For Australian business owners, the impact of the drought, bushfires and now the COVID-19 pandemic has been large, threatening to plunge our nation into a deep recession. Already we have seen businesses close, large unemployment rates and this is only the beginning.
The Australian Government and various State Governments have released a range of measures to assist both businesses and individuals to lessen the blow, and many businesses have shown their agility in changing their processes and models, however by the time this crisis is over, there may be many less businesses in the Australian economy.
But, whether you are still plugging away, or whether you have been forced to stand down, temporarily or otherwise, it is so important that you remain looking toward the future. In this blog, we will offer a small framework to help you change your mindset and begin to move forward.
OUTCOME 1: EMOTIONS
This one is pretty simple. Let yourself grieve. If you’re angry, be angry. If you’re sad, there is no shame in crying and grieving what’s lost. If you’re scared, that is absolutely normal and again, nothing to be ashamed of. You’re entitled to panic and feel and move through all of your emotions. These are scary and unprecedented times and none of us really know what we are doing. All we do know, is that the world we knew will unlikely be the same again and it is okay to mourn that loss.
By expressing your emotions, you are able to put yourself on a new path and move forward, looking toward our new, shared future.
OUTCOME 2: VISION
As a bookkeeper, my most immediate fear with relation to my clients is the fear of recession. Worrying about the IFs only leads to further negativity and stops you from seeing the pot of gold on the other side. Take some time to look at your vision for your business after this crisis is over. Also consider your mission and values - what is it that you achieve and what internal values underpin everything that you do. Why do you do what you do?
Forward-planning can be a really positive exercise and offer a nice mental health boost. Involve your closest people in the discussion … much like when you dream about winning the lotto and where you would spend the money. It’s a hopeful experience, and right now, we need as much hope and positive vibes out in the world as possible.
OUTCOME 3: FINANCES
In this outcome, we are coming back to Earth a little bit, however, by now you should be better equipped to grapple this outcome head-on.
Look at your current finances and plan out what your absolute worst case scenario would look like for the next 3 - 6 months and make a plan around that. This exercise also forces you to cut back on the excessive and non-essential costs.
OUTCOME 4: OPERATIONS
Look at your current operations with respect to your vision, mission and values. Do they compliment each other? Now is the time to re-work your operations and bring everything in-line with your improved, ultimate vision.
Look at your systems, processes, marketing, manufacturing - whatever the building blocks of your business are, now is the time to reflect on them and improve them.
OUTCOME 5: PEOPLE & CULTURE
Communicate. Your. Vision. To all relevant stakeholders. Be open and honest, as well as approachable. The people that surround you, whether they are employees or suppliers, are your biggest allies. With their input, build a bigger plan for after the pandemic has passed.
Set an example of the culture that your 2.0 business will have when it emerges on the other side, and establish yourself as a leader. Spend this time to build relationships and invest in your customers and community in the long term.
OUTCOME 6: GOING FOR GOLD
Look for the silver lining in everything that is happening today. Could your service or product be adapted moving forward that could put you at the front-lines of something new?
Importantly, now that your overall plan is mapped out - it is time to write it down. Keep it concise and short but ensure that there are small, actionable goals and plans that will move you to where you want to be when all of this is over.
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Ultimately, many of us feel like we have had the rug pulled from under us, and in a way we pretty much have. However, it is important to understand that we have no control over the situation as it is presently and we can only run with what we have. If you haven’t already, you need to let go and accept the things that you have no control over. Remember too, that you are not the only one who is afraid of what tomorrow will bring, so be sure to reach a lifeline out to everyone you can. Whether that is a simple phone check-in, or whether you can assist someone who has lost all of their income, use the resources that you have in your arsenal and continue to be a positive influence.