With decisions being made by Governors and Mayors in our communities that are seriously impacting our business, it is critical that Business Owners create a 90 day COVID – 19 business plan.
What is such a plan and how does it look?
By now, your business most likely has experienced:
- Decrease in Revenue
- Decrease in number of present clients
- Decrease in employees output
- Increase in Expenses
Most likely your goals over the next 90 days is to:
- Maintain or increase Revenue
- Maintain the number of present clients or even increase them
- Improve employee morale, output and engagement
- Maintain or decrease Expenses
What is your Strategy, Plans / Actions to achieve those Goals / Objectives? How will you Maintain or Increase Revenue? Which of the following strategies are right for you (Increase prices, Sell more or what you have by having clients by not just one but two or three, Sell what you have to NEW clients or lastly Sell something new)? The right answer is a typically a combination of these four into one strategy. Can you in today’s environment sell more quantity to clients? Do they need two or more of what you can get them purchase? How would you do that? What would you say? Why should they buy two or more of your product?
How about selling something new? Do you have opportunity to sell a product or service similar to your core product or service? What is it? Why would your clients need it? How does it change their life?
Once you develop your increase Revenue Strategy it is time to develop a strategy for servicing your present clients so well they do not want to or can afford to leave. How will you do that? What will you do? Offer more service free?
What about your employees engagement? What is the best way to follow the Social distancing requirements, keep your employees morale up? How do you build teaming when the team is not together?
Lastly where and how will you decrease expenses? How creative can you be without defaulting to layoffs?
Look this COVID – 19 Plan is a 90 Day business plan with Goals, Objectives, Strategies, Plans / Actions (GOSPA), a basic business principle that all Business owners need to have.
What is yours? Do you need one? Call us at Focal Point Business Coaching of Pennsylvania to develop one ASAP.