Ask any business owner who has survived a recession or financial crisis over the years and you’ll find similar answers to the question, “How did your business survive”? The answer, “Conserve your cash and take advantage of opportunities”. The COVID-19 Crisis will be no different.
I’ve been around long enough to know the first rule is to build yourself an A-Team. Maybe you should take a look at your current staff, customers and vendors. Sometimes a crisis can provide some great opportunities? Some industry competitors (weighed-down by debt or struggling with succession planning) may consider joining your team? Some strong industry personnel may now be interested in taking on a leadership position. A good leader will be the one who looks at the possibilities not the obstacles (LinkedIn posted May 7, 2020)