“There’s no harm in hoping for the best as long as you’re prepared for the worst.” – Stephen King
I’ve heard from plenty of business owners lately who are doing their best to keep their head above water.
With the economic downturn and so much uncertainty about the future, I know lots of us are focused solely on getting through this week, never mind planning out further than that.
But it doesn’t have to be that way.
As a matter of fact, you have more variables in your control than you think you do, especially where the future is concerned. And the one resource you likely have more of now?
What better way to put that time to good use than to make sure your business is ready for whatever comes around the next corner? Here are a few ideas to get your recovery strategy started.
Prep for the Bounce
Although the economy has been brought very low recently, anyone familiar with the way the market fluctuates knows that it won’t stay this way forever – even if it feels like it might.
So, what position will you want to be in when the economy begins to pick up momentum again, and how do you get there?
As you put together your recovery strategy, consider factors like your organization’s finances, opportunities for acquisition, or even how best to step away from your business with a well-planned exit. These are all things you can start planning for so that you’re prepared when they present themselves.
Opportunities for Innovation
I’m betting there’s a project or service or offer that’s been sitting in the back of your mind for a while, waiting to be fully realized. But you’ve also likely never had the space to focus on it, being busy with daily responsibilities.
Well, things have certainly slowed down. So instead of stressing out about the potential impact of COVID on your plans, turn your attention and energy towards that good idea that might actually do your business some good.
Even if you can’t put it into action immediately, your new innovation will be primed and ready when the time is right for it.
The Next Disaster
Most of us were caught off-guard by the pandemic and everything that has followed. The silver lining is that you never have to be unprepared again.
Consider what made this time so hard for you and your business. Were you short on cash? Didn’t have a plan for your employees? Weren’t sure where to turn for help?
Spend some time thinking about the things that would have been helpful to have in place ahead of this crisis so that the next one won’t pull the rug out from under you the way COVID-19 did…whenever and however it shows up.
As strange as it sounds, putting your efforts towards your goals and your organization’s recovery strategy is one of the best uses of your time right now. To get a head start, give us a call.