Hurricanes bring chaos, but for business owners, they also bring an opportunity to pivot, adapt, and come out stronger. As you focus on rebuilding your business, it’s essential to have a strategy that goes beyond recovery and looks toward growth. At ActionCOACH Tampa Bay, we’re here to guide you every step of the way, and our upcoming webinar, “9 Steps to Prepare, Pivot, and Prosper After a Hurricane,” is designed to help you do just that. Let’s dive into how you can begin this transformation right now.
Step 1: Communicate
In times of crisis, communication is your lifeline. Whether it’s with your team, customers, suppliers, or your community, staying connected is the key to managing the recovery process smoothly. Here’s who to focus on:
- Your Team: Keep your employees informed about your plans and listen to their needs. They’re crucial to helping you get back on track.
- Your Customers: Let them know you’re still here and how they can support your business during this time.
- Your Networks: Reach out to your business community and industry connections to share resources and ideas.
- Your Suppliers and Stakeholders: Negotiate flexible terms and maintain strong relationships to ensure minimal disruption in your supply chain.
- Your Community: Position your business as a helping hand within the local area. Strengthening these ties can be a long-term benefit.
Technology can help bridge the gap when physical connections are limited. Use email, social media, and other digital platforms to keep lines of communication open. This ensures that even in challenging times, you stay top of mind for your customers and partners.
Step 2: Be Positive
Staying positive may sound like a cliché, but it’s critical to leading through a crisis. Panic and worry don’t help—what does help is keeping your focus on small wins and staying solution-oriented.
- Celebrate small wins: Every little step forward counts. Focus on what’s working and build on that momentum.
- Ask, “How can I sell?” Even in tough times, there are opportunities. Think creatively about how you can serve your customers’ immediate needs.
- Limit negative news: Too much bad news can drain your energy. Stay informed, but focus on what you can control.
- Lead your people: Your team looks to you for strength. A positive leader inspires resilience.
- Self-care matters: If you’re not taking care of yourself, you can’t take care of your business. Make time for rest and renewal.
Step 3: Embrace Change
Now is the time to lead the change in your business, not just react to it. Pivoting means reassessing your products, services, and operations to better meet current demands.
- Get ahead: Don’t wait for circumstances to force you to adapt—be proactive in leading the change.
- Evaluate everything: Consider changing products, services, pricing, delivery methods, and even staffing structures. Be open to reinventing parts of your business.
- Partnerships: Forge new partnerships, especially with businesses in less affected areas, to expand your reach and resources.
- The Change Equation: Understand that dissatisfaction (D), vision (V), and focused action (F) must outweigh resistance (R) for change to happen successfully.
Sometimes, this means breaking old models and creating something new. Pivoting doesn’t have to be about survival—it can be about reinvention.
Step 4: Cut Back and Invest Smartly
In the aftermath of a disaster, cash is king. Prioritize where your money goes and ensure every dollar is used wisely.
- Stop wasteful spending: Eliminate unnecessary expenses immediately.
- Increase efficiency: Where can you streamline operations?
- Re-negotiate: Talk to suppliers and creditors now for more favorable terms.
- Invest strategically: If you need equipment or tools to operate efficiently, now is the time to make those purchases.
- Keep marketing and selling: Don’t fall into the trap of cutting back on marketing—this is when you need to be visible. Invest in efforts that will drive sales and keep your business front and center.
Step 5: Secure Credit
Extend or apply for credit before you need it. This includes:
- FEMA and SBA applications: Apply for disaster relief loans and grants immediately.
- Credit lines and cards: Extend them now while credit is still available.
- Refinance: Take advantage of any low-interest loan options to improve your financial position.
- Personal credit: Don’t overlook personal credit as a tool to keep your business afloat.
Step 6: Get Admin Help
Disaster recovery is going to add a lot to your plate, so it’s important to get help managing the additional workload.
- Technology: Implement tools to streamline processes such as invoicing, customer service, and communication.
- Customer service and banking: These areas are critical to maintaining trust and cash flow—make sure you have the right people or tools in place.
- Admin support: Whether it’s temporary help or long-term solutions, don’t hesitate to delegate.
Step 7: Keep Marketing and Selling
Don’t hit pause on marketing—this is when your business needs to stay top of mind for your customers.
- Increase, don’t decrease: Keep marketing efforts going to bring in ideal customers.
- Negotiate better rates: Whether for advertising or services, seek out deals.
- Create new offers: Adapt your offerings to meet the current needs of your customers.
- Measure success: Track your marketing efforts and focus on areas with the highest return on investment.
- Cash upfront: Where possible, offer deals for customers who pay in advance.
Step 8: Focus on Repeat Business
Your existing customers are your best customers—lean into them during this time.
- Create special offers: Encourage bulk buys, early payments, or exclusive deals for loyal customers.
- Communicate regularly: Keep them in the loop on how your business is operating and how they can continue to support you.
- 80/20 rule: Focus on the 20% of your customers who bring in the most business. Nurturing these relationships will sustain your recovery.
Step 9: Stop the Insanity
Avoid the burnout of trying to do everything yourself. Delegate where you can and lean on outside support.
- Get outside perspective: A coach or advisor can help you identify what tasks to delegate or outsource.
- Use technology and automation: Streamline repetitive tasks and free up time for strategic thinking.
- Proactive hiring: Plan for your future needs now by hiring or partnering with those who can support your growth.
- Strategic time: Make space in your schedule to think big-picture and plan your next steps.
FEMA Business Assistance
Recovering from a disaster like a hurricane can be daunting, but utilizing local and national resources can make all the difference. Recovering from a disaster starts with ensuring your business is in a declared disaster zone and gathering essential documents. You can apply for FEMA assistance online, by phone, or at a local Disaster Recovery Center. Even if you don’t want a loan, complete the SBA disaster loan application, as it may open up other FEMA resources. Be prepared for potential inspections to verify damages, and track your application status online. Once funds are received, use them for repairs and recovery, keeping detailed records for potential audits.
Gather Required Documents: Having the right paperwork ready can streamline your recovery process:
- Business tax returns (last 3 years)
- Profit and loss statements
- Balance sheets
- Lease agreements or mortgage details
- Business licenses and permits
- Insurance information
- Bank account details for direct deposit
FEMA:
- Online: DisasterAssistance.gov
- Phone: 1-800-621-3362
- In-Person: Visit a local Disaster Recovery Center (DRC)
Additional Assistance:
- Disaster Unemployment Assistance: For employees affected by the disaster.
- Crisis Counseling: Emotional support for business owners and staff.
- SBA Mitigation Assistance: Additional funds to strengthen your business and reduce future risks.
If you feel the assistance is insufficient or if you receive a denial, you can appeal within 60 days. Include supporting documents like proof of damage or further financial losses.
Helping Tampa Bay Businesses Rebuild Together
We know recovery can feel daunting, but we’re here to remind you that with the right plan in place, your business can come back even stronger. By being part of the Tampa Bay business community, you’re not just rebuilding for yourself, you’re helping to strengthen the entire ecosystem.
If you have additional questions, please schedule a one-to-one coaching with one of our business coaches at ActionCOACH Tampa Bay.
