by Frank Cowell | Updated Nov 9, 2021
None of this seems real, yet here we are...
These are unprecedented times for everyone, to be sure. While much of the news features stories of B2C businesses closing their doors, B2B organizations are not insulated from the COVID-19 crisis. If you're a B2B that's feeling the impacts, just know that you're not alone if you find yourself scrambling.
That said, the situation is still overwhelming, stressful, and hazardous. I have ties with a number of businesses who have had to make dramatic cuts and several who have even had to close their doors.
I don't mean to be all doom and gloom which is why I'm also happy to share what I've seen on the other side of the coin.....
In short, collaborations and community.
I have been inspired by the way business professionals have come together to support each other. I recently hosted a webinar specifically for Agency Owners, and the number of attendees and their supportive engagement was overwhelming. One of the outcomes I wanted to share was an action plan I created and implemented at Digitopia in response to COVID-19.
By no means do I suggest that this roadmap is time-tested or bulletproof—rather, it's a plan to help you identify the most critical action items and ensure that everyone has clarity. You can't galvanize a group of people to take action without providing clarity.
The steps outlined below are based on my past experience as a business owner and countless conversations I've had with other business owners and thought leaders.
10 Steps to Get Clear and Take Action
- Review every client on your roster — Who is happy? Who isn’t?
- Talk to your clients — Who is sticking around? Who is bailing?
- Quantify cancellations and pauses — What is the drop-off and when does it kick-in?
- Get a reality check on your AR — Where is everyone at? Will they actually pay?
- Get a reality check on your sales opportunities — What’s real?
- Run projections based on the above data — Where do you end-up?
- Determine how much debt you are comfortable with — What is your limit, if any?
- Develop (and execute!) a weekly road map for the next 4-6 weeks — Time is of the essence!
- Communicate the road map to your team — Now’s not the time to keep people in the dark!
- Take a “wartime” approach — ownership/leadership should have a standing daily huddle at the beginning of each day; your regular meeting rhythms aren’t enough right now; huddle the team together 2-3 times per week to keep them informed.
These steps have been (and continue to be!) helpful for my company, and I hope you and your team can benefit from this plan, too.
If you’re looking for more resources on COVID-19 or community to support you right now, learn more about what my company is offering at this time:
