Dealing with a pandemic is so stressful. Has it caused your business to close? Do you have any money coming into your business? Have any of your employees been working or been furloughed? Has your business received a loan? So many issues to consider. Unfortunately, the longer this situation continues, the more debt and challenges develop. How much longer can you and your business survive? No doubt, your stress level is increasing, and patience is waning.
If your business is still young, the likelihood of holding onto your business may be doubtful. Most people never imagined this Coronavirus lasting so long or taking such a toll. If you have another source of income, that could help – but for how much longer? Do you wait until you have spent all of your money before throwing in the towel? Are there any other options? If you have spent all your funds, the end could be in sight.
This COVID-19 is still rising in many locations, which will likely result in closing more doors permanently. However, with the probability of an effective vaccine, HOPE still exists. This will be a VERY hard decision. If you are one who has been blessed with a solid loan, you COULD be able to hold out a little longer, though any expenses must be cut in order to survive. You may have encouraged some employees to hold out with you, but be sure that you are aware of the consequences and will be able to address these if no “turn-a-round” develops.
With this last push for your business, you will need to release whatever number of employees are needed so you can “run the business”. You must stop any spending so to cover the business. You’ll need to have a very tight, secure, and strategic plan to hold onto the business. Time to roll up your sleeves and work however you must to not lose one customer. If you have some “die-hard”, loyal customers, you may recruit them to fill in wherever is needed. Be straight-forward with your workforce so that all understand what must be done.
With even a few dependable persons willing to stand by you, committed to your business, you are very blessed. As part of your “come back”, your strategic plan must include paying those who have committed themselves to this “new beginning”. If you happen to have any funds held back, hiring a strategic business coach to map out your daily plans could make the difference, which includes detailed tasks that can aggressively meet your goals. In order for this plan to succeed, you need to set daily goals for each employee to accomplish. The success of this requires extremely hard work, a commitment, strong discipline, and the selection of a focused, determined, and loyal group of employees. And that will take an equally strong, courageous, and committed leader. Compass Career Management Solutions is a true partner for Success. www.compasscareer.com; 704-849-2500.