Nicholas Kyriacopoulos On How to Sustain Business Through Disruption
During the life of any business, there will be times when things aren’t going as planned. The disruptions may have to do with the economy, an aspect of the operation itself, or even some type of broad issue that affects society as a whole. When events of this type occur, there must be a way to weather the rough period and emerge successfully when things get better. If your company is currently dealing with any type of disruption, these recommendations from Nicholas Kyriacopoulos are sure to be of interest.
Assess All Company Resources
At the onset of the change of events, it’s important to take stock of what your business has on hand to get through this current period. Inventory all company assets. That includes intangible assets as well as tangible ones.
Consider cash reserves and how they can be put to good use. Take a look at your physical inventory and how it can help keep the business filling orders. Don’t overlook your employees, since they constitute one of your most valuable resources. You’re facing a situation that could take some time to resolve, so expect some stress on what you have in place. If you understand what’s on hand to weather the disruption, you along with Nicholas Kyriacopoulos have a good chance of lasting until better days arrive.
Communicate With Your Client Base
As Nicholas Kyriacopoulos will point out, now is not the time to stop communicating with your client base. If anything, it’s the perfect time to step up those communications. They are likely facing some of the same challenges and need assurance that you will continue to be there for them. If you don’t provide that assurance, they will quickly find another business that can.
Be transparent in terms of how things stand and what you can do moving forward. It’s not necessary to provide details on every aspect of your operation. Focus on those areas that are of interest to those clients. If they know their orders will still arrive on time and that you have every intention of remaining in operation, even if it’s on a temporarily reduced basis, they’re more likely to stick with you.
And Reach Out to Your Suppliers
You also need to be in communication with your suppliers and vendors. As Nicholas Kyriacopoulos would point out, the goods and services they provide have a direct bearing on your ability to continue serving your client base. Without those suppliers, you could run out of resources before the current issue passes.
Work with them to adapt delivery schedules if necessary. It may be helpful to adjust quantities as well as the frequency of standing or recurring orders. As long as you can continue to keep your accounts up to date and maintain orders, you’re providing those suppliers with what they need to keep going. They in turn are likely to be there for you if something unanticipated should arise.
Identify Ways For Employees to Keep Working
One mistake many business owners make is letting employees go. It may be necessary to reduce hours, but consider that a last resort. Your employees are trained and competent. The last thing you need is to have to train new ones once the current crisis passes.
Professionals like Nicholas Kyriacopoulos understand that cultivating and maintaining employee loyalty requires more than providing motivational remarks. Find ways for employees to continue working if at all possible. Should you need to go on a short time, try to be flexible with those who seek out part-time work to augment the hours you can offer. Doing so increases the odds that they will still be around when the crisis passes and you ramp up the business again.
Align Production With Anticipated Demand
How will the current disruption impact the demand for your company’s goods or services? In some cases, it may increase the demand. At other times, it could slip by a significant margin. It’s up to you to project the demand for the upcoming quarter and align your production accordingly.
Your goal is to maximize the use of resources while avoiding the possibility of ending up with an unreasonable amount of inventory on hand. It may be tricky to project those needs, but professionals like Nicholas Kyriacopoulos will tell you that this is one of the things that must be done to survive any type of disruption.
And Have a Plan in Place for After the Disruption Passes
The crisis will eventually pass. When it does, you should have a plan to restore the company to its former glory. That includes careful planning to increase production, call back employees to full time, and restructure your orders with suppliers to meet what will likely be a return to your usual volume purchases.
This plan must be laid out in steps that are arranged in a logical sequence. Experts like Nicholas Kyriacopoulos would recommend walking yourself through the steps to ensure one leads to the next without imposing any real stress. In doing so, you will benefit yourself, the employees, and your clients.
Keep in mind these are not the only strategies that you may employ during a period of disruption. Take a critical look at your business model, the nature of the current situation, and identify ways that relate to your industry in general and your company in particular. As Nicholas Kyriacopoulos will remind you, creativity and imagination combination will go a long way toward continuing to move the company forward no matter what’s happening.