3 Plans Every Business Needs RIGHT NOW! – Life After Covid

Every business has been affected in some way by this Global Pandemic.

The great challenge facing every business owner and manager today is… What do you do after the shutdown? Here’s the problem.

Nobody knows what the economy will look like after people are allowed to go back to work.

Will it be robust, severely weakened or decimated?

It’s not just the fact that many people lost their jobs and may not return to work. Many lost their 401k and other savings from the initial Stock Market drops, robbing them of their ability to feel comfortable spending as usual.

It’s also the palpable fear this pandemic has caused. Have you noticed how people move away from you at the grocery store. Want to have the aisle all to yourself, simply sneeze.

How long will people be afraid to reengage, simply go out to eat, and feel safe shopping at the mall? What ripple effect will this all create? And the truth is, no one knows.

It’s been said that all of life can be summed up in 2 words… “Challenge – Response.” Things happen, and then we choose our response. It can be strictly an emotional one, or we can actually apply reason and wisdom.

All of life can be summed up in 2 words… “Challenge – Response.” 

Ask yourself, What would the smartest and wisest person in my profession do RIGHT NOW? Here’s the answer I’ve come to.

PLAN.

The smartest people would take this time to plan. To strategize how they will work after this virus response has died down. You should too.

Make a plan for how you will go forward post pandemic. Here’s the rub. You don’t know what type economy you’ll be playing in. Kinda like playing a sport in an unknown environment. How do you pack if you don't know if its hot or cold, rainy, sunny or snowing?

Get Acclimated

The Denver Broncos play at Mile High Stadium at an altitude of 5,280 ft above sea level. The air is much thinner there and players from other towns are not equipped to handle the change.

That has given the Broncos, what Stack.com calls, the “Greatest Home Field Advantage in Sports”. Since 1975 they have the best home field record in the NFL. Why?

Because they are adjusted to the environment. You have to plan for any outcome.

You and I don’t know what the economic environment of the rest of 2020 and beyond will look like. So you must prepare for several scenarios.

3 Plans You Need

Here are at least 3 plausible financial futures you need to plan for.

1)  Rapid Rebound Plan

The economy rebounds fairly quickly. This is the best we could hope for. Things are back to 70% - 90% of what we had in February of this year. In this case you can really just go with what you were doing before Covid 19 devastated our economy.

2)  Dramatic Decrease Plan

If people fear getting back into the flow of spending, or if consumer confidence falters and the economic engines are at only 50% of what we saw earlier in the year, this is a Mega-Challenge. Are you prepared for 50% - 60% of the income you had last year? How will your staff deal with only a 50% of the customer base? Will there be layoffs? Will you get more aggressive on closing a higher percentage of the smaller sales that do exist? In this case, you must plan HOW you will take a bigger slice of the pie. Equipping your people, improving your image and social media, creating higher conversions online…all these factor in to a smart plan for this What if scenario.

3)  Holy Crud, What happened? Plan

What if there’s only 30% of the marketshare that used to be?

Imagine if 70% of the shoppers stay home and put off purchases until they feel safe or their stocks recover. I’ve heard these exact stories from your potential clients. What about those who worked in travel? They won’t likely be remodeling a kitchen this year. So how will you respond to this challenge?

In each of these 3 possibilities, you need to have a plan. As they say, “Hope for the Best but Plan for the Worst.

Here’s the real challenge.

Most people don’t plan. They refuse to take the time out of their busy lives to think, consult and strategize about how exactly they will take their business forward. Today more than ever you should make wise plans.

Get Advice

One last suggestion.

King Solomon was said to be the wisest person to ever live. He said, “Plans fail for lack of counsel, but with many advisors they succeed”.

Who will you counsel with? How will you go about seeking advice from people who may see things you don’t?

It’s time for humble reflection, seeking wise counsel and strategic planning.

Here's to Your Success!

Kirk Heiner is an author, speaker and sales training expert with more than 30 years in sales. He's trained 1,000's of sales designers and sales reps from 100's of companies including Lowe’s, DuPont, Danze, Ferguson, Trend Group, the NKBA, AWFS, KBIS, Stock Building Supply, the SBA and many more. 

He's helped thousands of Kitchen & Bath Designers, Sales Reps and Remodelers make more money. He can be reached at [email protected]