Anyone who has been in business for long knows that there are business cycles. There are bull markets and bear markets. There are seasons of prosperity and there are recessions. With over 10 years of prosperity, we recently ended the longest run of economic expansion. If there was ever a time to have been prepared for an economic famine, it ...
An article by Fortune Magazine states, “The implication [of Coronavirus] is that companies will have to rethink, not tweak, their business models.” The pandemic has elevated the need for changes in business models to an extreme level in a short amount of time. Without warning, businesses were shut down, asked to create new ways of doing business without time to ...
A recent article by Fortune magazine business experts claims, “Many companies will need to rebalance their priorities, making additional resiliency measures as important to their strategic thinking as cost and efficiency.” Resiliency, due to coronavirus, is finding its way to the top of the priority list of strategic plans of businesses across the nation. Resiliency requires a level of flexibility ...
One of the challenges we had as an organization during the Covid shutdowns is the impact on our processes. In the office, we had our filing systems and processes readily available. Suddenly, our regular disciplines and routines met a significant distraction when we all began working remotely. It became harder to pass items to the next person in the process. ...
When there is pressure to generate cash, businesses can sometimes grab an expedient solution without enough consideration of long-term implications. For instance, the pandemic has created great pressure on many businesses to find ways to survive. Borrowing as much money as possible, or taking on an unrelated business service, are both possible solutions, but those solutions can have dramatic long-term ...
A recent article from the US Chamber of Commerce suggests, “Many businesses are asking for customers to help mitigate the cost of keeping their staff (and patrons) safe. Sometimes it’s in the form of a clearly stated COVID-19 surcharge, often between 3% and 5%, to cover the cost of things like masks and gloves.” No doubt the costs to reopen ...
The US Chamber of Commerce describes two major employee challenges for reopening business, “First, are your employees willing and available to come back? And secondly, are they able to follow the proper procedure to reopen safely?” Reopening a business presents employee challenges that may be difficult to navigate. Knowing how to reincorporate employees into the work environment can lead to ...
The choice to reopen business after being closed due to COVID-19 is a challenging decision. Knowing how and when to reopen is a daunting proposition to say the least. The US Chamber of Commerce suggests businesses, “open in phases.” They stated in a recent article that businesses should “assess your products and services to see what you can sell with ...
In our changing world, many cash-starved businesses are considering new business opportunities. There is a distinct difference between a pivot in your business and a shift in your mission. In the pursuit of cash, many will be tempted by a new product line or even a different business model. Although survival is critical, it’s just as important to be aware ...
2020 has been a year like none other. Business shutdowns, stay-at-home orders and race riots are just a few of the chaotic events that small business leaders have had to navigate. Disruption brings anxiety and uncertainty to our staff and to the leadership team of any organization. It’s during these unexpected times that people look to leadership for comfort, confidence ...
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