And a machine transcript of the session:
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The Our Shawn: Get this recording started. Hey everyone, are Sean McBride here. Thanks for joining us today we are talking about rebooting your business in light of changes I’ve got my colleague and co author and Gaddy joining me. Say hi. Yeah.
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Ann Gatty: Hi everyone. How are you this morning or afternoon, whatever time time frame. You’re in
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The Our Shawn: Any always time zone, you’re in. Yeah, we’ve been talking about, we’ve been taught, we’ve been working on a book called watch for SEO, which is really about the journey from becoming an entrepreneur, being a CEO.
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The Our Shawn: The different stages in their process and the fact that not everybody progressive different all the way through and not everybody should even try to progress, all the way through.
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The Our Shawn: And with that body of work. And that book largely draft it. We’ve been now reflecting over the last couple of weeks with coven 19 and all the changes and coronavirus
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The Our Shawn: How it just changes business models. And I think, and today you and I were talking a lot about the fact that for some people, their business model just changes right particularly like the restaurant industry.
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The Our Shawn: It may not be the same. After coronavirus, you may have to rework the business model from the top to the bottom.
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Ann Gatty: Yeah, may not be aligned with how the economy is going to come back and we were talking, restaurants, for example, whether they are able to use the capacity
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Ann Gatty: Ratio that they’ve used in the past, whether that’s going to be in place, but we also realize that businesses have should at at the start, as they’re building their businesses and going through
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Ann Gatty: The years that they’re operating should have some type of a planning and analysis mechanism in place so that when disruption happens
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Ann Gatty: They are able to put together a team to look at things and not only pivot, which we’ve written about, but also in this case. Now we’re talking about rebooting. Yeah.
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The Our Shawn: And you know, we can all look in the rearview mirror and say, planning, you know, would have been better. We’re all just dealing with reality of where we are, for the future. I think we all know
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The Our Shawn: To do some disruption planning better than what we’ve done, perhaps in the past.
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The Our Shawn: And the truth is, even if you had a disruption plan for, say, an earthquake or for a tornado or something else coming through, you know, you can use parts of that plan.
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The Our Shawn: You know, to carry your business forward. But I think one of the big things. You and I were hitting up on is
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The Our Shawn: A business owners need to assess where they are right now got a kind of a short term issue of where are you, where’s cash flow what’s going on. How do I keep this business going
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The Our Shawn: And then the secondary issue is, where are we headed. Now, that may be a little bit harder to get to. And for some business owners, you really need take a long hard look at where your business model work in the future, you and I talked a lot about like a high volume of lunch counter
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The Our Shawn: And in that situation, you know, it may be that that just doesn’t work anymore. Right. You may not
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The Our Shawn: Be able to have lots of people shoved into your restaurant and move them in and out quickly.
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Ann Gatty: Well, I think that the certainty we have right now is that we’re in a time of uncertainty and we don’t know when exactly
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Ann Gatty: Businesses will be able to come back. So you do have to really look at a variety of scenarios, you know, how fast are we going to be able to establish some kind of a remedy for the coven
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Ann Gatty: Crisis. How fast is the economy going to come back. Is it going to be slow is going to be a relatively quick is it going to depend on geography is it going to depend on the industry. So even if
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Ann Gatty: You have a motto. And you say, well, here’s how I can operate. Not only is it the capacity we were talking about Sean, but also demand people may not be ready to come back and so that may shift.
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Ann Gatty: How you how many customers you have, how quickly they come back to your working with your company. I mean, there are a lot of uncertainties out there.
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Ann Gatty: And so that’s why we’re saying, You really ought to analyze a couple of different strategy alternatives and look at which one you can then embrace depending on where we end up
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The Our Shawn: Yeah. And so, folks. I want you, I want to welcome everybody to join our entrepreneur CEO group. By the way, if you’re watching this on Facebook, you’ll see a link to it. If not, go check out me or and
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The Our Shawn: On Facebook or LinkedIn and you’ll, you’ll find a link to our entrepreneur to CEO group on Facebook. That’s what it’s called but
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The Our Shawn: I think you’re right. And so we just don’t know when it’s coming back. We don’t know how quickly it’s coming back and we just don’t know if people are going to do what they behave the way they used to it. Right. We don’t know how long.
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Ann Gatty: Term we know they’re not going to behave the way they used to. Not for a while.
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The Our Shawn: Now for a while. Right. But we don’t know if you know six months from now. I don’t know if you walk into a restaurant, it will be a lot like it was, you know, six weeks ago.
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The Our Shawn: Or if you walk in there. And the reason I say, hey, I don’t want to close to strangers. You know, I’m not concerned about
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The Our Shawn: You know, then passing me something I think a lot that’s going to depend on these virus numbers, which we don’t know.
