Looking at the current global economic crisis and reflecting back on my own personal journey as a business owner, I can’t remember ever facing such a perilous and frankly scary situation as what small business owners must be going through right now. But I do know what it is like to nearly go bankrupt and lose everything, and also having businesses not work out, so my heart genuinely goes out to all of you as I know many people are having sleepless nights right now. The economic impact of Coronavirus will be generational but right now we have an immediate crisis to deal with as we are in a world of hurt.

The ABC basics they teach you in First Aid when putting the patient into the recovery position equally applies to business. A = Airway, B = Breathing, C = Circulation. As a Chief Executive survival has to be at the forefront of your mind, growth and expansion are no good to anyone if you are not breathing. So, if your business does not have a clear airway, is not breathing properly and the blood not circulating correctly, then you are in trouble. The current economic crisis has put businesses, especially SME’s, into shock. Now you have to come around quickly and get moving.

Whilst I don’t have a magic wand to fix anything, I can contribute in so much as to what I would do if I was sitting in the Chief Exec’s Chair again of a small business facing the current situation. Some of this maybe common sense but even these pieces of advice hopefully can act as a check list of sorts for someone.

This list is far from exhaustive; and we are going to be all living with the effects of this crisis for probably a decade once it passes. Stock markets and the global economy are not going to recover overnight. Look at the recovery periods of the FTSE and the Dow Jones, post 1987 (Black Monday), 1992 (Euro), 2001-2002 (Dot Com Bubble), 2008 (Financial Crisis), but be assured that the markets always do recover and remember what triggered all of this was not a financial crisis.

I do hope this short blog is of some help and my thoughts and best wishes are genuinely with you all. It may come across as extremely self-centred, but when you are the Chief Executive of a company, especially of your own company, the buck stops with you. So I am not going to apologise for that. You have nowhere to hide, and you have responsibilities to your employees, customers, shareholders as well as to yourself and your own family.

As I have said so many times before, if you don’t look after your employees then you won’t have a business. So, right now you have to do the right thing by them for everyone. It’s tough sitting in the big chair, many think they can do it, the reality is few actually can. But for those who do, I know that you will steer your ship successfully through the stormy seas ahead and I also know that you will be truly amazed how your people will rally around you and how much you will learn about oneself.

If anyone wants to talk through where they are, then feel free to connect and direct message me. If I can help, more than happy to do so.

Stay Safe – Mark

Disclaimer: This is a personal blog. The opinions expressed here represent my own and not those of my employer. In addition, my thoughts and opinions change from time to time and I consider this a necessary consequence of having an open mind. This blog is intended to provide a semi-permanent point in time and as such any thoughts or opinions expressed within out of date posts may not be the same or similar to those that I hold today.