The first C to note in any crisis is to STAY CALM. With all the noise and panic that’s surrounding us, I know it’s easier said than done, especially if you’re a business owner trying to navigate your way through this far from perfect storm.
But staying calm is absolutely paramount right now, as it will help you make better business decisions. And calm is where we’re at our most creative.
So, let me share with you what I’m doing to weather this crisis.
Take a moment to check yourself when you’re feeling panicky and chances are, you’ll find you’re actually holding your breath or breathing shallow without even realising it. What I do is when things start getting a bit “ahhh!!”, is to stop and take between three and ten deep breaths. Do this as many times as you can throughout your day and see how you can turn your breathing into a huge sigh of relief.
- Understand your fixed costs
No matter how rocky the financial road ahead, it’s vitally importantly to get a handle of what your fixed costs are right now. Look at what you have to pay on a monthly basis just to keep going, and then calculate the amount that you need to get by for the next three months.
- Make a 3-month financial survival plan
Once you know what your fixed costs for the next 3 months, it’s time to put a plan in place. Can you access enough money somewhere? Do you have savings? Check out the government’s various stimulus packages. Do they apply to you? How much super do you have? Will you need to access it, or can you beg, borrow and steal that money for the moment? If you know you can survive three months, you’ll feel much calmer and can carry on.
- Get advice
This is no time to ask family and friends for financial advice (unless of course they’re an accountant or business mentor). If you are panicking or unsure of where your business stands, just get some good, sound financial advice. I strongly recommend that you get your accountant to ride with you on this journey.
Without a doubt, exercise is a guaranteed way to bring down those stress levels and help you stay healthy throughout this. And it’s free! Whether it’s at home, running in the park, or walking the dog, make it an absolute priority as you’ll be at your best if you’re at you’re healthiest. I’m doing a bit of yoga every single day from a DVD but there are plenty of free online classes you can find to keep you motivated.
- Hang around positive people
Misery doesn’t always love company. Hanging around positive people (from a distance of course) instead of doomsday predictors is great for your mindset. Having a laugh, sharing your little wins; these are all healthy detractors from the negativity. One tip that came through my email is to look at the kids’ channels on TV. There’s also some great radio at the moment. ABC774 in the morning has a really positive vibe to it so I encourage you to give it a try.
- Speak to experienced business owners
If you’re new in business, it’s always helpful to speak to those who are perhaps a little bit more experienced. I entered the workforce in a recession. There was the gas crisis. The GFC. I’ve worked with many businesses who have survived through fire, flood and drought, so finding out what they did through these times can be really helpful.
Ahhh, I feel Calmer already. I will be presenting some more Cs to think about, so please feel free to check in on this channel and also to contact me via my Facebook page. I’m very happy to answer your questions.