I am a curious husband and an outsider. If it involves being in the woods or on the water, I’m ready to go. As a fisherman, I need different methods for different fish, waters, and even localities. What works for bass fishing in East Tennessee doesn’t work when I’m fishing for trout in Montana. Depending on my purpose, I need to change and adjust my tactics. It’s the same with business. Sometimes, in order to be successful, we need to change our perspective. In today’s business environment, more and more business owners are discovering that what they did before the shutdown may not work when they reopen their business. Recently, we discussed how business change can help small business owners come up with a new perspective. Today, I want to dig a little deeper with 10 keys to land on the right foot when reopening your business.
Reopen 10 keys to strong business
While many business owners are considering when (and when) they can reopen their business, we understand that this is an unfamiliar area for many of them. Even the most experienced veterans will never need to use turnaround management. That’s why I want to provide business owners with some educational and informational resources to review.
- Revisit (or create) your business plan
- Meet your key staff and business advisors
- Review plans
- Meet your employees
- Communicate with your customers / clients
- Talk to your vendors
- Consult your tax advisors
- Talk to your banker
- Review employees
- Deduct unsolicited expenses
Why and why this is an invaluable tool when we are forced into new parts. Generally, management is used when there is a change in the business when the condition of a business is critical and it has to survive. Many of today’s businesses This is the case. However, I want you to put aside any negative connotations.
The truth is that we are all in the same boat. None of us tried to run a business in a crisis like CoVID-19.
Therefore, it is not your fault that you need to use a turnaround strategy as a business owner. Being proactive about this approach is foolish. So without further ado, let’s take a look at the 10 keys to an active turn.
- Go back to your business plan
If you are anything like me, nothing happens. If you don’t do it first, write it down. I don’t travel to the grocery store without a list, but I plan very little about my business. Writing plans are valuable in many ways. Having a well-prepared and well-written plan in place can add value to your business. Also, they can help guide you towards your company. Perhaps more importantly, they can show a sense of confidence and control to your team, your vendors and your investors.
Having a well thought out and written business plan allows you to accurately and confidently inform anyone who needs to know, just like what the future direction of the company looks like. The benefit is that your team, your investors, and even your shopkeepers can see where they fit into the project. It promotes shopping and opens up communication lines for them to make suggestions.
People, I can’t overemphasize the importance of a written business plan. A lot of times, I meet clients who don’t have a written business plan and don’t understand the value that comes with it. According to a study by Dominican University, not only are you more likely to achieve your goals, but you can see where your business has been and where it is going.
- Schedule appointments together with key people and advisors
The next step is to get your team together for the meeting. It’s time to dump her and move on. Although you want to hear everyone’s input, you must have a plan when you meet your team. Doing so can help build trust in your leadership. In addition to your key team members, it’s a good idea to include your advisors in this consultation.
Your financial planners, affiliates, CPAs, business advisors, and even your bankers deserve a seat at the table during this meeting. These are the people who are going to help you implement your plans and maybe give them some good advice. The purpose of this meeting is to present your strategy and allow your support team to point out the problem. Allowing you to touch the holes in your project can only make it stronger!
- Review your plans
Now that you have discussed your plans with your team and your advisors, it’s time to consider their views. You have surrounded yourself with some beautiful intelligent people and their wisdom is an asset to you and your business. use it! Review your plans with the help of your advisors and your team. Remove weaknesses and build strengths before presenting them to your employees and your board of directors.
- Meet your employees
Until then, you need to make a solid plan for your turn. You have identified weaknesses and developed strategies to address them. It’s time to dump her and move on. Call a meeting with your entire staff. This meeting is your chance, so that you can work with them to fix the state of your business and how to proceed. Introduce relevant aspects of your business plan and ask them for input. If you have been in business for a while, it will be a good idea to consider how to grow your business.
- Communicate with customers and clients
While your employees are your company’s biggest asset, your customers and clients are lifebuilders. Without them, you will have no one to provide your products or services. With this understanding, it is important to meet with them to discuss how changes in your company may affect them. More importantly, you need to provide them with context and explanation. There is a way to get around rumors and get out of control. As business owners, we have a responsibility to set a straightforward record and reassure our clients. Nevertheless, our focus is on serving our customers!
- Be open with your vendors
Like your employees and your customers, shopkeepers depend on you for certain things. Like you, there are employees to take care of your vendors, and hearing rumors that they are about to lose their account due to closure can put pressure on them. However, another big reason to keep your vendors in the loop about your business plan is this: you need their products and services to continue to meet the demand of your clients! Honesty and activity are your best tools when it comes to detailing your company’s plans with your vendors. The sooner you can fill them, the better.
- Talk to your tax advisors and authorities
I have often said that taxation is the biggest robber of our wealth. Improper filing can cripple the business. Understanding how tax laws work can be one of the most valuable tools a business owner has. That’s why you need a great consulting team like Greystone. In addition, if you find yourself in a position where you are unable to pay your local, county, state, or federal taxes, you will need to report them to the appropriate authorities.
Many times, the tax authorities agree to work with business owners and are more inclined to do so if you are open and honest with them. If you simply try to avoid a painful conversation, it is as if you are trying to avoid taking responsibility for yourself. Don’t waste any time. Call your tax authority and tell them your situation! In general, this is a more pleasant tax experience.
- Inform your Bank of Change about your plans
It can be difficult to talk to debtors about money problems. However, leaving the conversation alone causes more trouble. If your bank has outstanding loans or lines of credit, call them – do not email – and schedule a face-to-face meeting as soon as possible. Let me know what is going on in your business and outline your plan to address this issue. You will be amazed at how much they will work with you. It is in the bank’s interest for you to succeed. As you grow older, so do you!
- Determine which employees are needed for your project
One of the unique situations that has resulted from the COVID-19 shutdown is the ability to reorganize your team and how it will enable your company to move forward. You may have some employees who were great for your pre-coronavirus business model but can no longer fit in the direction of your company. This could be due to cultural changes or even the closure of a particular department.
Whatever the reason, it’s important that you return only those employees who are essential to the “future success” of your business. While this can be a daunting task, it can be a daunting task for your business. This is great if you can recruit them later, but if you have to let some of your staff go, deepen your first kitty! You don’t want to have any doubts about the rest of the team. Trying to get dizzy is a mental and emotional torment that puts everyone on their own, wondering what’s next.
- Eliminate unnecessary expenses
The last of the 10 keys to reopening a business is to take a good look at all your expenses and cut out anything that is not necessary. Make a written list – here I go with rewriting it – and run the line through it. If it’s “nice” but doesn’t need the line item, cut it out! The whole point of this exercise is to lose any dead weight and buy yourself as much time as possible. Once you have completed your business and consolidated your business, you can start thinking about the hours and sets that you will enjoy. In the meantime, you are working to save your company’s life and you must go through every step of the way with that mindset.
People, these are trials and difficult times. However, I have said this before and I am saying it again, I bet on the entrepreneur every time! You stay up all night and have a long “leave” time in your career just to make sure your business is successful. It is this ambitious commitment that can make our business thrive again.
I know life is hard and it can be frustrating but life is good. With the right writing plans, your business has a great potential to land on the right foot and potentially be stronger than ever!
How did your advisory team do during the COVID-19 crisis? If you don’t have a consulting team or you just aren’t satisfied with it at the moment, contact us! Our Greystone team is here to help.