JPI Founder Stephen Scoggins shares how to survive COVID-19 in a recent Grit Daily article.
During this unsettling and unprecedented time, our Founder and CEO Stephen Scoggins wants to assure everyone that we will come out of COVID-19 in a better place, provided that we hold fast and come together.
In a think piece published on July 26, Stephen shares his belief that keeping a level head and avoiding reactionary decision-making will help businesses withstand the pandemic, and reminded the reader that the market always returns in the end.
In the meantime, he says, we should focus on people. Rather than immediately jump to layoffs and downsizing, identify wasteful expenses first. Not only does this keep you from letting go of valuable team members, but it also sends a message of strength and resilience to your people and your competitors.
Before Downsizing, Consider Unifying
In the article, Stephen reviews 5 principles that have allowed his companies to thrive while everyone else is struggling. The first is to be transparent and unify. “We told [our team that] we needed to come together and take care of one another to prevent saying goodbye to someone we care about,” he shares. Then he and his team began a dialogue in which they re-evaluated each person’s role and considered how each person could expand their role in order to increase their effectiveness.
Avoid Over-Leveraging to Prepare for Troubled Markets
Rather than rely on “cheap” money, Stephen believes that it’s better to avoid debt, arguing that growing incrementally as existing cash flow allows is safer. He explains that an ongoing goal of his organization is “to have cash when others don’t.”
Initiate a Dialogue With Your Customers
In the article, Stephen urges businesses to remember that their customers are in the same boat and to go the extra mile to figure out how to help them. Rather than stay in fear, get creative. Be a source of solutions and reason for those who need help. Renegotiate terms and prices generously and temporarily with a definitive end date. There’s always something you can do, no matter how bad things appear.
Rethink Your Business Model
Both Custom Home Exteriors and The Journey Principles Institute have cultures that reward ideas and innovation, and this comes especially handy in times of crisis. Leaders emerge when things get hard, Stephen Scoggins insists, because it compels us to think differently.
Be Patient, Ignore the Hype, and Focus on What You Can Do
There’s only so much good that can come from watching a crisis unfold. In the end, it’s more important how we conduct ourselves. Competition may rise and the economy may change, but our business’ success comes down to us. Keeping your eye on the prize allows you to be patient and not overreact with the rest of the crowd.