Simple Ways To Get Your Business Moving Again

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With the coronavirus burning its way through people and financial markets, businesses are going to start failing. We’re looking at a simultaneous collapse in both supply and demand. The global economy is teetering on what could be the most severe recession in modern times, making the financial crisis look tame.

It is essential, therefore, that managers and executives like you have a good idea about how to bring a company back from the dead. You need a Lazarus moment.

What’s interesting about the current predicament is that it is not a traditional economic shock at all. Usually, a company fails or a mortgage bank goes bust and the whole of the system starts to fail. This time around, though, the problem is with human bodies. It’s like the world’s factories catching a cold and all capital equipment suddenly going out of use. It’s a big shock.

A lot of companies are going to have to go into hibernation. They’ll need to find ways to slash their expenses and keep them low until demand ramps back up. Ultimately, this problem will pass, and business will come back, but it will take time. As a manager, you need to take steps now.

Here are some of the things that you can do to get your company moving again.

Scale Back Your Fleet

The first thing you’ll need to do is scale back your fleet. You need to ensure that you cut back on all unnecessary fixed costs. High expenses are a disaster in a slump. You don’t want dozens of vehicles sitting idle, not generating you money. You can always use ute rentals if you notice a spike in demand.

Change Your Mindset

When it comes to crises, leadership needs to make radical changes to its mindset. Sometimes, that means altering the raison d’etre of the company itself.

Changing the mindset on a corporate scale is not unprecedented. Steve Jobs did it when it returned to Apple in the 1990s.

For a time, the world’s most valuable firm looked like it might go out of business. But Jobs took decisive action, slashing entire departments and refocusing the company on a wholly different project. He wasn’t afraid to make the big, tough decisions necessary in a crisis.

Move Swiftly

If you want to bring a company back from the dead, it is imperative to move swiftly. You need to generate a sense of urgency that will bring out the best in your people. What you don’t want is to be waiting around for 90 days for contracts to expire before you do something different. You must act now.

Perform Field Promotions

Sometimes, bringing a company back from the dead requires identifying talented individuals and putting them in positions of authority immediately. Going through the usual process of interviews and HR form-filling is okay for a company humming along nicely, but it is a disastrous strategy for anyone looking to reinvigorate a business.

Many more companies are going to find themselves experiencing difficulties in the next few months. Taking this advice seriously is vital.

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