The Smart Steps To Reboot Your Business Post COVID-19
Even when COVID-19’s impact is diminished and the government gives you the green light, you still have to choose if, how, and when to reboot your business. The smart way is to reboot only the parts that can be successful. Then deliberately move through virtual steps before physical steps, over-communicating emotionally, rationally and inspirationally every step of the way.
If
The world is never going to be the same as it was before COVID-19. Assess what’s changed temporarily, permanently, and fundamentally across customers, collaborators, capabilities, competitors and conditions – including environment, social and government as Neal Kissel highlights in his note on 5 lasting changes CEOs need to be planning for now.
Think through scenarios and your strengths, weaknesses, opportunities and threats, to develop a new view of your leverage points and business issues at this point of inflection and how those impact your strategy, organization and operations.
Use that to help figure out which parts of your business, if any, can and should be:
- best-in-class/superior to all other choices
- world class/parity with the top tier
- strong/above average
- good enough/minimally viable – and scaled or outsourced
- gone from the list of things you do – and not restarted.
How
You can’t do anything until you can make, deliver and support your product or service. Ensure your supply chain, distribution ecosystem, and team are ready, willing and able to go.
Then, get ready to market and sell. This will require a reboot of your marketing/sales funnel. Everyone’s world has been reset. Everyone’s reevaluating their choices. Don’t assume your customers will come back automatically. Instead, rebuild awareness and then interest, so you’re in their consideration set when they desire a product or service like yours, and turn that into action.
When
Reopen with a plan, with a smart plan, because if you do it wrong it can backfire. We need to take one step forward. See how it works, then you take the next step. And everyone’s plan may be different because the plans have to fit the facts and the circumstances.
With that in mind, think and act in steps.
Virtual steps
- Bring leaders back virtually to build out your strategy, smart plans, guidelines, parameters and practices – to guide everything that follows and so those that follow them know what to do and how they should work in the new reality.
- Reboot or build supporting infrastructure and complete other tasks that can be completed without a physical presence.
Physical steps
No employees, allies, or customers should return until it is safe. Then use scientifically appropriate tests to determine which individuals can return to:
- Prepare physical locations for other returnees,
- Complete pre-start tasks,
- Engage in limited reboot efforts to see how things work,
- Reboot fully – noting not all have to come back physically or at all.
Communication steps
Wrap it all in emotional, rational and inspirational mood-countering leadership communication – as you should be doing more frequently than you ever imagined appropriate through the crisis and restart.
Emotional
Connect with your audience by being authentic, relatable, vulnerable and compassionate as you empathize with how the crisis has and is affecting them personally – Mayfield and Mayfield’s empathetic language. As one of PrimeGenesis’ partners puts it, “No one cares how much you know until they know how much you care.”
Rational
Lay out the hard facts of the current situation – in detail with a calm, composed, polite and authoritative tone and manner. This is first part of the Stockdale Paradox. We’re defining facts here as things that any rational person would agree are true no matter what bias or perspective they bring to the situation – objective, scientific truths as opposed to subjective, personal, cultural or political truths, opinions or conclusions.
Inspirational
Inspire others by thinking ahead, painting an optimistic view of a future they care about, and calling people to practical actions they can take to be part of the solution – instilling confidence in themselves with Mayfield and Mayfield’s meaning-making and direction-giving language.
The optimistic future view goes to meaning and purpose: mission, vision and values. Ground all your communication in values: be – do – say.
The call to practical action is direction-giving, making people part of the solution, whatever part they are playing for their own and the greater good.
Covid-19, CBN And Loans To Small Businesses in Nigeria.
The Central Bank of Nigeria (CBN), on March 16, 2020, in furtherance of its mandate to assist affected businesses and regulated financial institutions in cushioning the adverse economic impact of the Covid-19 pandemic, announced the following policy measures:
Extension of Moratorium: Effective March 1, 2020, CBN intervention facilities are granted a further moratorium of one year on all principal repayments. Consequently, intervention loans currently under moratorium are granted an additional year. Accordingly, participating financial institutions are to provide new amortisation schedules for loan beneficiaries.
Reduction of Interest Rate: Effective March 1, 2020, interest rates on applicable CBN intervention facilities are reduced from Nine to Five percent per annum for one year.
N50 Billion Targeted Credit Facility: The CBN has established a N50 billion facility through the NIRSAL Microfinance Bank for Small and Medium Enterprises (SME) that are hard hit by Covid-19. Possible beneficiaries include but are not limited to hoteliers, airline service providers, healthcare merchants, etc.
Credit Support For Healthcare Industry: In anticipation of an increase in demand for healthcare services and products, the CBN, has opened its intervention loans to pharmaceutical companies, and hospital and healthcare practitioners who intend to open or expand their drug manufacturing plants or upgrade their facilities to first class centres. These are additions to existing CBN interventions in the agriculture and manufacturing sectors.
Regulatory Forbearance: The CBN granted Deposit Money Banks leave to temporarily restructure the tenor and loan terms for businesses affected by the outbreak of Covid-19, particularly oil and gas, agriculture and manufacturing enterprises.
What do these measures mean for the Small Business Owner? A sampler where Honeymark Consulting can help…….
- If your business has a loan under moratorium, it is now entitled to an extension of one year. And, if you are yet to do so, you should ask for, and receive, a new amortisation schedule for the loan from your bank.
- If you procured your loan through a CBN intervention facility at an interest rate of Nine percent per annum, the interest rate has been reduced by Four percent. You will now repay the loan at a new interest rate of Five percent per annum for one year.
- If you are a hotelier, airline service provider, healthcare merchant, etc. and your business is hard hit by Covid-19, you can now access the new N50 billion CBN facility for Small and Medium Enterprises (SMEs) through the NIRSAL Microfinance Bank.
- If you are in the pharmaceutical, hospital or healthcare business, and you intend to open or expand your drug manufacturing plant or upgrade your facility to a first class centre, the new N50 billion CBN facility is ready and available for you.
- Are you in oil and gas, agriculture, manufacturing, etc. and you are struggling with repayment of your loan to your bank? Now is the time to negotiate a temporary restructuring of the terms of your loan. The CBN has granted forbearance to Deposit Money Banks for this purpose.
Book your appointment with Honeymark Consulting via our website https://hmkconsults.com, https://honeymarkconsulting.com. We can also be reached at +234 703 609 8838 from 11.00 am – 1.00 pm Nigeria time and +1-414-759-6420 from 10.00 am to 3.00 pm CDT.
Our thoughts and our hearts go to everyone. Please, stay healthy and safe from Covid-19!