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The Our Shawn: But also just how much is it locked into people’s psyche, you know, people who had and there were certainly people out there that were scared of germs before
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The Our Shawn: But now they have reinforce that belief right so that percentage of the population probably doesn’t want to do the things they used to do so.
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The Our Shawn: I think the key we’ve been talking about is for business owners is to re examine
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The Our Shawn: multiple scenarios of what might happen, right. What if everybody comes back to the restaurant. Do I have enough employees can I staff it
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The Our Shawn: What if people are very slow to come back to the restaurant. And what if, in the middle, right. What if people come halfway back and I have to have less seats in my restaurant, and I have to change my layout or those types of things.
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Ann Gatty: Well, they have to do that. And also look at their supply chain. Yeah, you know, we really didn’t talk about that today Sean, but we certainly know that that’s a very important aspect of this as well. Um, and so, really, I think that it’s important to consider the what ifs and the options.
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Ann Gatty: So that you’re ready to go. Depending on where we end up. And as I said before, because it’s the uncertainty that is
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Ann Gatty: Making it difficult for leaders at this time. But what we’re saying is, this is not the time to freeze and wait this is not the time to sit back and say, while react to whatever happens, you know, we’re not in control of this virus.
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Ann Gatty: To a large extent, nor are we in control because of the government regulations and how things are working with our economy right now.
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Ann Gatty: But we need to still be proactive. That’s what we’re saying, I think, Sean.
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Ann Gatty: Be proactive in their planning and their analysis so that when
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Ann Gatty: things begin to break, they’re ready to go.
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The Our Shawn: Right, if you’re a business owner right now. You know, my recommendation would be particularly if your business owner. Whose business is shut down. Because of this, if you’re a restaurant you’re running on a skeleton crew maybe doing carry out, take away
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The Our Shawn: You know, maybe if you’re a non essential manufacturer
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The Our Shawn: Now, even with the uncertainty of the future, now’s the time to start running. What if scenario is coming up with plans and you can refine those plans, get more information on reopening dates and what’s might be possible and collect more information.
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The Our Shawn: But now’s the time to run the what if scenarios and start planning for that.
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Ann Gatty: I also think Sean that there. They need to be business owners need to look at what they’re doing right now.
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Ann Gatty: You know how we’re communicating and maybe that’s not how you’ve been communicating with your customers.
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Ann Gatty: In the past, there may be some specific platforms.
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Ann Gatty: On online platforms social media, whatever that you’re using. You’re saying, hey, I’m going to incorporate this. So here’s something that has been good from us being away from apart and together.
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Ann Gatty: Is that we know now that we want to offer these kind of ways of communicating. We also know if we are working from home.
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Ann Gatty: That this might be an alternative when you’re building your inclusive environment for your
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Ann Gatty: Employees that there is more flexibility than you thought. And so meeting times may not have to always start with everybody together at nine o’clock, but it may be that we can do something for mode. So I think that
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The Our Shawn: I think
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Ann Gatty: Yeah, I think it’s planning as you’re planning for the future, then make sure that you see what you learn from right now.
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The Our Shawn: Yeah, I think, I think that a lot of from your customer side to and your employees that a lot of new things. We’re trying, right. So, you know, if you’re a restaurant.
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The Our Shawn: You know, maybe, maybe you aren’t showing the other takeaway business right away. Maybe that becomes part of your long term model, right, maybe that’s part of it is like now people are more accustomed to eating meals at home.
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The Our Shawn: They had to because of cove at 19 but some people like your food. And now, maybe an option is that they can enjoy your food at their home, you may have to adjust your model to fit those two pieces together so
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Ann Gatty: You don’t want to give up. You may have created a new revenue stream and you don’t want to give that up.
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The Our Shawn: A new revenue stream. And then, of course, we talked about the physical layout of restaurants have the capacity issue. So maybe you can have as many people in your restaurant.
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The Our Shawn: But maybe you can take serve takeaway meals and deliver to people’s homes and now when you marry the two together, you can come back to make your business.
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The Our Shawn: Survive and even thrive off of that combination. So a lot of options out there, folks.
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The Our Shawn: We’re headed we’re hitting hard break on time, but I want to welcome you to join our entrepreneur to SEO community, you’ll see a link to it. It’s a Facebook group.
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The Our Shawn: come hang out with us be part of the discussion we’re really helping people who are somewhere in that journey from being an entrepreneur to being a CEO of an organization that runs itself.
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The Our Shawn: And regardless of where you are in the journey. We’d love to have you as part of it and join our discussion so
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The Our Shawn: Yeah, and thanks for joining me. And I want to thank the viewers out there for joining us as well. We look forward to seeing you all again soon. Talk to you soon.
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