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: