March 24th – Isolation – Day 2

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Day 2 of isolation – slightly more productivity in this new norm.

This morning my business partner, our investor and I had a round up to talk through what the plans are for the near future. The finance industry is going to be hit hard (as are all) throughout this process and we need to make sure there were some plans in place to ensure we continue to be active through the next few months.

The big theme of our morning was that there will be another side to this. The virus won’t last forever, nor will the shutdown. There is another side to this adventure and if we have a long enough horizon with our thought patterns, we will find ourselves making it through. It doesn’t mean that we eschew focus on the here and now (we have worked a lot on what that looks like) but it means we use this time now to put us in the best position to take advantage of when things return to normal.

This is also a conversation I have with a number of clients and lenders. The fundamentals to what was a good business yesterday haven’t just up and disappeared – the world is just a bit topsy turvey at the moment. If your horizon and goals are more than the immediate 2 – 3 months then there is no reason that you can’t get through.

There will be some industries that will take longer to bounce back than others but likewise to that I think there will be some that will kick off with a hiss and a roar after all of this. What is important is that businesses get through to that other side and all the support is out there for you to do so.

As a developer it could mean restructuring some debt over extended terms to allow for a couple months of no work. As a business owner it could be temporary principal relief on loans or a small overdraft facility to cope with some of the coming expenses. It could also mean having some hard conversations with staff or your landlord around cutting back.

It could also mean rethinking your products and services, planning strategy for a re-launch to market, thinking about your business structure and spending time working on your business as opposed to in your business.

All of these things are better served with advice and someone to bounce ideas off. That is why the three of us spoke this morning and why having someone you can speak to is important.

If you are looking for that feel free to reach out. We are here to help.