11 May Business Owners Must Understand That Now is the Time for Focus
As of late April 2020, there is one thought at the forefront of the vast majority of businesses around the globe, namely, what steps do I need to take to stay in business until the COVID-19 pandemic is over or recedes? There is no doubt about it, this is the “big question” of the day.
The global economic structure hasn’t seen this much uncertainty since WWII, and some would argue that we’ve never seen this level of simultaneous global economic disruption. Knowing what steps you need to take to keep your business up and running and what kind of advice to give to your clients is of paramount importance. Recently the panelists on our April 15th roundtable webinar tackled the most important economic question of the day and gave their expert opinions on what businesses should do to boost their chances of survival.
The panelists agreed on a range of points. At the top of the list was that business owners must be sure that that their businesses are in good shape. Businesses should take every step possible to position themselves for when the economy is back up and running at full steam. Right now, there is a degree of chaos and uncertainty, but this will not last. Business owners need to focus on getting their house in order.
Now is not a time to take a vacation. Instead, owners should be focused like never before on the inner workings of their business. They should be striving to find ways to improve every single aspect. Of course, this is easier said than done. There is a real psychological hurdle, as for many people it seems as though everything has “stopped.” While customers, clients and staff interactions have been dramatically reduced, now is not the time for business owners to “check out” mentally and wait for things to get better.
Rarely, if ever has it been more important for owners to invest as much of themselves and their talents as possible. It is prudent for business brokers and M&A Advisors to remind their clients and prospective clients that as business owners they have already shown a great deal of drive and determination, as well as at least some level of out of the box thinking. They have proven that they have what it takes to get through the recent challenges.
Many of your clients will feel dejected right now. But they should be encouraged to pool on the same skill sets that allowed them to create a successful business in the first place. This approach also underscores the importance of evaluating who your clients are as people. For example, what obstacles did they overcome in life to create their business? Was their business created during a prior economic downturn? The odds are your clients already have skill sets and strengths that will allow them to survive the fallout of COVID-19.
Ultimately, for business owners who truly want to survive the economic stress of the pandemic, focus is key to survival. The odds are excellent that there are revenue streams and different approaches that may have been overlooked. In your role as a trusted advisor, you can play a vital role in helping business owners identify and then exploit those avenues for optimal results.