A lot of us are moving mountains right now.
I’ve had many calls these past few days with founders who are figuring out how to stay ahead of the curve.
The resourcefulness and optimism I’m seeing is incredible.
It’s one thing to be dealing with all that’s unfolding as it pertains to our personal lives, our families, our community. It’s quite an experience figuring out how to lead an entire company through this as well.
I am sure you are feeling the pressure of every relationship in your business looking to you for your leadership in a unique way.
A few things to consider:
Take care of yourself and your loved ones first. If your nervous system becomes over-taxed from stress, you will be overly reactive, and critical decisions will become increasingly difficult. As a leader, you are a source of strength for a lot of people right now. A 5-minute breathing meditation will do wonders. Let me know if you would like any suggestions, I have several resources I can send your way.
I’d recommend planning for at least an 8-week sprint for your company and your team. There are a lot of founders trying to figure out a recession-proof plan for their company. Yes, this is needed, but make sure to address the short-term first. The next few weeks are going to be an interesting ride.
If you haven’t already:
- update your cash flow projections asap.
- Adjust your Q2 goals and spending strategy.
- Get a short-term plan in place. This needs to be a top priority no matter what industry you are in.
- Consider several ‘what if’ scenarios in your financial projection. Use those scenarios to figure out a strategy.
- Don’t wait. Figure out a strategy if you have zero revenue coming in.
- Calculate your burn rate. Make adjustments.
- Know how many months your current cash available will last assuming zero revenue. This is important to evaluate in times like this. As entrepreneurs we are inherently optimistic and resourceful; and, knowing the baseline you have to work with is critical and can bring peace-of-mind where it’s needed most.
Everyone is experiencing something different right now. The layers of complexity are difficult to track with so much uncertainty.
- Make sure to check in and take care of your business partners and team.
- Ask how they are doing.
- Have compassion for any anxiety or fear you may see your team experiencing.
- Don’t let your personal opinions dismiss the reality that others are experiencing right now.
- Be supportive.
Give your team short-term projects to focus on. This is not business as usual. Even the most optimistic, grounded, focused team members are having their nervous system jerked around by the surreal experience of what is happening around us. Have team huddles and check-ins more often. Hold video calls instead of regular conference calls. Stay connected. Look for ways your company can support and provide value to each other, to your community, and to your customers in the coming weeks.
It is ok to not have all of the answers. We are all figuring this out in real-time. Be mindful of the assumptions you are basing decisions on in the coming weeks. “I don’t know the answer to that, but here’s what I can tell you” is a reasonable response in times like this.
Be patient with employees who are working from home with a house full of rambunctious kiddos. Be patient with vendors who may be slow to respond. Be patient with your business partners while they are navigating through all of this as well. Be patient with yourself. We are all in a unique situation, and everything will work out. It’s just going to be different. Shift expectations, and let go of what you thought would be. Embrace the coming weeks and months with curiosity.
Sending strength your way.