Timing is Everything

Knowing when to take action can be the difference between your company’s continual growth or eventual decay.
The coronavirus pandemic has created significant challenges and uncertainty for many. While these challenges are substantial, now is not the time to simply stand idle and hope your business is lucky enough to survive.

Be proactive, not reactive. Prepare for some very challenging months ahead. Like with any home building or remodeling project, preparation is very important. When you know a storm is coming, you know what to do to prepare. Similarly, when you know there will be a tough cash-flow quarter, you know you need to shore up as much cash as possible (both spending and collecting).

Prioritize. Many short-term aspects of your business might need to take the back burner until conditions improve and markets begin to normalize. You need to determine your priorities and identify any potential revenue-generating alternatives that might be needed to keep the doors open. For a small business to survive a significant economic downturn, it’s critical to intimately know your numbers. Cash flow forecasts, website traffic, and even staff productivity are things that should be monitored constantly. If you’re “flying blind,” you aren’t likely to arrive safely at your destination.

Now is the time to be more connected with other people. This can be personal or professional. While your clients may not be in a position to buy a home or commit to a project, many would welcome a virtual check-in or even a simple email. Make a list of at least 50-100 friends, clients, family members and fellow HBA members, and just chip away a few each day.

As the pace of your personal and professional life has gotten faster and faster, you probably spend less time refining your business plan. This is an opportunity to think about what you want your business to look like next year, in five years, or even ten years from now? Are you on track, or are there specific changes you can make now — or post-coronavirus — that can help put you in a better position to reach those goals?