{"id":33160,"date":"2020-04-16T16:47:08","date_gmt":"2020-04-16T20:47:08","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=33160"},"modified":"2020-04-17T12:18:06","modified_gmt":"2020-04-17T16:18:06","slug":"business-report-re-boot","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2020\/04\/business-report-re-boot\/","title":{"rendered":"Business Report: Re-Boot"},"content":{"rendered":"<figure id=\"attachment_32925\" aria-describedby=\"caption-attachment-32925\" style=\"width: 200px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-32925\" src=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2020\/02\/cruz-vc-200x300.jpg\" alt=\"\" width=\"200\" height=\"300\" srcset=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2020\/02\/cruz-vc-200x300.jpg 200w, https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2020\/02\/cruz-vc.jpg 432w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/><figcaption id=\"caption-attachment-32925\" class=\"wp-caption-text\">Michael Cruz, president of Lighthouse Advisors LLC in Queensbury.<\/figcaption><\/figure>\n<p class=\"p1\"><span class=\"s1\">When we get \u2018the other side\u2019 of this shutdown, it will be critical to hit the ground running. Here is what you can do NOW. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Start with your business plan. A reboot will allow you to challenge whether your business is headed in the right direction. Consider whether you have the right product mix. Are you focused on the right markets? Which products or services provide you the best margin? Which have the most need in your market? You can adjust your strategy now, while you have time. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">When given the all clear \u2013 quickly notify customers that you are back. Use social media. Use ads. Most importantly, call them! Make sure your sales teams are armed with your adjusted plan and reach out to as many customers as possible. It is critical that you re-establish relationships. <\/span><!--more--><\/p>\n<p class=\"p1\"><span class=\"s1\">While you are at it, look at your people. Who are your strong performers? Who are not? Do you have the right team? If not, this is also a good time to be interviewing stronger players. How have employees reacted during the shutdown (even if you are not completely closed)? Stressful situations and how we react often send strong signals about underlying character. Pay attention to who has adapted well. Equally important \u2013 which people have not reacted well. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Go back and work on your customer list. Think about who your good customers are. Group them as A, B or C customers. Everyone will have some cash issues. Even if they were open, revenues are diminished. You should expect some price pressure. Or people asking for terms. Don\u2019t let your bottom feeder customers put you in a bind. You may want to be more flexible with good customers. But, resist the urge to work too much with C customers. You are not a bank. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">If you need some help, someone to talk to for an hour, please contact a mentor or advisor. Get some outside thinking. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">And, a shout out to the Adirondack Chamber for their tireless help to the community through this crisis. They have been a fantastic source of information. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">A little preparation now will help you get through this in good shape! <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When we get \u2018the other side\u2019 of this shutdown, it will be critical to hit the ground running. Here is what you can do NOW. Start with your business plan. A reboot will allow you to challenge whether your business is headed in the right direction. Consider whether you have the right product mix. Are [&hellip;]<\/p>\n","protected":false},"author":196,"featured_media":32925,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Business Report: Re-Boot - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2020\/04\/business-report-re-boot\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Business Report: Re-Boot - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"When we get \u2018the other side\u2019 of this shutdown, it will be critical to hit the ground running. 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