We are in the storm and heroes are being made by the minute. They are the brave men and women who are taking care of the sick and keeping us safe.
But there are also lesser known heroes at work. They are the small-business owners up at 2 a.m. trying to figure out how to make payroll next week.
In times of crisis and confusion, it’s a lack of clarity and failure to act that kills. During the Great Recession, the No. 1 lesson we learned from our work with companies was a lack of decisiveness. The companies that reacted quickly were the ones that survived. When it comes to cutting costs, no one wants to do it and it is gut-wrenching. When there just isn’t enough revenue to cover costs, the math is brutal but undeniable. You either cut now, preserve the business with some people laid off, or you cut later after all your cash is gone — and the business is gone with everyone laid off.
The first priority is to bring in the revenue and save everyone’s job. Herculean efforts should be made to find the dollars to cover costs and keep people working. Brainstorm sessions should be had. Creative ideas should be hashed. War rooms convened. And while you’re at it, take exquisite care of your existing customers so they are least likely to cut you.
Panic is not helpful. Toss what you can’t control. Be laser focused on the task at hand with the understanding that everyone is rowing in the same direction in the fight for their livelihoods.
So here’s the clarity:
During the Great Recession I was powerfully moved working alongside our many small business clients. It’s cliché, but I really did see what makes America great. It’s that American ingenuity in high gear; our capacity to roll up our sleeves and do things that haven’t been conceived of before; our capacity to awaken, rally and fight to win.
It’s what I’ve learned about our heroes that gives me no doubt that we will make it through this.
CFO Network in North Little Rock, Arkansas, has been serving businesses and organizations of all sizes since 2004. Contact us today, and let’s start a conversation about how we can start saving you money, give you more time, and deliver CFO level service at an affordable price.
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