business lessons learned from covid-19€¦ · business lessons learned from covid-19. thank you...

I M P R O V I N G T H E P R O B A B I L I T Y O F S U C C E S S F O R B U S I N E S S O W N E R S

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Business Lessons Learned From COVID-19

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community!

R E N O . B R A N C H @ M Y B B S I . C O M | 7 7 5 . 4 3 2 . 1 8 4 5

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DEVIN SIZEMORE

• 9+ years of business development experience

• Worked with over 400 businesses

• Owned an online marketing agency from 2012 – 2016

• Owned a sales consulting company from 2016 – 2018

• Area Manager of BBSI from March 2018 - Present

• Love business!



ABOUT BBSI

• Started as a staffing company in 1972

• Publicly traded on the NASDAQ: BBSI

• Professional Employer Organization – PEO

• Payroll

• HR Consulting & Recruiting

• Risk & Safety Consulting

• Business Consulting

• Workers’ Compensation Insurance

• 6,500+ Client Companies Nationally

• 110+ Local Teams



AGENDA

• 10 Lessons Learned From Covid

• Tools To Help You Gain Clarity

On Your Business

• Q&A



1 – NEED TO DIVERSIFY PRODUCT/SERVICES

• Examples:

• Went from making alcohol to hand sanitizer

• Cleaning company adjusted its services to now

include medical-grade deep cleaning

• Fitness companies offering online training to keep

employees and clients engaged

• Restaurants offering take home meals & recipes

• Photographer creating educational content

• Niches/Verticals Are Good & Bad!

• Positive – Expert Status

• Negative – High Risk



2 – TECH IS YOUR FRIEND

• Leveraging digital platforms for

meeting & collaboration

• Fundraising without live events

• Possibility to cut costs long-term

• File storage options

• Expand labor pool



3 – RELATIONSHIPS MATTER

• Bank

• CPA and/or Accountant

• Insurance Agent

• Landlord/Mortgage Company

• Vendors

• Suppliers

• Other Cost Centers



4 – NEED A CONTINUITY PLAN

• What if…

• Cashflow impacted for 6 weeks, 3

months, 6 months?

• One of your product lines stops selling?

• You lose a key employee?

• Regulations restrict you?

• A competitor starts taking significant

market share?

• Tool – Six Pillars (referenced later)



5 – A/R IS CRITICAL

• Do you have an agreement?

• How do you enforce payment?

• How do you get creative?

• Pay up front

• More up front

• More online or mobile payment options?

• Offering financing?



6 – DON’T GET LOST IN THE CHAOS

• Continually putting out fires?

• Big Three – Little Three

• Three things that move your company forward

• Three things that keep getting pushed off

• Delegate & Transition Ownership

• Track Everything

• Tool – Where Are You Living?

• Recommend Reading – The One Thing

• Bonus Lesson

• Take Calculated Action Fast



7 – CONTROL WHAT YOU CAN CONTROL

• Reopening?

• What can you control?

• See – Diversify product lesson

• PPP Loan?

• How else can you generate revenue?

• What can you control in your business?



8 – COMMUNICATION IS CRITICAL

• Clients

• Team

• Vendors

• Peers

• Do you have a mastermind group, peer network, power team?



9 – GO TO THE SOURCE

• PPP Loan

• Who has the information?

• Reopening


• Safety Requirements


• It is very important to find the source

documentation and make sure you are

making decisions based on information

from the source, not interpreted

information!



10 – LEVERAGE THE TIME

• Get Creative

• Renovate

• Streamline

• Consolidate

• Restructure

• Partner

• Acquire



10 LESSONS RECAP

1. Need to diversify product/services

2. Tech Is your friend

3. Relationships matter

4. Need a continuity plan

5. A/R is critical

6. Don’t get lost in the chaos

7. Control what you can control

8. Communication is critical

9. Go to the source

10. Leverage the time



TOOL – 3X & 6 PILLARS OF BUSINESS

• At what point will your business break?

• Can you visualize 2x?

• How about 3x?

• Don’t worry! You don’t have to grow that much!

• What will break?

• People

• Process

• Product

• Pipeline

• Finance

• Structure



TOOL - INFLECTION/HONESTY CURVES

W E A R E C H A N G I N G T H E T R A J E C T O R Y O F S M A L L A N D M E D I U M B U S I N E S S E S

• 1 – Start – Limitless Possibilities

• 2 – Build – Steady w/ Some Challenges

• 3 – Plateau/Stall – Something Needs Fixing

• 4 – Broken – It’s Already Broke

1

2

34

1

2

3

4



INFLECTION/HONESTY CURVES - PILLARS


1

23

4

1

23

4

1

23

41

23

4

1

23

4

1

23

4

People Process Product

Pipeline Finance Structure



TOOL - ABC PLAYERS


• A - Player

• When you go on vacation and

come back, the business is

better than when you left.

• B - Player

• They do everything you throw at

them, but don’t do extra.

• C - Player

• When you go on vacation they

follow you out the door and

come back 5 minutes before

you.

A

B

C

B

C

D

A



QUESTIONS



WE’RE HERE FOR YOU!

[email protected]

775-432-1845




business lessons learned from covid-19€¦ · business lessons learned from covid-19. thank you...

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