Does it feel like COVID-19 is going to sink your business?
Introducing The Fishermen Business Navigators
The Fishermen Business Navigators, Lee Milward and Ming Chong have extensive backgrounds and knowledge in business development and marketing. No sooner than COVID-19 touched down in Australia and started to negatively affect many small to medium size businesses, Lee and Ming were creating strategies to help them have a fighting chance at business continuity.
There’s no doubt that the COVID-19 situation has hit the business community hard - but it is all bad news for business? It depends on the type of business you are in. In times of crisis, the effect of shortages, panic-buying, change of working situations, and financial management can be a weakness for some, but a benefit for others.
Did you know that the severe toilet paper shortages created an unusual demand for bidets, helping a struggling Australian bidet business from closing down this year due to extraordinary demand and unprecedented sales?
The most common human reactions to a crisis are stress and responses can be FREEZE, FLIGHT or FIGHT.
Unfortunately, for a business owner, the freeze or flight options, and doing nothing will not be the best for the continuity of the business.
If you’re taking the third option - the fight response - and seize the opportunity to use these times for long term good; it’s time to rethink and reorganise your business. It’s time to bunker down and look at what you need to do right now and how you need to reposition your business when the market recovers.
You could look at the current situation as being similar to a raging bushfire; a test to see whether a business is still standing when the flames are extinguished. Maybe it can be a ‘pruning time’ for your business. Time to slow down, to cut back and to reposition the business for growth when the market has made a recovery? It’s time to take control and make plans for the survival of businesses.
How do the Fishermen help your business?
It's time to take some positive steps and decide on some actionable strategies for business survival. The Fishermen will help your business to mitigate the impact of the current events and to navigate strategies to tackle these challenging times.
Money management in times of crisis - How you can restructure the cost base of your business.
Increasing your market share while others are panicking - Develop highly effective targeted marketing campaigns.
Improving systems to gain more time and efficiency - How to automate processes and rollout data-driven decision-making systems.
Training to improve business performance - People are your most important asset, make sure you give them the tools to excel in what they do.
Establish collaboration with key partners - How you can create effective collaborative partnerships.
The Business Stress Test
At times of uncertainty, ONE THING that is running through a lot of business owners' minds, is ‘HOW DO I KEEP MY BUSINESS AFLOAT?’, and most often this relates back to the cash flow of the business.
Does the business have POSITIVE CASH FLOW to sustain itself and if the answer is YES, how long can the business survive before the cash eventually runs out? If NO, what contingency plans does the business have in place to minimise the risk?
Visit https://www.thefishermen.com.au/ to take the FREE BUSINESS STRESS TEST to have a better awareness of where your business is currently and where it is heading in the next 30 days.
Use the test to gain awareness to plan your next course of action and, if you are ready to take it a step further, have a free 15-minute discussion with speak to one of ‘The Fishermen’ to explore new key activities to navigate through around these challenging and uncertain times. Doing SOMETHING is always better than doing NOTHING, the CHOICE is yours.
For what it's worth… I have known Ming and Lee for quite some time on both a professional and personal level. Having completed their Business Growth Navigation Program - Level 1, has improved the way I operate my business. They are genuine people who want to help businesses survive this current situation.