These are extraordinary times, and you find yourself walking a tightrope. As you check your online banking, the predominant color is a stark red, signaling that your business is in “emergency mode.” The urgency to act quickly is palpable; your business continuity hinges on your immediate response.
Amidst the anxiety, worry, and burden, it’s all too common to lose perspective, leaving you uncertain about the following steps. The many challenges may feel overwhelming, making it difficult to discern a clear path forward. You’re tasked with extinguishing numerous fires, and in the midst of it all, the clarity you need is obscured by a mountain of problems, leaving you unsure of where to turn.
Here are some tips for getting your business out of crisis and into cash flow.
How to Use Your Time to Get Your Business Going
In times of urgency, operating in “emergency mode” is crucial, directing our efforts solely towards activities that swiftly attract customers and generate revenue. The key is to trim away anything unnecessary, allowing us to channel our focus on initiatives that yield immediate results.
But Where do You Start?
When determining where to start, the most effective approach is to focus on activities closest to generating immediate revenue. Essentially, prioritize anything representing the shortest path between the present moment and securing capital. Everything else can be deferred.
In times of emergency, your primary concern in the short term is to identify and invest time in activities that yield maximum benefits as quickly as possible, helping you navigate out of the current situation. You no longer have the luxury of working on tasks geared towards long-term, gradual growth. Your sole priority at this juncture is to ensure immediate financial stability.
Every day, your activities should be strategically planned across three distinct categories:
Category #1: Immediate Revenue Generation
Focus on tasks that bring in money immediately or within a concise timeframe. This includes activities such as:
- Sending targeted emails to your customer list
- Crafting an article for your website featuring a special promotion
- Issuing reminders or invoices to customers with outstanding payments
- Reaching out to potential affiliate partners who can swiftly promote your initiatives in the coming week
These activities take precedence over everything else during the emergency mode. Despite the potential discomfort associated with tasks like sending promotional emails or chasing overdue payments, it’s crucial to remember that the alternative—risking the loss of your home or the closure of your business—is far more painful. Now is not the time for leisure; it’s the time for decisive action.
Category #2: Near-Term Gains
Allocate time to tasks that contribute funds to your checking account within a relatively short timeframe, typically between 2 and 3 weeks. This category encompasses activities such as:
- Completing a product or finalizing a sales page that is on the brink of generating revenue
- Advancing ongoing projects with the potential for immediate benefits
If you find yourself on the cusp of completing projects with promising possibilities for generating revenue, capitalize on these opportunities. Leverage your unfinished initiatives that have solid potential to contribute to your financial goals in the near term.
Category #3: Future Opportunities
This category encompasses projects likely to generate revenue within the next 3-6 weeks. However, it’s important to emphasize that these activities should never take precedence over the first two categories. Activities in this category include:
- Sending project proposals to potential clients
- Sending personalized emails to individuals who may be interested in hiring your services
- Initiating collaboration with colleagues in your industry for joint projects
Maintain a sharp focus on activities that are objectively likely to yield benefits. In your day-to-day operations, you may encounter tasks that don’t fit into these three categories but are perceived as necessary, such as social media presence, website maintenance, or participation in networking activities.
The reality is that these tasks hold little significance during the emergency mode. For instance, if you abstain from social networks for three months and dedicate that time to acquiring new customers, your business can weather the storm, even if your follower count stagnates or declines. Similarly, neglecting networking activities and personalized outreach won’t jeopardize your business survival in the short term, compared to the critical focus on revenue-generating activities outlined in the first two categories.
Conclusion
In times of exception, it’s imperative to relegate activities focused on the future—those seeking future opportunities—to the back of your priority list. The immediate goal is to secure liquidity swiftly, as it holds the key to overcoming the current challenges and building a more prosperous future. Prioritize actions that bring in revenue promptly, ensuring your business remains resilient and well-positioned for the times ahead.
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