As the COVID-19 situation continues to spiral and uproot every aspect of normal life, we’re all leaning into what it means to adapt – because frankly, we don’t have a choice. We’re adapting to keep ourselves healthy and family safe, trying to understand what each new day’s impact means for our business and creating the strategy – what does the future look like?
At Nolan Consulting Group, our number one priority is supporting our clients – providing strategies, resources, connection, and any guidance we can possibly provide. We’re adapting right alongside you – our normal coaching calls, workshops, and life will resume someday, but for now, this is the new normal.
We know you’re being bombarded with messages, recommendations, constant news updates, policy changes, and questions – all generating an overall sense of negativity – it’s hard to escape! Yet, it’s critical you stay grounded, clear-minded, and channel your leadership. Do not waste this opportunity to think hard about your business, your team, and what matters most. Remember “Anxiety & Action Do Not Co-exist”.
Take Action. What Can You Control?
- Protect your company as best as you can – That is #1. This might mean something different to everyone, but remember, employees, NEED a place to come back to once this is over.
- Communicate to your employees- They NEED you to provide clarity, this is the moment to step as a leader.
- Communicate to your customers – Ask them to postpone jobs, not cancel. Ask your community to help support small businesses. You need them.
- Talk – Talk – Talk in general! As Verne Harnish, author of Scaling Up recently stated: “Humans are not designed to think their way out of things (strategies, depression, fear, ideas); we need to talk. You’ll feel better connecting vs. hiding”
- Speak with your attorney for guidance in interpreting the law specific to your location- is there confusion as to whether your business is essential?
If you are in a state that has shut down non-essential businesses – find out if there are exemptions that your business may fit into whether it’s a type of work or working for certain kinds of customers and apply.
- Defer all payments where possible. Cash is King. Go after your Line of Credit & talk to your banker, apply for the SBA Loan (Disaster & Standard). Save cash on hand for last.
- Model Cash Flow based upon a shutdown scenario (No ability to produce)
- Be careful with consuming yourself with the news – be aware of updates, but aim to not let it take over your headspace.
It’s likely that life might get a little more complicated over the next few weeks before it gets better. We encourage you to take control of what you can, utilize your resources, relationships, and play close attention to maintaining your overall health – physical, mental, and emotional. Take the analogy of applying an airplane oxygen mask scenario to heart here, you must protect yourself and your company first in order to be able to help others around you.
“We will get through this. Live in this moment as all others and remember it, because this will pass and better times are ahead. Adversity makes us better” – Kevin Nolan, Nolan Painting
All Our Best,
The NCG Team