Video, Video, Video
The necessity to hold meetings virtually has seen teams adopting video platforms like Zoom. That's no surprise. But some of our innovative and creative clients are harnessing the power of video to record and distribute daily updates to teams. This is powerful. At a time when our teams are longing for connection more than ever video delivers in a way that text alone does not. As the leader it is your job to reassure, inspire and motivate your team. Use all the tools available. I have no shame in ripping off good ideas so true to form this message is also available as a video.
Values are core
We preach constantly about values and teams quickly understand how important they are. This is the time for your values to take center stage and inform every aspect of how you address our continuously changing environment. As an example, here's how Axiom's values are informing our response and plans for next week.
Value #1: Care - we love those we serve
You may not know this but we pray for you, by name, every week during our operations meeting. That will continue on a more frequent basis and will be accompanied by fasting as we seek wisdom, guidance and stamina to serve you well.
We will also be setting up a schedule to dial into your weekly meetings even when they occur outside of our normal meeting schedule. We want to stay abreast of developments in your business and be available to jump in as a resource during these times when your leadership team might be stretched thin.
Value #2: Truth - speak the truth, even when it is difficult to say or difficult for others to hear
We should all be preparing for a shelter-in-place scenario like those in California, New York and Pennsylvania. The economic impacts of this will be immense. It is unlikely that either the payroll tax rebate or forgivable, federally backed loans being floated in proposed legislation will be sufficient to insulate small businesses from the negative cash flow impacts of a shutdown. The good news is that many client businesses fall under essential services classifications OR they involve business operations transferable to a work at home setting. That means it will be market effects, not government intervention that we must adapt to. The state and local mandates providing guidance on essential services are below for your reference.
Value #3: Diligence - be prepared and bring the right amount of work to the task
All clients should begin revisiting short and long term cash flow forecasts including weekly and monthly cash "burn" rates, updated sales forecasts, and anticipated cash balances over the next six months. This is our priority for each of you over the coming weeks. Don't worry if this language is Greek to you or you don't know where to start. We will be driving this conversation for you and will marshall whatever resources are required to come up with a cash flow plan. We don't know what federal programs for recovery will look like yet so we are planning without them in an abundance of caution.
Value #4: Learning - read every day and learn to ask better questions
We are reading a ton, trying to keep up with the situation across multiple industries and state jurisdictions. One of the most important questions we can ask is "what can work from home mean?" especially when it is not at all obvious how normal work can happen away from the workplace. Let's face it. These are not "normal" times. Think outside the box. One of our clients this morning shared with his team the lessons he learned from the last recession and how marketing through the difficult times when everyone else was cutting their marketing budgets proved to be the difference maker. On the other side of the recession when competitors were struggling to catch up on their marketing his team was way ahead.
This recession will be painful, but it is different in that systemic failures in the market do not need to be repaired. It is also different in that demand for essential services will continue to be "pent up" and must be released on the other side of the emergency. If you must have employees work from home rather than behind the wheel of a truck or a forklift consider what it looks like to have those employees deepen connections with co-workers and customers during this time. What does outreach look like? What services or support can be offered virtually (potentially at zero cost)? The actions you take now will determine the culture and retention rates you enjoy later. Think longer term than the rest of the world is inclined to think right now.