What should I focus on in my Business in today’s market?

It’s the end of March 2020 and the Coronavirus restrictions on Business and movement are still prevalent.  It appears these restrictions will continue for at least two more weeks, possible up to six more weeks.

Business Owners are internalizing what the “heck” to do to keep their business afloat, alive and functioning.  What should they focus on in their Business in today’s market?

I am working with my clients on focusing on maintaining, developing and in some instances improving / growing the following:

  1.   Revenue
  2.   Present Clients
  3.   Employees / Partners / Vendors
  4.   Expenses
  5.   Important but not Urgent items.

Revenue:

Most business have experience a decrease in revenue.  How do they stop the flow of revenue decreasing?  What can they say, do or provide potential clients that is Urgent / Important to those potential clients?  Is it a decrease in price?  Is it payment terms?  Is it a different service or product that the prospect needs now to keep their business moving forward or at least NOT backwards?  These are the questions, each business Owner needs to ask and determine a plan of actions to implement NOW.

Just blindly marketing your present service or product harder, stronger or more is NOT the answer. Now is the time to be strategic and think about what is it my clients or prospects need NOW that I can provide? vs. What can I sell or convince my prospects to buy (to keep me afloat)?

Present Clients:

Closely related to revenue and most likely a Business Owners revenue is decreasing immediately because clients are leaving.  Why are they leaving?  What is it that you are not doing to keep them?  Do they still need the service / product you provide to keep their business moving forward or at least maintain?  How can you state this to your clients?  Are your client’s actions really a decision of priorities of where they should invest their money and time?  Is what you provide high in that priority?  Why or Why not?

Again thinking all you need to do is call your clients and tell them how you and your business are dealing with the Coronavirus is going to answer the above and provide them with comfort is really not enough.

 

Employees / Partners / Vendors:

Beginning 2nd of April 2020, the First Family Coronavirus Response act (FFCRA) goes into effect for ALL Business with 1 – 500 employees.  This will impact all Business Owners from 2nd of April 2020 to 31st of December 2020.

The Emergency Paid sick leave (E-PSL) Act provides employees who are unable to work or unable to telework due to a need for a leave because of:

  •   The employee is subject to a local, state or federal quarantine or isolation order related to COVIC – 19.
  •   The employee has been advised by a health care provider to self-quarantine due to concerns related to COVIC – 19
  •   The employee is experiencing  symptoms of COVID – 19 and seeking a medical diagnosis.
  •   The employee is caring for an individual who is subject to information described in points above (this is not limited to family members, the individual could be a neighbor or friend)
  •   The employee is caring for a child if the school or place of care for the child is closed or the child care provider is unavailable due to the public health emergency.
  •   The employee is experiencing “any other substantially similar condition” specified by HHS.

The impact on Business Owners are 80 hours of pay at their employees regular rate of pay capped for the first three at $511 per day or 2/3 of their regular pay capped at $200 per day for items four through six.

This Emergency sick pay is in addition to any and all other sick pay, personal time off and vacation days you provide your employee.

Are you prepared for such?  How will you handle this?

Expenses:

With Revenue decreasing, expenses need to be managed to the same percentage or more.  What is your Plan?  Where do you cut?  How do you decrease Expenses?  Delayed payments? Layoffs of employees?  What is the plan?  How will you communicate?  Which are priorities and which are not?

 

Important but not Urgent:

As this Coronavirus restrictions continue and you start to manage the above first, what are the items in your business that you needed to get to but didn’t?  Which ones are important to complete but not urgent at the time?  AR collections?  Manual updates?  Process changes to how you do business?  Training of employees?

 

As you can see, Business Owners who want to still have a business better address these NOW!  Have you?

 

For help and a quick conversation if this is right for you call Focal Point Business Coaching of Pennsylvania.  At a minimum you will be sent the workshop presented by Lukesh Consulting group, Inc. on what the FFCRA is and the details for you to know.  All you need to do is provide:

Business Name

Business Phone number

Owner Name

Owner email

and I will Send it to you at no cost.

 

Stay strong, Stay healthy and conduct Good Business!

Focal Pont Business Coaching of Pennsylvania

630 Freedom Business Center Drive

King of Prussia, PA 19406

1.610.768.7774

Send request to:  msteinke@focalpointcoaching.com