EMPOWERED
What a word! Just saying it makes you stand taller. And chances are, it’s probably the opposite of how you have been feeling during this pandemic. The longer this goes on, the more apparent it becomes that nothing will be “going back to normal” anytime soon. Your first step on the road to empowerment is to embrace this.
Change is uncomfortable – people fear it. As a small business owner, you are already ahead of the curve. I mean, starting your own business is a Huge change. You felt the fear and did it anyway! So now is the perfect time to look forward and adapt your business model so you can thrive. Here are three things you can think about to emerge from this crisis stronger than ever:
Remote workforce:
The office setting has been on hold – the question now is, why do you need it? Most of your workforce has probably been working from home for the past couple of months. How has this been? If you have the right people in place, the biggest issue should have been just getting the appropriate systems running smoothly (ZOOM, anyone?). With reopening phasing in; what cost savings can you apply to your re-emergence plan.
The obvious first one is rent. Have your bookkeeper run last year’s income statement with percentages – what % of your expenses is rent and utilities? Ideally it should be no more than 15%( and less depending on your business model). Can you scale this back or eliminate completely? That’s a lot of money back in your business pocket! If your lease is up soon, you need to look at this now. If you are in a long-term lease, have your attorney review for a possible out. If you have been surviving in a remote environment, think critically about how to continue with this and thrive.
How have you been leveraging technology? What needs tweaking? What revenue streams can be expanded with a little more investment in technology?
Outsourcing:
Remote staff can be a real eye opener. The right people make all of the difference. Now is the perfect time to asses and think critically about your staffing needs.
How much time can you free up for you or employees by outsourcing? There are tasks that need to be done that do not directly generate revenue; but having the wrong people doing those tasks can negatively impact your bottom line. Would you rather have one person (or worse, yourself) do many tasks adequately, or a few key contractors do a task expertly?
The current social distancing mandates make outsourcing a no-brainer. Scheduling, inputting and running payroll, and reconciling your bank account are all perfect examples of time sucking activities. Virtual Assistants, Payroll Providers, and Bookkeepers are great ways to streamline your operations. I mean how much money do you make for yourself entering payroll? How much does you head hurt by the time you are done? To quote the great Sebastian Maniscalco “Why Would You Do That?”
Safety:
If your business model requires in person interaction, be it with employees or clients, are you ready with safety protocols? Do you have someone in your corner who is up on the ever changing and evolving Executive Orders and CDC guidelines? Do you have your supply chains in place for whatever supplies you will need to stay compliant? This will not be a one and done operation – you need a trusted advisor to help you navigate this brave new world. Insurance agents, attorney’s, Payroll/HR providers are all great resources to utilize. If your business model warrants it – perhaps a safety and compliance officer is something to consider.
I think it is safe to say that most of us have been though the wringer in one way or another. My hope is that we can use this re-emergence as a time to really laser focus on what we want to create in our business and our lives. Change has been thrust upon us, Empowerment comes from embracing the change, and using it to propel us forward.
Stay well, stay sane, and Stay Fit!
Michele