If you are one of the fortunate ones that is looking to reopen your business or join the new “normal” soon, congratulations, not only because you’ve made it this far but because you have an opportunity for a fresh beginning!
If your business has been closed or significantly slowed by the COVID-19 outbreak, I feel your pain. We’ve just witnessed a virus sweep across the globe and kill hundreds of thousands. The impacts of this outbreak are incredible. Over the last few months you’ve had time to think about how your business and your life will be different once we come out the other side of this pandemic. Much about this outbreak is outside your control but there are many things within your control, like taking action to improve your operations and at the same time redesigning your life.
Typically, it’s only a handful of times in the entire life history of a company that it is presented with opportunities for true transformational change. Chances are that one of those opportunities is in front of you now. But there’s a problem. Transformational change is almost impossible to achieve by yourself. Fortunately, you’re not alone.
As you look to reopen or scale up your business again, follow these five steps to jump-start the processes of building a stronger, healthier, and more resilient business, and begin to create the work-life blend that is just right for you.
01. Focus on the handful of things that really matter to your success
Most companies spend way too much time and energy on things that don’t really impact their success. This outbreak likely forced your company to brutally prioritize its resources (like time, effort and money). So why not change the way you operate by leveraging that prioritization and focusing on the most essential elements--that handful of things that really matter to your success? Pareto’s Law, which states that 80% of the results come from 20% of the time and effort, can be your guiding principle here. Identify the few critical tasks that contribute most to your success and focus your team on those few things.
Having a hard time identifying those critical few? Try this. Identify your primary business outcomes. Relentlessly focus your time and energy on the activities that specifically drive those outcomes.
Businesses that are operationally sound, laser focused, and culturally healthy are much more likely to survive in times like these. That is why there’s never been a better time for PHOENIX, an operating system for your business and your life. PHOENIX is a complete set of proven business concepts and practical tools, all packaging into a 30-day course that you can take anywhere at anytime. You don’t have years to improve your business and the last thing you need is an expensive consultant you only see once a quarter. You need a proven framework and system you can self-implement with the help of a community of fellow business owners and a trusted guide. You need PHOENIX.
02. Apply the lessons COVID-19 taught you about new ways to help your customers
It is natural for entrepreneurs to ask themselves a question right about now: How has COVID-19 changed my customers and how can I help them? The only way you’ll find the answer to that question is to ask your customers. Don’t assume anything here. Talk to them about their current needs and how they anticipate those needs changing as we emerge from this pandemic. Take advantage of this opportunity to share your ideas and innovations. Don’t be afraid to roll out an MVP if you feel it can help your customers. This is a time to be creative and to take some smart risk if you think it will help your customers.
Also, in a much more strategic approach, look for ways to create disruption in your industry. Some of today’s biggest brands owe their existence to the 2008 recession; think Airbnb and Uber. Ask yourself, what weaknesses or needs has this crisis uncovered that your company can address? You can bet that as a result of COVID-19 new category kings will be crowned in industries that support remote work, telemedicine, and home-based education just to name a few.
03. Simplify your business
Simplicity is a key element in any successful business and it is also essential to growth and progress. As you reboot your business, leverage the franchise model of simplicity and consistency. For example, streamline the rules your business operates under. Develop short and concise processes for each foundational area of your business (such as operations, HR, finance). Use checklists and operations manuals wherever you can. Create job descriptions that spell out specifically what each employee is accountable for and how their performance will be measured.
04. Jumpstart a culture of sustainable performance
You might be asking, what is a culture of sustainable performance? It is an environment where your employees can do their best, most productive work while still meeting the performance expectations and business outcomes of your company. It is a culture where employees thrive and learn continuously.
You don’t have to spend a lot of money or time to jumpstart this cultural change. Do this one thing to get the ball rolling--improve your employee evaluation process.
A culture of sustainable performance is created by helping your people find the work-life blend that is healthy for them, and which also meets your company’s established standards for performance, and matching that healthy work-life blend with a modern, robust performance evaluation philosophy and tool. Click here for an example philosophy and here for a template of a performance evaluation tool that I use with my clients. Feedback provides opportunities for learning and the energy that is so critical to a culture of thriving.
If your people thrive so will your business. Are you ready for that?
05. Leverage what you’ve learned from COVID-19 and begin to create the work-life blend that is uniquely right for you
Not only have your people changed but so have you. What has COVID-19 taught you about what you want out of your company and your life? This is an opportunity for you to reboot your life. A blend of work and home life that brings you true joy and happiness is something only you can discover and create. It takes intentionality, persistence, and an eye on the big picture. Once you find it you’ll be forever better because of it.
To get started discovering the work-life blend that is right for you, watch this video on my website.
You’ve been through a crisis before. You have the stoic mindset of the entrepreneur. You take advantage of the opportunities presented to you. Leverage this wisdom and the help of trusted guides to get the most out of your business and your life.
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To continue to grow and learn, please visit my resources page and check out a few of my other articles and free tools.
If you are ready to begin the process of creating a work-life blend that is right for you, and help your people do the same, please click here.
If improving business operations is at the top of your list click here or if you want to reach me directly, click here.
