Ever hear the phrase, “What doesn't kill you makes you stronger?” When it comes to crises like the coronavirus disaster, that can be terribly true for businesses. Though the nightly news and social media pages are sorrowfully listing closures of both national and local favorites, some companies are quietly thriving.
What's the secret sauce that is helping these organizations survive one of the worst economic crises to strike out country?
There's no single answer. Rather, these businesses share certain characteristics in the way that they respond to their environment, especially in the way that they treat their employees and their clients. Remaining flexible while assuring your stakeholders of their value is what inspires loyalty both inside of companies and out, and in the case of COVID-19, those assurances are more important than ever:
Protecting employees and customers alike represents the difference between life and death.
If you are looking for ways to cement your business' foothold and move forward successfully, here are the three most important actions that are working for companies across varying industries.
The word “nimble” was being used a lot in the days before the coronavirus to describe companies that quickly adapt to change, and there can be no better example of its importance than what we've seen since the stay-at-home orders were put in place across the country. The companies that have been most successful have found ways to deliver their goods and services in a no-touch, no-contact way that inspires confidence and has people telling their friends and neighbors about their positive experiences. Pivoting efficiently and effectively is key.
Savvy business owners have long said that their employees are their most valuable asset. Putting your money where your mouth is during a crisis of the magnitude of COVID-19 is how you prove it – and hold onto your workers. By acknowledging the risks and challenges that your employees are facing and taking steps to address and answer those concerns, you empower your staff to stay close and stay loyal. In practice during the pandemic this means providing the ability to work at home, providing the flexibility in hours that they need to attend to their children and other caretaking responsibilities, providing personal protective equipment specific to your industry and essential workers, and make sure that they have the resources they need to ensure that they can seek medical help if they need it. At the same time, make sure that your clients feel protected too.
Take a close look at the businesses that already failed and you'll see that they have one thing in common: they were caught unaware and unprepared. Though it's tough to anticipate a global pandemic, natural disasters do occur, and so does crime, internet hacking, financial downturns and family emergencies. Having a disaster plan in place that has room for flexibility will keep you from being sidelined.
It's fairly certain that the emergency measures that businesses have put in place may turn out to be permanent. Being creative, thoughtful and prepared will help your business survive this crisis and any others that may come in the future.
About Frank Jenkins Jr
Frank Jenkins Jr. CPA is the managing partner of Adams, Jenkins & Cheatham, a CPA practice based in Midlothian, VA. Frank specializes in Consulting services, tax planning, audit & assurances. "I genuinely care about our clients because I have a personal connection with them." He is active in the community and belongs to the AICPA and the VSCPA.
