Finding the silver lining in a crisis
The 2020 pandemic (do we call it Coronavirus, COVID-19, CV19…?) will long be remembered. Will we emerge from this, look back and think “what did we shut down the global economy for”?
In any case, whilst we’re in the middle of this crisis it’s difficult to find positivity when so much seems uncertain. Unemployment is set to reach unprecedented highs and many small businesses may not be able to reopen.
Retrospect will be golden when reviewing all that is taking place, but whilst we’re in the middle of this it’s hard working finding the silver lining in a crisis.
This blog entry is by Rock IT‘s long term business advisor: Rebecca Woolstencroft, CEO of MB+M (one of the largest regional accounting practices) and Chair of the Goulburn Valley Health Board.
Bec has put together her top 10 tips to help you start finding the silver lining in a crisis and today we’re sharing that with you.
Practical Positivity For You
By Rebecca Woolstencroft, CEO, MB+M
If you’re like many others right now, it’s difficult to find the positive. Therefore, I have identifies the following are ideas on how to find some practical positivity in this turbulent time. Point one is a doozie, I had my cry last week and now I feel recharged and ready to help as many people as I can. MB+M are here to help, please call.
A framework to help business owners, to see their situation through a different lens and move upward.
1. MELTDOWN.
If you need to have a meltdown, do it. Negative emotions will never go away, only fester. But don’t be ashamed to have a cry and a bit of a panic.
2. ESTABLISH A BETTER VISION OF THE FUTURE.
You and your clients have possibly got quite a negative vision of what’s coming. For instances; Armageddon, recession, etc. This needs to change. Create a vision of what the other side could look like.
3. SCENARIO PLANNING.
Produce a cash flow forecast for the next 3 months. Imagine the worst scenario in terms of sales, then plan for it. Maybe you get no revenue for the next three months? The reality will be much better, but plan for it anyway. This will be a dip. It won’t last forever.
4. CUT BACK.
Cut on any costs that are maybe excessive. You need to be careful with this bit. Don’t strip back operations completely, only those that seem excessive. I don’t mean staff here AT ALL if you can help it.
5. GALVANISE YOUR TEAM.
Communicate your better vision of the future. They are on this mission with you. They have probably had the same panics that you’ve had. Explain that you will get through this together. The reason we’re cutting back (in the step above) is to preserve your team.
6. BUILD BACK INTO THE FOUNDATIONS.
This is where we look at things you may have been neglecting. Systems, processes, getting your pricing right, marketing. Whatever it is you need to do, build back into these key systems. Some peripheral things (maybe small jobs on your to-do-list), they aren’t important in times like now. Work on the fundamentals.
7. SET UP AS A LEADER.
This is your time. So if your team are working from home, get them fired up, have daily calls, keep everyone positive.
8. EXPLORE OPPORTUNITIES.
What opportunities do you have now to give value to your clients or customers? For your clients, this could be digitisation of your product. It could be new products, new markets.
9. MARKETING.
Don’t be aggressive with selling. Build relationships. Be there for your community and the clients or customers that you serve. Invest in long term nurturing processes.
Just to say once more. If there are any issues causing you great concern, you are not alone. MB+M is here to support and help you and your business to find a way forward. Even if it’s just a person to talk to, and listens.
Kind Regards,
Rebecca Woolstencroft
CEO/Director
For Additional Personal Help Please Contact.
Beyond Blue: So no matter who you are, or how you’re feeling, you can talk it through with us – we’ll point you in the right direction so you can seek further support.
Rebecca Woolstencroft – CA/GAICD
Chief Executive Officer/Director
Email: [email protected]
Rebecca is a bundle of enthusiasm and energy when it comes to making sure that MB+M provides the best service it can to its clients. The first part of this comes from ensuring that MB+M has a great team of people who share in the core values of MB+M and it’s number one principle “making your life easier”. The first step to this is to ensure that her team love what they do, and they truly care about the people in their community.
Rebecca has been at MB+M for over 20 years, and pretty much tried every role they have. Her passion currently is running the MB+M business from a strategic perspective so that she can continue in her role of advising and mentoring business owners in their daily challenge to run their businesses.
Outside of work Rebecca is a keen community contributor, currently as Chair of the GV Health board and assisting in a variety of community projects whether they be coaching a sports team, or sitting on advisory committees. Her true passion is sport, and she loves a hit of tennis or run on the netball court.
