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Seven Tips: On Weathering The Storm

Here are some ways to navigate difficult times at place of work.

by Christopher Odey
5 months ago
in How-to
Reading Time: 1 min read
NiMet Predicts Heavy Flooding In Bayelsa, Borno, Delta, Kaduna

CORRECTS FROM CANAL TO ROAD - A road is flooded during the passing of Hurricane Dorian in Freeport, Grand Bahama, Bahamas, Monday, Sept. 2, 2019. Hurricane Dorian hovered over the Bahamas on Monday, pummeling the islands with a fearsome Category 4 assault that forced even rescue crews to take shelter until the onslaught passes. (AP Photo/Tim Aylen)

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SCENARIO PLAN

Define your best, worst and most likely scenarios.  Document actions. In your worst case, what would it take to be cash flow positive?

 

COMMUNICATIONS

There are few things scarier than silence during troubling times.  Put together and communicate your business continuity plan for both inside and outside your organisations.

 

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PEOPLE

Bring in HR specialists to help message to employees or put action plans in place should rightsizing be required. Take care of your key employees. It may soon be an advantaged time to find great talent.

 

COST REDUCTIONS

Review your balance sheet and income statement. Do zero based budgeting.  Remove all expenses that are not contributing to revenue generation.

 

TECHNOLOGY

If your workers can go virtual, it doesn’t hurt to socially distance. If you aren’t using cloud collaboration tools like Zoom or Microsoft 365, put these in place.  They’re relatively inexpensive and effective.

 

GO VARIABLE

Every company right now is thinking about their hiring cycles.  It’s hard to hire if you can’t forecast. At the same time, the world needs to keep on rotating.  Think about going more variable with interim resources.

 

OPS IMPROVEMENT

If you don’t have a lot of slack in your rope from a financial performance perspective, get ahead of it.  After the first covenant default, you usually have time. After the second covenant default, the bank often brings in their own expensive and biased turnaround groups.  Don’t wait to let this happen.

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Christopher Odey

Christopher Odey

Christopher Odey is a Content Creator as well as writer in various platforms with over 15 years of experience. Currently at LEADERSHIP Media Group, he has published several articles Including Corruption the Hydra headed monster; this and more articles that are helping to shapen a sane governance in Nigeria, Africa and the world in general. His only Twitter handle is @chris_odey

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