Survival verses revival

This week has really got me thinking about business survival verses revival post this pandemic. I wrote the word pandemic like it was just another word then, the word just doesn’t seem to reflect the magnitude of its meaning, especially since its use has probably increased exponentially in recent months.

This thinking made me reflect on the changes we need to make to ensure our business both survives and revives, what needs to happen, who needs to make that happen and how much can I actually control.

So what have we done… As a business we have categorised the costs we have into essential and non-essential and evaluated them against the revenue position. This exercise alone has given us a much better grip on our situation and the changes we have been forced to make. I accept we should have had this handled already and it’s the need for survival that has forced this to change.

Survival is exactly that, defined as surviving under adverse or unusual circumstances could not be truer in this situation. Its conations to anthropology and evolution for me are symbolic. You evolve to survive and in the right circumstance you thrive, flourish even and that what revival needs to be all about. So in practical terms, we have reassessed our operations plans and designed alternatives for our operators. We have revised sales targets, tightened our profit margins, reviewed our resources and timelines, and built a new resumption plan to readdress the restoration in the business after this crisis. This plan will focus on the preventative measures once the dust has settled and we can focus on the revival phase. We have redefined our business, re-modelled its future and re-wrote its business plan with the lessons of this situation and the experience I have gained.

We are learning to consolidate after this situation and control the cash to try and come out of this crisis as leaders in our field. We may face liquidity concerns but its how they are handled, what we can control and how to ensure we have rebuild a better version of our business after this is all over. What’s frustrating is that survival mode is a necessary evil during these tough financial times for so many, our risk is that if we maintain a reactionary mindset for too long we risk missing out on market share, new opportunities and much needed growth. Moving too quickly however could also jeopardise everything we have worked so hard to save.

Composure and poise are crucial and to have your critical thinking challenged in these unprecedented times is imperative. I have had help here; peer board support has been so valuable to provide a confidential space to discuss my business with impartial non-judgemental advice and support. I have needed that support and guidance to help rebuild my confidence and hold me accountable during this period, knowing that this pivotal moment can shape the career of any keen business owner. I have had to learn quickly to leverage the advice of my peer board and business advisers to know when ramp up activity and when its best to pull back.

Its also important to be open and honest when asking for help as its all to easy to be overly optimistic about the future (I’ve been guilty of this over the years) and the likelihood of improvements so it counts to have honesty both ways from any mentor or business coach relationship. Another factor in the survive and revive debate is the team around you. I have wanted to rebuild our business and pivot our direction and that will only work if you consider your employees capabilities and their mindset. It’s not just me that has had to adopt a proactive attitude, it’s the team too. Its hard to come back after a long period of absence and shedding reactionary thinking is no easy task. The mental health impact of this pandemic cannot be underestimated and to rebuild a stronger more resilient future that exactly what you need from the team, strength and resilience and that starts with strong leadership and a clear direction.

So back to the original point here, what can we do to ensure we revive from this situation… my thoughts are that we need to mitigate any unnecessary risk, play it safe but be ready to ride the wave of pursuing new venues and be ready for the pitfalls in the road as we do this. Whilst walking head first into new territory can be risky, so is staying in survival mode indefinitely. Focusing on putting out fires will stifle your growth and with a well thought out plan and a strong reputation this time in business is as much an opportunity as it is a challenge. For me it’s the reality of the situation. Its been heart-breaking to see hard-working staff lose their jobs and to see successful businesses have their very survival threatened overnight. But after the dust has settled and the initial shock and magnitude of what’s happened starts to pass, the fight back can begin.

I can see that it’s ok to be vulnerable, it’s ok to be afraid, it’s ok to have lost confidence in the face of unparalleled adversity and its most certainly ok to ask for help. So maybe that’s the answer, survival verses revival, survival is all about evolution and our ability to change, revival is about consciousness, strength and vigour. My plan is to survive, revive and then thrive and I can only do that with the support of the people around me and the strength and safety in numbers. This makes the future seem brighter and more exciting and certainly more hopeful.