In time of prosperity when all is going well many of us tend to run our businesses like a cruise ship. But in times of crisis, you have to change your tactics, your way of working, your way of processing. This is the time for efficiency as you still do not know what tomorrow will bring. These are uncertain times, here running your business like a speedboat is what may be needed, where you can change course as the tides and wind change.
Difference between a Cruise Ship analogy and Speed boat one.
In times when business is thriving, we tend to grow, we start to get bigger, start spending upon what now I can call luxuries. Things that are not Needed and Necessary but nice to have with the monies flowing in. Things are working well, we have future growth plans and we keep on by adding things, needed and not so needed. It is very difficult to maneuver a cruise ship to change its course fast, on the other hand a Speed boat can run fast, maneuver fast, change the course as needed, is lean mean but obviously cannot carry on a lot of load. But in case of change of course it can do that.
Right now every measure needs to be taken to protect your business, as the owner, as the leader it is your job to make sure about it. Your family, your employees and banking on it.
Now in these circumstances some businesses need to be maybe even like a kayak as right now many businesses are going through the rapids. Even a speedboat will crash in the rapids. So the idea here is to evaluate your business structure and see what can be done to operate it efficiently in these times. I believe when this pandemic is over whoever survives will keep on going for the long term.
Make your business a lean machine
Evaluate your Expenses
Payroll and benefits
Subscriptions & Professional Memberships
Travel & Entertainment
Mobile Phone Expenses
Look at the Fixed Expenses, Variable Expenses and any discretionary expenses.
Analyze all Your Revenues
Who are your top 20% of clients yielding your major revenues
What other ways are there to increase your revenues - brainstorm
Think Outside the box
Remote Working of staff permanently
For Small Businesses and Coaches
How to find savings in expenses
Find and Use all the help you can get
Small Business Association - SBA loans
Any other government subsidies available
written by: Raj Kapur
new choice for BUSINESS SEARCH
All IBGR Shows Notes are available for download