It’s hard to disagree that the business world has changed drastically and will likely never look the same again. Even after lock-downs and social distancing are over, it will be extremely difficult to just turn our computers and businesses back on and return to where we were before the pandemic occurred. If you own or manage a business, now is the time to start thinking about this next stage.
Business owners and leaders need to look at both themselves and their business as an entrepreneur does. Evaluate the business and understand its needs in today’s environment. Each business will likely need to reinvent itself and its practices. Customers will be different, the supply chain will be different and the company structure may have to be different.
I encourage all business leaders to look at how you were operating prior to this crisis along with the people you employ. As part of this process, you will need to decide what skills are required to grow the business from where it is today back to where you were and beyond. This may involve having certain people working in several departments if their skills cover multiple areas. Evaluate the skills available to you and determine how you can use them to rebuild your business.
Below are some additional helpful questions to ask yourself during this process of reflection.
What will my demand be?
- Short term?
What is my inventory?
- Was I carrying too much and it’s hurting my cashflow now?
- Was I carrying too much, but the redundancy has protected me now that I am running production again and facing critical materials outages?
- What is the right balance of inventory for my current business and the future business I wish to have?
What does my supply chain look like?
What do I truly need to get the job done?
What skillsets are available in my workforce?
- Who do I have that can complete multiple jobs?
What will my cash flow be?
- Can I negotiate new terms with my vendors?
- Have I contacted my bank?
- How can I combine jobs to preserve cash?
Who on my team needs to help me make these decisions going forward?
Answering these questions will help leaders get on the right path toward reopening and redefining their businesses. For additional assistance in this process, The Center’s experts can help.
This blog was written by The Center-West Business Development Specialist, Terry Hossink. Contact The Center-West at email@example.com or visit thecenterwest.org.