“Expect the unexpected” is a truly ridiculous phrase, taken at face value. It sounds impossible! How can you plan for what no one saw coming?
Unfortunately, most of us are getting our answers in the worst way possible as COVID-19 continues to shut down our businesses and affect the economy. Of course, we’re all focused on getting through the current situation – but it’s also a good time to begin thinking ahead to protect your business and your people the next time chaos hits. You know, planning your “long game.”
I know, much easier said than done. So, I’m going to give you a few planning tips and strategies you can put into action as you look forward:
Extra cash never hurts
I always say that everyone should have a budget in place. Whether you’re facing a natural disaster, government shutdown or just a slow season, making sure your business is set up in such a way as to build healthy cash reserves is the best (and, honestly, easiest) method to be sure you don’t face hard times empty-handed. Make adjustments to your budget to reflect the current reality, so you can adequately support your ongoing decision-making.
Avoid tunnel vision
If you’re ahead of the curve and already have some plans in place for carrying your business through a rough patch, great! But have you prepared for more than one kind of disaster? Short of having psychic powers, there’s no way to know what’s coming around the corner, but you can still do your best to prepare for multiple types of situations:
For example: if a wildfire takes out your office building and some of your employees’ homes, do you have a backup location and alternative housing options scoped out? Or say that the government shuts down and part of your supply chain fails – do you know what you’ll need to do? All things to think about ahead of time.
You don’t have to know the answers, but you should know where to go to get them
Look, you don’t have to be an expert on worst-case scenarios. Absolutely no one is. But you should have a few trusted sources identified for news, advice in your business and your financial management. When things go sideways, you’ll want trusted advisors and reliable information to help you through.
That’s what we do at TurboExecs. We lend you our experience and insight so that your business stays strong through the best of times and the worst. If you’re ready to plan ahead, let’s talk. For a more in-depth look at strategies to stay afloat, read on here.