
44 owner Corin Ashby looks at how the Covid-19 crisis has resulted in having to make effective decision-making for the business, plus a fair amount of rolling with the punches…
Five months ago the UK went into lockdown. Without exception all our worlds changed – in some cases, they turned upside down.
If you weren’t impacted directly by the Covid-19 virus then there’s clearly a lot to be grateful for. There’s no doubt that most of us will be indirectly hammered financially and socially – not to mention the dent in our kids’ schooling made by some of the Government’s decision-making with regards to education.
But arguably some of our lockdown time was for the better too. A chance to reflect on what’s important in life, to look at new avenues personally and professionally, or simply spend more time with loved ones.
Respond don’t react, but definitely do not freeze
A personal failing of mine has been that I ‘react’ rather than ‘respond’ to things a lot of the time. Professor Steve Peters (The Chimp Paradox) says this is to do with letting the emotive/affective side of your brain run riot. It dates back to our in-built caveman’s flight (live longer), fight (expect a shorter lifespan) or freeze (die now) reactions.
The trick is to tap into the more rational side of your brain more often – to make, on the whole, more logical decisions with healthier outcomes.
Back in April, when Covid-19 was taking full hold, I wrote a blog about a way to respond to, and cope with, business adversity. The PAR approach – Preparation, Action and Response to results.
Like most owners of small/medium businesses, for me the past five months of business adversity has been all about difficult decision-making – many with no correct answers or easy solutions. Certainly there have been very few ‘win-wins’ in these strange times. But the important thing is that we haven’t frozen. We’ve kept moving.
Nothing blooms all year round
I’ve tried hard to put the PAR approach into action as much as I can. Having enjoyed year-on-year growth at our company for more than a decade, the ‘right hook’ of 2019’s Brexit uncertainty followed up by the ‘upper cut’ of Covid-19 in 2020 have knocked our financial outlook hard.
Nothing blooms all year round and, by the end of April into early May, we had to accept that things couldn’t stay the same. More radical change decisions were needed to protect the overall business and help it back off the canvas quickly. This meant reshaping the company. We haven’t stayed still. We’ve tried to proactively respond in order to dodge the next Indiana Jones-sized boulder that rolls out of the present economic jungle.
Decision making in the face of business adversity
As we near the end of summer, how we cope with business adversity is still the million-dollar question that keeps owners and operators of all business shapes and sizes awake at night.
44 is a B2B operation. We’ve worked hard to help our clients communicate in increasingly agile and innovative ways amid extremely challenging circumstances. Equally, throughout the crisis, we’ve leaned hard on the close partnerships we hold with our corporate clients. And we’ve been grateful for the support and loyalty they continue to show us.
However, we’re realistic enough to know that no one is making it out of the woods any time soon. We brace ourselves for the next sucker punch – most probably yet another economic plunge this autumn. Sadly, UK unemployment will jump when the Government’s furlough scheme support stops. Many companies with cost-heavy operations may also find that the end of tax relief holidays could be the final straw when HMRC comes calling.
Keep on keeping on
But let’s not be too pessimistic too soon. England cricketer James Anderson recently reached a historic milestone – he became the first pace bowler to get 600 international wickets. His achievement, reached over a remarkable 18-year period playing at the highest level, is testament to longevity and rolling with the punches. Throughout many ups and downs Anderson has maintained his focus on, and love of, cricket; continually refined his technique to ensure it is as sustainable as possible; and above all, worked hard to keep his body at peak fitness.
Back at 44, managing our cost and spend decisions with a much lower level of income has become an ongoing challenge that will continue for the rest of the business year and beyond as we work hard to return to growth. We are regularly exploring new opportunities and compete hard for fresh business when and where it sprouts up.
Throughout it all, our team has worked incredibly well together to keep everything going without compromising creative quality or service. Their love of delivering brilliant communication solutions remains strong too. I’ve been bowled over by the sheer professionalism and commitment of all our people and partners – both inside and outside of the business.
Just like James Anderson, we keep on keeping on. The focus we maintain and our active decision-making help to keep us on the front foot, so we can respond quickly to the next challenge coming down the extraordinary road that is 2020.
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