Successfully Managing Your Business During Covid-19
We sent an email to our client list Monday, March 16th, in response to the COVID-19 situation. We received a lot of positive feedback from our clients, so we decided to share this message with all contractors to help you understand what to expect in the current situation.
Being a Contractor in an Environment of Fear
With all the recent news, watching people's reaction to the news, and now the local governments issuing “shelter in place” orders, at The Contractors Coach, we feel like we are experiencing the famous Yogi Berra phrase - "Its Deja-vu all over again"
When we started the Contractors Coach in 2008, the world as we knew it was supposedly ending. Real estate was never going to recover, the stock market was in a panic, businesses including contractors were going bankrupt everywhere.
Yet, we and our clients were experiencing a very different reality. Our business was growing quickly, our clients were growing their business even faster. In fact some did so well, they started their second companies.
So what was the difference between our clients and those contractors that suffered or went broke?
Just as it was true in 2008, so it will be true now - the principle always remains the same and is as follows:
The strong (from a mindset perspective) will survive and thrive.
The weak (operating from a mindset of lack and fear) will suffer.
If this situation goes on for an extended period of time, like in the 2008 financial crisis, the companies and owners that handle this situation well will come out stronger on the other side, while those that don't, may not survive.
What does that mean for you as the owner of a construction company in 2020?
Be prepared for disruption, don't be surprised or afraid of it.
Suppliers will be closed
Employees will be sick or not show up
Customers will be nervous or delay projects
Cash flow will start to be inconsistent
What does it mean for you as the owner?
Your #1 job is to be the leader for your team (and your family) - lead from a mindset of strength. If you are nervous, don't show or share it with your team.
The way you sell may need to be very different:
As you speak to nervous clients or prospects with calmness - they are more likely to seek out your advice, even have a desire to borrow your strength
If you are calm, the sales process can seem very different - almost like you are providing therapy (you might be surprised what that does to your relationships)
Be prepared to be very hands on at this time and over communicate - with suppliers, your employees, and subs. Check in with everyone consistently
Plan carefully (Marketing, Sales, and Projects) and be willing to change plans quickly as the situation develops
Your coaches are well equipped to help you handle this situation - our system was born in the midst of a crisis and is designed to help you handle this.
So now more than ever, engage closely with your coach, follow through on advice quickly, plan for disruptions, and maintain a strong mindset.
You started a business because you wanted to lead an uncommon life - if handled right, difficult circumstances can accelerate that process.
Regards,
The Contractors Coach Team
Karan Dhillon, President
Marissa Marsay, Master Coach
Tom Pearson, Master Coach
Doug Lynch, Master Coach
Kristina Moore, Office Manager