Posts tagged business

Knowledge Management During Crisis

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Have you discovered the importance of strong knowledge management as companies laid off employees and the remaining employees all started working from home?

You might be thinking, what the heck is knowledge management?

Knowledge management is a process of defining, structuring, retaining, and sharing the information, knowledge, and experience of employees within your organization.

Normally, it’s important because it boosts efficiency, effectiveness, and decision-making ability in a company.

Now, more so than ever, companies are finding that knowledge management has become almost paramount.

Why?

Mainly because of two things:

1.  Employees have, for the most part, been forced to work remotely — working at home.

2.  Several companies have been forced to layoff employees fairly quickly to protect their cash flow.

But really why?

Mainly because most company file systems are completely disorganized, employees have files saved haphazardly in systems as well as their own personal locations, some still have paper files and paper-based processes today.

Thus, it’s extremely hard right now to find information that you are looking for.

How is your knowledge management?  Has it become a major issue in your company?

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Next Ripple for Coronavirus

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For many people, monthly bills are due soon: rent, car, accounts, etc.
Why is this important?

Ripples in the pond.

This is when the economy is going to start feeling the crunch.

With so many people out of work and so much turmoil in business, everyone will start making some financial decisions.

To pay or not to pay.

It’s now that the true economic impact of coronavirus is going to start showing up.

Consider this, 3.3M — record numbers — on unemployment. They’re going to make every dollar they have go as long as they can, right?

Businesses have a lot of monthly bills, but the future for their company isn’t clear and cash is king. They’ll probably hold off paying any bills right now — holding on to their money.

Also, people are going to start tightening their belts because of the lack of money coming in. So, significantly reduced spending will start occuring this coming month.

This coupled with people staying at home, so no gas being bought, no travel, and no entertainment.

Result: considerable less cash flow in businesses and more lay offs.

Vicious Circle.

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Change Readiness

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Was your company ready for this current change or is it reacting and thus managing the change?

Cigar Talk with Crosscutter Enterprises is back.

If you are managing #change in today’s business world, you are probably behind the times and late to the party.

In today’s business world, changes are hitting companies in such a way that they simply can’t keep up.

The old world of managing change is long gone.

But being ready for change is a lot more of up front work — much like planning — and many companies don’t take that time to make it happen.

Change readiness is like growing grass. If you have a plot of weed-filled dirt, simply throwing grass seed on the ground and watering it probably won’t be too successful.

You need to remove the weeds, till the dirt, fertilize the ground, and then spread your seeds for best results.

What are you doing now to ensure you business is ready for the changes after the coronavirus crisis is over?

Change Readiness starts with building awareness, desire, knowledge, and ability early.

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Innovation in Crisis

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Has your company come up with an innovative value or completely changed what they do in this crisis?

We have seen some very quick changes in business because of COVID-19.

Manufacturing plans moving quickly to producing masks and ventilators.

Distilleries producing hand sanitizer.

Restaurants switching to a dine out operating model.

Many businesses moving to online interaction. We even are seeing online happy hours and networking events.

Is your business one of the ones stuck in the old way of doing business? Or, were you able to make a quick shift to something profitable?

So many businesses are stuck in their old way of doing business.

Which are you?

If you’ve changed, hiws that working out for you?

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Contingency Planning

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How important is disaster and contingency planning for your business … now? 

In 2016, my wife and I opened our horse farm. We also started an equitherapy-for-vets nonprofit.

One of the requirements for accreditation of the nonprofit was to establish contingency plans to mitigate potential risks.

After 21 years in the military and 7 years as a war planner, I fully understood the importance on risk mitigation through disaster and contingency planning.

Even though we’re a small business, we have plans in place for Flooding, Freeze, and Fire. The Flooding and Freeze plans have been used every year since we opened.

We never imagined that Pandemic would be on the list!

However, what we found is that we were able to pull out our plans and were able to quickly pull key aspects of the existing plans to create a quick response to deal with this crisis.

Did your business have any formal contingency plans going into this? Have you ever considered business risks and devised mitigation strategies.

No one could have planned for a Pandemic, except maybe the World Health Organization. However, planning is still quite important.

If you don’t have any contingency planning, what are you going to do about it today?

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Leadership After COVID-19

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How will your leadership  behaviors change after COVID-19?

I’ve seen some pretty sad displays of business leadership during this crisis.

Governments hiding the truth. Business owners forsaking their people.

By now, most have seen the story of Chili’s in the Atlanta airport, where they had all their workers come in to clean the store and then laid them all off directly afterwards.

As a leader, have you taken a hard look at yourself in the mirror and witnessed how your behavior had changed in this crisis? Are you self-aware?

Jobless claims soared to 3.2M.

This week, I heard of a business leader moving all their sales staff from partial salary to 100% commission. This in a company that can’t sell anything right now. Might as well lay everyone off.

Then I’ve seen leaders that eliminated their entire salary and all the executives took a pay cut.

Some companies have cut all salaries in half during this crisis to keep everyone on staff and protect their jobs.

While others have used this as a way to eliminate people they wanted gone from their company all along.

Imagine what people will look for in a leader after this crisis? Especially at a time where companies will be hiring in the droves.

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What’s your routine?

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Ok work-at-home warriors, what routine have you established or are you still struggling to figure it out?

When we go into an office every day, we normally have a pretty specific routine.

 We wake at a certain time.

☕ We have our morning coffee, maybe a light breakfast.

 We get the kids off to school.

‍♂️ We try to navigate the morning traffic at a certain time.

 We get ourselves situated in the office for the day.

Well, for many of us, that routine is gone right now.

So what’s the new routine you’re putting in place, or are you trying to keep the old one?

Are you struggling with your routine right now?

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Sunday Success LinkedIn Tip

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Are you looking  to increase and improve your use of LinkedIn during this pandemic crisis? 濫

Here is a LinkedIn-specific Sunday Success tip.

All connections are not created equal.

The connections you want are connections that will engage with you and expand for network.

Pick a specific type of connection you want — let’s use Purchasing Agent as an example.

Type “Purchasing Agent” into the search bar and then select “People” as a filter.

This will give you a list of people with Purchasing Agent in their job title.

Then, check each person out and see how many connections they have and if they have any Activity.

If they don’t have any Activity, then they’ll probably never read your stuff and clearly won’t engage with you.

Choose your connections wisely.

Send a personal invite to those that look like they will engage.

Have a great Sunday!

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What Will Change?

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How will our  world change due to the coronavirus ⛑ crisis?

My Predictions:

More people will find remote online employment versus employment in a brick and mortar business.

Businesses will also move more to remote workers and reduce their costly footprints.

Homeschooling is going to step up for sure.

If teaching K-12 remotely works, people are going to question the public burden of costly infrastructure–we might see physical campuses simplyngo away.

Grocery and supplies delivery will significantly increase.

People will store more nonperishable food and consumables in their homes.

Expect more home downsizing.

Eating at home and healthier will increase.

The streaming video industry will grow significantly to serve much more people — things like movie theaters will decline.

Trust in government will hit the single digits.

Your thoughts?

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