Though the future feels uncertain, you can help keep your business afloat with strong, determined leadership.
Make no doubt about it, because of coronavirus and COVID-19, the United States is in a recession; and it’s going to last us a while. In fact, I’m calling it three months of hell, starting today, April 1, to June 30. So, mark your calendar, folks.
However, there are actions and steps you, as the owner of your business, can take to navigate through these troubled waters. Recently, American Management Services launched a podcast–The Hardball Profits Way, in which our first few episodes delved into how to survive against the novel coronavirus.
The most critical step you should be taking is instilling an aspect of leadership.
Everyone is freaking out right now. Unemployment rates have skyrocketed throughout the past couple of weeks, and social media is rife with people scared about losing their jobs and missing rent.
Whether you’re still in operation or have cut back on hours, you need to be that calming force that eases your employee’s minds.
Right now is a crucial moment. If you under, or overreact, it could mean catastrophic results. Everyone is watching you, from your clients and vendors to your employees and bankers, everything you do is now analyzed, scrutinized, and criticized–more so than usual.
It’s pertinent that you remain calm.
You must communicate with your employees, much more than ever before. For us, we increased the frequency of reporting from all of our staff members from weekly to several times a day. You might think this is a bit excessive, but with news spreading as quickly as it is, things can change from moment to moment.
When things are changing hour to hour, you can’t go for an extended period without knowing what’s happening. Lack of communication can lead to everything falling into a black hole.
Your level of accountability should also increase.
If some of your employees are working remotely, you need some way to measure or track their productivity, like setting clear and defined goals. “You have to hold your employees accountable,” I’ve said this so many times it’s beginning to sound like a broken record.
This is just part one of a four-part series we’re running called The Coronavirus Small Business Survival Guide. Tomorrow, we’ll discuss how you should protect your people during a crisis.
If you haven’t already, subscribe to our podcast, The Hardball Profits Way. It’s available across all podcast platforms. If you’re not a fan of podcasts, you can always watch our episodes on YouTube.
Folks, we put together a coronavirus relief resource document with information on CARES and SBA offerings for small business owners. In addition to that, we set up a crisis hotline, running 24 hours a day.
If you need management advice, call 855-876-5561, and a live person will answer the call.
Did I mention it was free?
Stay safe, folks!