7 Key Questions for Businesses Surviving the COVID-19 Pandemic

Business owners who wanted to make sure their businesses survived this pandemic achieved a laser-like focus on moving forward. They understood that the forced downtime triggered by the pandemic afforded them the opportunity to work on potentially neglected aspects of their business.
Summed up another way, the past several weeks was not the time for self-pity. Instead it was/is the time for dynamic and focused action. In this note, we’ll explore some of the key questions addressing what owners have done and still can do to help their businesses survive the pandemic.
We encourage business owners to take a step back and look at every aspect of their business, including their processes. We should be encouraged to find new ways of doing things. In short, now should be viewed as a time of opportunity to reboot one’s business. That way when the pandemic has subsided, and business picks up once more, it is more efficient, more effective and more competitive.
JR3 Coaching recommends that business owners create a 90-day plan where they look for ways to innovate. This strategic plan should focus on what they are going to do and what they want to accomplish. It is critical that there is an actual plan that achieves tangible results and not simply a list of things that should be accomplished.
Listed below are 7 questions business owners should be pondering.
How can I outperform the competition?”
How can I innovate?
How can I increase my use of technology?
How can I deliver my products and services in a different way?”
How can I keep my reduced operational costs for stronger margins and still grow the business?
Have I reached out to my suppliers and creditors for assistance?
What do I want to accomplish in the next 90-days?

The main point is that businesses should not look at this pandemic situation as some sort of “miserable and stressful vacation,” but instead as an opportunity to reboot what is not working, and look for ways to make improvements in every aspect of their business. This process begins by asking the right questions and striving to find the answers.
In answering these questions and finding ways to help boost their rates of survival, owners should turn to every asset at their disposal. Owners should be open to asking their management team, as well as all their employees for ideas that could help their business. Everyone should understand that owners are looking for ways to keep the business healthy while navigating the pandemic and the reopening of the economy.
Business owners are encouraged to consult with a range of business professionals, including, CPA’s, Consultants and of course, Business Brokers and Advisors. Brokers are uniquely positioned to help business owners through this crisis. Now is the time for reflection, short-term and long-term planning and tangible actions. We can assist in all three areas and, in the process, help you navigate any uncertainty of the COVID-19 pandemic.
Jennifer Ramos is a Business Advisor with Sunbelt Business Brokers of California and is the founder and CEO of JR3 Coaching and Consulting, a home care consulting group that gives agencies a market advantage, promotes creative service development, and offers viable ways to achieve and sustain organizational and fiscal success.
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