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What Keeps Entrepreneurs up at Night? Part 6: The Impact of Covid-19 on Business
We are in the wake of a global pandemic, unlike anything we have ever experienced before.
As we attempt to process the turmoil this situation has caused on a personal level, many entrepreneurs are scrambling to make sense of the economic impact ahead.
We are adopting “social distancing”, accepting new terminology and isolating behaviors in an attempt to “flatten the curve”. Employers are facing insurmountable challenges as individuals cope with unprecedented anxiety and little certainty on much, except for more uncertainty. It is a historical moment in time and a pivotal moment for business – who will sink and who will swim? What can businesses do to protect themselves and their partners both from a health and safety and a business perspective?
Here, I have compiled some thoughts on best practices during times of crisis, I hope it will help you:
The key part of Crisis Communications is communications. This all starts with transparency internally and externally. There is no benefit to instilling panic and sharing your anxieties with your client partners and team, but it is absolutely necessary to be straightforward. While we don’t know exactly what is going to happen in the coming weeks – we can stay calm and confident in an effort to keep the team focused. I like to have multiple check-ins with my team every day. We use this opportunity to have an all-team huddle in the morning to talk about priorities. We also use this time to do some “pulse checks” to gauge how everyone is feeling and coping, which leads us to my next thought…
Practice gratitude. The opposite of fear is gratitude. Managing anxiety during these times is absolutely essential. As a team, we often talk about the importance of gratitude and take a moment to think about and share what we are feeling grateful for, every day. Amits fear and uncertainty, acknowledging the abundance in our lives cannot be underestimated.
Being hyper-aware of hygiene. In case you haven’t heard this enough. We are stressing the importance of handwashing, even as everyone works remotely. I want to protect my team and client partners by any means necessary. This includes our “social hygiene”, as we strongly encourage everyone to practice self-isolation, keeping contact between family and caregivers only to narrow BTI’s circle and reduce the likelihood of community spread.
The show must go on. As far as we are concerned at BTI, it is business as “usual.” Sure, our set-up is completely different from how it was a month ago, but we aren’t missing a beat. By working remotely, the Connectors are doing what we do best – adapting, solving problems and serving our client partners with a smile.
There is no denying that this will impact the bottom line, but the truth is that we just don’t know what that impact will be. Until then, I believe in the staying power of the services we provide, the strength of our client partners and the resilience of the Canadian economy. Most importantly though, I believe that positive thinking leads to positive results and at this point, we can all benefit from that glimmer of hope.
This won’t last forever so I hope this resonates with you at this moment and provides some reassurance in a time of uncertainty.
We are all in this together.
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