Six months since the start of lockdown:
It's a convenient moment to stand back and reflect on the effect on business owners – especially those business owners who have the good fortune (or foresight, rather!) to be TAB members.
There have certainly been plenty of downsides for us…
- In some cases, enquiries, orders, and sales drying up overnight
- The hassle and heartache involved in the furlough process, and in many cases the redundancy process which followed
- Irritation (and often more than that) at the chopping and changing of Government announcements, and the virtual impossibility of making plans that don’t have to be constantly revised
- Personal issues revolving about dodging (or coping with) the virus itself: remote schooling, exams, delayed or cancelled holidays….
- …. and arching over everything, the ramping up of the responsibility and potential worry which always sits on the shoulder of those who own their own business
But, let's not be all negative. There have been plenty of upsides, too...
- We've have a LOT more time
- There's been reduced expenditures (in travel and marketing in particular)
- More contact with your TAB facilitator and fellow TAB members, to keep you grounded and topped up with good advice in a rapidly changing business landscape
As one commentator has said, the last six months have telescoped economic changes that would normally take ten years – and in these circumstances, those who are most agile and open to change will not only survive, but thrive.
So, what next for you as a TAB Member?
Clearly the “new normal” is with us for a long time (if not for good), and wise business owners have already put in place plans for this – plans which have been subjected to rigorous questioning and advice from their fellow TAB members.
The next stage is what in the TAB world we call the Year End Process –
- Reviewing the Board’s effectiveness in November
- Looking back over the last year in December, including mistakes made, lessons learned, and improvements made
- and in January - presenting the plan for 2021 to the Board
As Warren Buffett said, “it’s only when the tide goes out you discover who’s been swimming without a costume”…. it’s at times like this that having a challenging, but supportive, team of fellow business owners really shows its worth.
Can you see the value of TAB in these challenging times? We'd love to hear about it - submit a review or testimonial here. Thank you!
