5 COVID-19 Opportunities to Reset your Business

With the Coronavirus now impacting the lives of everyone across the globe it can be easy to get caught up in all the white noise, trying to work out what is fact from fiction. It doesn't seem like there are any COVID-19 Opportunities. For business owners, it has become a daily battle for survival. Only the strong businesses will survive this battle. In this post we took about 5 questions you should ask yourself to reset your business and uncover potential COVID-19 Opportunities.

Business owners who operate with a ‘business performance mindset’ understand that the only constant while operating a business is ‘change’. These business owners are playing a long game. They understand their business must have strong foundations to survive severe storms in the form of recessions, GFC’s, and now pandemics. These business owners, once they have their COVID-19 battle plan in place, are now preparing for the opportunity that will present on the other side.

Now is the time to look at this crisis as an opportunity to ‘reset’ the way we all do business. It is a time to reflect and review past performance to identify weaknesses, strengths and opportunities that will drive the ‘reset’.

5 ‘reset’ questions to reset your business:

  1. How strong is our ‘Vision & Purpose’? – Are we on the right path? Are we truly passionate about what we do? Will we keep getting back up when we are constantly knocked down?
  2. How strong is our ‘Culture & Values’? – Does the team buy-in and believe? Do individuals own it? Are we exhibiting the right behaviors?
  3. Is our team reaching their ‘Full Potential’? – Are we setting up everyone to win? What processes, training, conversations are required to ensure individual potential is reached?
  4. Are we serving the ‘Right Customers’? – Do our existing customers fully appreciate the value we are delivering? What are the key problems we are solving? Who will benefit the most from our expertise, service, solutions?
  5. Do we have ‘100% Financial Control’? – How can we improve our budgeting process? What financial management reporting process is required? What is the best way to manage our cash flow? How can we gain full transparency and understanding of the numbers?

Answering the above questions opens up more questions which leads to critical and creative thinking. This relates to who you are, how you do it, who believes what you believe, who do you serve, and ultimately is the business model financially sustainable.

Relating to financial stability, it is my 100% belief that all business owners must have 100% financial understanding of their business. At TheCUBE, we are passionate about helping business coaches deliver financial processes and understanding to ensure the long-term sustainability of their clients.

Now RESET and PREPARE for the OPPORTUNITY that will present. Then TAKE IT!

Matthew Jones
TheCUBE Founder & CEO

TheCUBE is a powerful business coaching platform allowing coaches and clients to work together easily.

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