pay unexpected expenses, the best plan is to have a stash of cash – an emergency fund. Cash is always important to have, whether it’s for an emergency or an opportunity. With cash, you can always act sensibly without stress. Businesses should aim to put away two to three months’ worth of expenses in the event of an emergency.
- Electronic Database – Having an up-to-date electronic database of your customers and prospective customers will enable you to continue to market in the absence of face time and telephone contact with current and potential clients. During tough times keep your pipeline full and don’t stop marketing and selling.
- Be mindful of who you surround yourself with – If you’re spending time with people who complain, procrastinate and always make excuses, you’ll start to follow suit in your own daily activities and life. Choose to surround yourself with positive and successful people, especially during trying times. Your supportive tribe will support and encourage you, they will push you, give you important advice and help you progress.
- Be a good negotiator – Some business is better than no business, therefore fight to keep your customers by negotiating fairly. Being a good negotiator helps to improve relationships because both the parties can agree on a mutual deal without hurting each other’s feelings. During a crisis remember to be compassionate and understand that they are going through the same hardships as you but always try to find the middle ground.
- Keep perspective – Be very mindful of your social media and news consumption during lockdown as the sheer amount of information out there, including fake news and sensationalism is greater than ever. Ensure you only trust reliable sources.
- Be a disciplined worker – stay on track while working from home and don’t fall into the trap of poor discipline. You may have to work harder than you normally would just to try and achieve the same results. Ensure you have a separate, dedicated workspace, free from distractions, and customise it with the equipment and connectivity you need to remain productive.
“Businesses should always plan for the worst and find ways to adapt, pivot and diversify at a moment’s notice to ensure that they are able to move forward with resilience and can continue to thrive,” concludes Darryn.
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