On my interview yesterday with Amber Mac, technology strategist, she told me about Captain Chesley “Sully” Sullenberger’s advice during a disaster that is very relevant during the “Corona Economy”. As the pilot (the business owner), what are the critical things you need to do right now when disaster strikes and you have to land it in the Hudson River? (like right now!). Here is his three step advice:
-
Aviate- you got to keep flying the plane.
For small business owners, you need to figure out how to keep the company operating in this economy especially if revenue is sinking by 25% or more. Put together a plan if revenue drops by varying degrees and how costs can change. What is your work at home plan and how will you fill in when people get sick?
-
Navigate- figure out where you are going to do.
For small business owners, put together a plan of where you company will go in this upcoming recession for the next 18-24 months. The world has changed. Picture an economy where consumers rarely leave their home. What does your market look like then?
-
Communicate- tell the “passengers” what is going on to calm them.
For small business owners, tell your employees, customers and vendors exactly what is going on in the company so they can focus on what they need to do now. The absence of communication spreads fear and rumors. Be honest and authentic about your vision going forward and discuss what their responsibility is as well.
