Right now with COVID-19 more commonly known as Coronavirus all organisations are in challenging times.
Of course it’s not just organisations but individuals too that are impacted by events.
Similarly there are some sectors that will prosper in challenging times. Equally there will be others that will find it a whole lot more difficult.
When faced with change, according to research, 80% of people will respond negatively when faced with a new idea.
At the current time the entire world is having to adjust to a new norm. Often at pace and with little choice.
So faced with this reality, how can you keep calm and focused in challenging times?
Stop and Get A Clear Picture Of Your Situation
There’s non stop news. There are lots of generalisations. There may at times be a lack of context.
Of course every organisation and individual is different.
What’s vitally important is to get a very clear picture of what current events mean for you or your organisation.
Quantify the size and scale of the problem.
Write Down All The Options
Once you have a clear picture of your situation and know the scale and size of your problem, get into creative mode.
Write down every thing that you could think of that you could do. Don’t worry initially whether they are big or small.
Don’t bother evaluating or discounting anything at this stage. All you are focusing on is ideas.
Prioritise Your Options
Once you have completed the process of generating ideas, work through your list carefully and prioritise.
Depending on your situation, it may be that you either have to find a way of generating cash quickly.
So you might decide to offer some form of incentive to encourage people to purchase in advance.
Alternatively you might have to look at reducing the flow of cash out. This might involve extending your payment terms or even in some cases deferring payment.
Speak To Customers and Suppliers
Many organisations are in the same position as you. Avoiding the difficult discussions doesn’t make things go away.
At times like this it’s critical that you speak and regularly communicate with customers and suppliers.
Be honest with them. Equally, if you make agreements with them, make sure that you stick to them.
If you do it builds trust. If you don’t it reduces trust. Focus on making as many deposits as possible in the trust bank.
Understand that many of the people that you are speaking to are under just as much pressure as you.
For that reason, it’s vital that you are totally professional in your approach to each and every discussion.
This is more likely to get a better response.
Keep A Close Track On Key Indicators
You will know what’s key to success in your organisation. Tracking and measuring is always important.
It becomes even more important in challenging times.
Rethink your reporting and consider flash reporting almost daily.
There will always be challenges. Sometimes these challenges are on different scale. What matters is that you try to stay calm and focused.