Life has changed! People have changed; they have a different mindset, different priorities and less purchasing power. Business will surely never be back to normal.
This content can’t apply to all businesses but it can surely be helpful to inspire some people and businesses perform better in downtimes that we are unfortunately witnessing.
Please feel free to share the content of this document; the point is to spread the word and support as many businesses as possible.
1. Remote leadership
Whether you are working alone or with a team, it’s time to spot the right people around you. You need people you can trust, whether employees or outsourced experts, the new era requires that you get surrounded with people you trust to help you make the right decisions and produce the best outcome in a different way. Keep in mind, leadership must be proven remotely now. You surely can do it, but you surely need to develop it.
People need leaders, more than ever
Keep in mind that leaders inspire trust; whether offline or online, it doesn’t really matter. But please stay humble and flexible
People need to be inspired, be the role model and lead the change
Keep in mind that the secret behind every great leader is his mindset; and the secret behind every great mindset is a fully explored wheel of life.
Be fit: mentally, physically and psychologically; financial fitness comes automatically.
Stay focused on your goals
Re-prioritize your life
Be proactive!
2. Change your vision?
Expand your vision or minimize it, it doesn’t matter
You surely need to adapt your vision.
Short term vision with big ambition is recommended
Split your big vision into small milestones
3. Continuous added values; Blue ocean strategy
Differentiate
Innovate
Create and capture new demand
Think the opposite & Invest in the right assets; people, technology, smart marketing
And most importantly; stay close to your clients. Be available, be fast, be reliable! Now is the best time to show outstanding customer service and generate new business and new referrals. Reach out to all clients and be there for them.
4. Create a solid and helpful handbook/library
For each part of the process; you can also document that with videos to make them more user friendly.
Write job descriptions
Write the process for each part of the workflow
Put in hand a checklist or form for each part
Attach needed documents or guidelines for reference
Ultimately, create an online academy for your team: from recruitment phase up till top management phase.
5. Set up a formal (and informal) communication plans
How will you communicate with clients?
How will you communicate with the team?
Can you use one tool for everyone?
How can you consolidate your communication for future purposes
Of course many tools are available, you need to adapt each tool to every type of people you are communicating with
Make sure you have all your needed documents available online with the right sharing/access rights.
Divert the company phone if no one is available to answer
Make sure to have project management tools and timesheet trackers to calculate the productivity of each person and the profitability of each client. (time-wise)
Make sure to have a safe backup for all your documents online, and offline (agreements, official documents, etc. ). Scan/copy all important files.
6. New products and services
How can you adapt your product and service to be sold online?
How can you scale what you sell through e-commerce?
How can you repackage your offering to fit new market segments?
Can you benefit from the global market?
Can you create new products and services to complement your scope or fill the lost gap?
PS: We have chosen Odoo as our main platform because it integrates most of the mentioned modules’ functionalities. You can check it out at odoo.com and we would be to help share our experience on how to best use it.
9. Remote team with different bylaws, timesheets and tools to connect
Remember the 80/20 rule
Let every person focus on the top 20% of the tasks that generate the ultimate outcome for the business
Make sure your working hours are clear: number of hours or fixed schedule
CTRP – Chinese company case study:
Work from home employees experienced a 13% increase in productivity, reported higher levels of work satisfaction, and exhibited 50% lower levels of attrition than their Work from office counterparts.
This equated to an additional $2000 profit per employee and an increase in total factor productivity of 20 to 30%.
Seeing these results, management at CTRIP offered all their employees the option to WFH, which boosted the firm’s productivity by 22%.
Be flexible but stay firm;
A deadline must never be crossed
Business is serious even if working from home
Customers must be served more than ever
10. Choose the right experts and get the best advice
Lawyer; legal updates to stay well protected in the global market
Auditor; to adapt to the new taxation and regulations
Consultant; to change/adapt your business model
Marketing/digital media; to spread your words and reach new markets
ITC; to stay up to date with new technologies
Other; any expert supporting you maintain a good energy and stay ahead of competition
11. Financial control and management
Make sure your accounting system is online or accessible remotely
Make sure your financial reporting is crystal clear
Analyze positive and negative trends in your data
Create financial ratios to spot errors as fast as possible
Project your cash flow and monitor closely to avoid running out of cash
Negotiate your payment terms with suppliers
Give incentives for early payments and cash payments
