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Current Events - Affecting Your Business?
Are the Coronavirus spread, election cycle and subsequent market drops affecting your business? Do you have any recommendations for other members regarding how to insulate their business as much as possible during turbulent times?
The impact on US & Europe markets right now is purely perception. Is that real? Sort of.. We have probably all crafted strategies to weather the 2000/2001 , 2008, and looking like 2020 market chaos.. 1st: what is the actual situation (data). 2nd: what is the exposure / IMPORTANT: what is the opening / opportunity.. While other companies are freaking out / hunkering down - you can more to acquire / take over parts of their markets.. 🙂
We are finally giving more than lip service to the question of supply chain dependencies. We are alternatively sourcing any raw ingredients possible in the U.S. and Canada, with plans to tell our customers if the origin of our formulas change. We are also engaged with local Chamber of Commerce and business/trade organizations, encouraging them to advocate for real-time transparency in disclosure of the virus' impact around the world, since much of the uncertainty stems from a mistrust that some sources of information are sharing the whole story. The election is not an issue at this time.
depending on which business/industry, some booming, most are negatively affected.
Not as of yet, however, my current client base stated they are curtailing their spending to essentials.
During turbulent times don’t retreat, this is the time to take advantage of embracing change and improvements that will help to propel the business forward after the turbulent times are over. This is a time to rethink how the business should change, redirect, grow, and prepare for the future.
For example, there are some American companies who have their manufacturing production 100% in China. This is a light bulb moment, having all your eggs in one basket should no longer be the case. Create as much diversity as possible, this will help to provide balance that can benefit the business and meet customer demand during turbulent times.
Leaders should adapt fast, embrace change quickly and move forward. Only look back to get what you can use while moving forward. This also is a good time to create a Value Stream Map (VSM); look at each value stream, find the disconnects and “fix” them by getting to, and eliminating the root causes. In addition, audit inventory and other areas that may have a negative financial impact on the business. Then create a plan of attack for each area of improvement which should include lean management.
Thus far, current events have had a positive affect on my business.
I do business development for a professional services company providing fractional CFO, Controller and Accountants to investor backed and privately owned companies needing these services but not on a FT basis.
Potential new clients have been especially responsive to my outreach over the past few weeks because they often have just one PT person on staff and are concerned about the risk if this person becomes ill or has contention with other clients.
Feedback I often receive is that they appreciate the reduced risk from having the ability to draw on the skills of our organization which consists of 25+ consultants, each with greater than 20 years experience. This feedback has helped me to shape outreach and messaging.
Absolutely, since most of my engagements are live at the client's site and require air/train travel. I plan to check in with them next week about early summer sessions. I also am taking time to write some relevant articles for LinkedIn and create my business plan for a new business venture, which if successful, would be an absolutely fun and rewarding adventure. In the meantime, with my husband's company cancelling all airfare, we are planning a road trip together so he can be onsite for the construction projects he's working on. When life gives you lemons, make lemonade.
Like Janet's husband, I work in the construction and capital project world, and there's no question we are quite severely affected already. I have heard of several cancellations and even more numerous delays in projects, as companies go into a 'wait and see' mode. The possibility exists we could see projects shut down as the virus spreads or testing gets better and more cases are confirmed.
I specialize in helping clients improve their planning and development process before projects get approved, and I think the next few months could be a great opportunity for companies to review their front-end process and improve them, so they actually use this time to good effect, and come out of this crisis much stronger than they were previously.
That's the lemonade recipe I am recommending for these lemons! 🙂
Thanks everyone for your input. We have had a reporter inquiry asking the following:
Would like to discuss with someone who either supplements their
income or earns money solely through gig work platforms -- how
has the Coronavirus outbreak impacted your job opportunities?
Have you seen an increase in demand for some types of projects
or a decrease in others? How are companies providing support to
gig workers, if at all?
If you feel like this describes you and you would like to talk with them, let me know and I will forward your thoughts and contact info. You can contact me at: email@example.com