The COVID-19 pandemic has sparked a global financial crisis, like never before. Individuals are suffering financially, while the world itself has plunged into a deep economic recession, one that would take years to fully recover from.

I’m sure I don’t need to tell you how devastating it has been for everyone. If you’re a regular employee, it’s safe to bet that COVID-19 has hit you and your finances hard. And this could be especially tricky if you’re running a business, or leading a team that counts on you.

As a leader in the pandemic, it is your duty to guide your team and provide them with reassurance – even amid halted operations and work-from-home setups that can’t promise the same stability as the pre-coronavirus world.

But it doesn’t have to be all bad and difficult. How, you ask? By handling it like a boss. Here are three ways to make sure you can survive the financial crisis – the BOSS way.

1) Be Decisive

Pre-COVID-19, it would’ve been good advice to take time to consider all options when making business decisions. Now, while deliberation should still precede decision, the truth is you also don’t have the luxury of time anymore.

This is where being decisive and quick comes into play.

One of the best examples of this quick decision-making is the NBA. At the time of writing, the world’s biggest basketball league is in the middle of the Playoffs. The NBA Playoffs are usually the most exciting time for any basketball fan. But it’s a little different now with stadiums being closed. Hence, the league is currently functioning at Disney World inside a “bubble” worth $150 million. The bubble is a massive facility where players practise, play their games, and also live and relax in. The league implements a strict no-outsiders policy, and players and coaches undergo regular COVID-19 testing.

Yet, this wouldn’t have happened, and basketball fans and players wouldn’t be able to enjoy the game again if it weren’t for the NBA’s decisiveness. It was the first sports league to shut down and re-evaluate once one of its players tested positive for COVID-19. It took immediate action and carefully considered how it could restart the games safely.

It’s these kinds of decisions that allowed the NBA to stay afloat and continue earning money. In your case, it ought to be the same.

You need to evaluate now how your business model is going to sustain itself. Are there ways for you to adapt, or is it better to cut your losses on certain things? Do you prioritise employee safety, financial liquidity, or continuing operations? These are questions you need to answer.

While they aren’t easy decisions to make, you have to decide fast, so you can make better ones in the unsure future we have in front of us.

2) Get Picky with Your Budget

The next thing you need to do is be honest with yourself about your budget, and start fine-tuning and optimising it accordingly. Sure, we all want to have a lot of assets, but it could be wiser to downsize, especially while the world’s economy hasn’t gone back up.

Even the biggest businesses are doing this. Shell, one of the largest gas companies in the world, recently devalued its own assets by USD22 billion. This is obviously due to the decreased mobilisation of cars and other oil-dependent machines because of the pandemic. But also, it was, above all, an important decision to keep the gas giant alive.

Similarly, you need to take an honest look at yourself. Don’t bank on predictions for how the world will bounce back – no one can honestly say when it will. So, conduct a detailed assessment of your budget and operating costs, and see if there are any imbalances you can minimise or eliminate.

But make sure that while you trim the fat from your expenses, you’re also not self-sabotaging your company and preventing it from functioning. You have to be calculated in these decisions.

3) Guard Your Internals

At the end of the day, the most important thing is to stay liquid. The basic math is that you can’t keep your business alive unless you’re liquid.

So, don’t get ahead of yourself. Focus on what your product is, and what it does well. You can’t just jump onto whatever opportunities a financial crisis might present. It might just end up being a fake oasis that you can never quench your thirst in.

Focus on making money with the money you have, and don’t stray too much from what has made your business successful. If you do, you could be in for a very difficult recovery that might ride out with the rest of the world’s recession.

To your success,

Mario

[Visit www.mariosingh.com now to enjoy a FREE e-book of my latest “37 Essential Principles for Massive Success” when you subscribe!]