Multiple Benefits Flowed from a Well-Placed Challenge.
George Seybold is the founder of the Talloo Business Community He is also one of my most trusted advisors. For a discussion on the importance of having a team of advisors, see my video
George challenged me a few weeks ago to think about the ways business owners will need to manage risk differently post-COVID19. Responding to his challenge led me to consult with several people. I was able to create new content and some related presentations I have given online to Talloo, Brokers Council of Idaho, and other groups. It also gave me a good start on articulating the new strategic approach.
Things Business Owners Need to Do.
Here’s my list of things business owners need to do, and (for the first two) what I am doing to position mine for the recovery:
- Each business owner needs to think in multiple dimensions about how a highly disruptive event (like COVID) is likely to affect its customers, suppliers, and employees.
My business has no employees. Its suppliers are banks, an Internet provider, and the local utility companies.
Its current customers are in the categories of Aerospace, Business IT, Commercial Development, Consulting, First Responders, Healthcare IT, Manufacturing, Retail, Professional Services, other Services, Software, Veterinary, and Video Production.
- Doing the customer analysis will help the owner be proactive in choosing to provide goods or services that will appeal to customers in various verticals, including government and other providers of essential infrastructure.
I did the analysis. The results are confidential!
- Business owners need to identify ways ensure the continued availability of government services such as schools, police, and fire protection. They need to identify other ways to obtain equivalent services. They also need to ensure the business and its employees, customers and suppliers will have uninterrupted power, natural gas, and high-speed Internet access.
I haven’t done this analysis yet.
Some Things I Can do now to Help Some Business Owners.
- Draft a new Sales Agreement that will help them get to Yes more smoothly when they enter new markets.
- Serve as a Mediator between a Customer & Supplier who have a valuable relationship that has been rocked by the recent turmoil. I can revise their contract to match their new understanding
I encourage business owners to do a similar analysis and to share their thoughts in order to help us all find our way to the recovery together.
Please note: the above post contains educational information. It is not intended as legal advice. Engage an attorney who is licensed in your state to get advice on dealing with any specific legal issue.
© 2020 Michael S. Oswald