Many businesses have been demolished by government-ordered shutdowns because of the COVID-19 coronavirus.
Of course, there’s no way to prevent losses when such a nightmare happens.
Yet you can have a business backup plan that minimizes the damage inflicted.
How to Create Your Business Backup Plan
If you don’t have a business backup plan, or you’ve discovered your plan is flawed, here’s what to do.
1. For the next four days, take one hour of uninterrupted time to brainstorm answers to the following question…
“How else could I sell my products/services than the way I do now?”
Tip – If you’re stuck, one of the easiest places to start is the flip side of what you’re doing now. For example, if your business is primarily online, think about offline alternatives. And vice versa.
2. Write down your answers as they come to you. The goal is to get as many ideas put down on paper as they come to mind. Don’t judge their merits.
3. On Day 5, spend one to two hours reviewing the answers you created during the first four days. Eliminate redundancies. Then rank the rest, taking into account the estimated return on investment (ROI) of your time, effort, and money each possibility offers.
4. On Day 6, cut the bottom 80% of those you ranked and focus on the top 20%. Spend an hour identifying which of these you can do now (before disaster strikes) to grow your business and spread out the risk.
5. On Day 7, put together a plan for implementing the top 2 to 3 items you identified on Day 6.
During the following week, create a written backup plan for the top 20% of the remaining items on your ranked list. These are the things you’ll do to fill in any gaps if part of your business (online or offline) gets shutdown for any reason (hurricane, pandemic, fire, etc.).
Print Your Backup Plan
Be sure to print a copy of your business backup plan and put it in a safe place just in case you can’t access an electronic version.