This is a time of confusion for many. What to do, What to do? I read quotes from many CEO’s and they seem locked into the “same old same old.” Cut expenses, lay off staff, hunker down, hide from reality. Consider the worst case and go with it. Whine about everything and blame, blame, blame. They seem paralyzed with fear.
Inc Magazine interviewed Texas Mavericks owner, serial entrepreneur, and Shark Tank panelist Mark Cuban. His video chat is full of ideas and I strongly recommend it. He summarized as follows:
1. Be transparent with the people who know your company best.
Particularly for founders on the verge of closing, Cuban encourages them to reach out to employees. “Your employees, in particular, know your business,” he says, adding: they’re the experts in your business. If there’s an idea for how to pivot or restructure the company, it’ll come from them.
2. Be open to major change.
You may find that your company’s best chance at survival comes from an entirely different business model or product line. You have to be willing to accept change and be open to a new direction. “All it takes is one good idea,” Cuban says. “I’m a big believer that when we come out of this, there are going to be small companies that blossomed because they had a different vision.”
3. Go left when everyone is going right.
Cuban described the many daily emails he gets about companies creating face masks or testing products. “If everybody is doing the same thing, go where they ain’t,” he says. “Come up with things people aren’t doing yet.”
4. Invest in a downturn.
If you have downtime, use it, says Cuban. Spend this time re-calibrating your business or marketing plans. Work on those website glitches you’ve long needed to address but never had time to fix. Also, now’s the perfect time to spend on marketing, as pay-per-click rates have dropped across the board. Even if your company has a product that’s not something people might want to buy now, they’ll remember your company. “Build that base now because the companies that are advertising now are going to look strong.”
Granted number 4 is a tad self serving, but that doesn’t make it false. This will be over shortly. Those who will be positioned to succeed will have used this time to build their base and will be remembered for it.
JVH
