Like many of you, I have been eating at home a lot more than I was a few months ago. I experimented with new recipes, to mixed results. I have a few new favorites, and a few I don’t need to make again.

If you haven’t already done it, now is the time to try some new recipes for your business. Try this one:

INGREDIENT LIST:
EMPLOYEES
SPACE
PRODUCT/SERVICE MIX
MARKETING
FINANCIALS

DIRECTIONS:

  1. Start with your EMPLOYEES. Check in with your team. Are they able and willing to come into the workplace? Make arrangements for everyone’s comfort and safety. Train your team on new cleaning and safety procedures. Make a big deal when your people return to the workplace – it is a reason to celebrate! On the flip side, is there a team member who is not performing or cooperating? You only want quality ingredients in your business. There is a lot of talent on the market right now. Don’t settle for anything but the best.
  2. Next, prepare your physical SPACE for the safety of everyone who enters. This may mean signage, barriers, hand sanitizing stations, having PPE, and shifting the layout.
  3. Review your SERVICE OFFERINGS AND PRODUCT MIX. Feature your top sellers. Rearrange your stock so it will be easy to sanitize displays. Bring in something new that complements your current offerings. Distribution and delivery methods need to be updated. If a product or service is no longer relevant to your customers, it is time to discontinue it and get it out of inventory.
  4. Refresh your MARKETING. Update your website and social media with current hours and any pandemic-related policies that impact how customers do business with you. While you are at it, add some new photos or graphics. Consider featuring people instead of products, whether it is team members or customers. Have a special offer for loyal customers to welcome them back. Celebrate that you are open and looking forward to seeing your customers!
  5. Add a healthy dose of FINANCIAL savvy to the mixture. The budget you did in January for 2020 is busted. Be honest about how much money you currently have, how much debt, and make realistic projections for the next 90 days. Adjust your spending. Meet with your bankers and investors to let them know where you stand and what you are planning for the next few months.

Once you have combined all of these ingredients, keep track of what works and what needs to be adjusted. Then enjoy your recipe for success!