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While many unknowns remain about the Coronavirus and the full impact it will have on any one business, one thing is clear: There is no shortage of people rallying, no shortage of businesses pushing through, and no shortage of planning.
With that in mind, many business leaders and experts are sharing their insights to help those who need guidance right now. Anne Marie McGraw, President of Insignia Environmental was recently interviewed and she shared her candid responses to 6 questions that every business owner and entrepreneur needs to ask about how the Coronavirus is going to impact their business:
If my economy takes a serious hit, how will it impact my customers or clients?
The work in the energy industry would likely shift exclusively to be focused on critical upgrades, such as fire hardening, and necessary operations and maintenance work. Further, it is likely that pressure to reduce costs within our client organizations would increase.
Understanding this impact on my customers or clients, how will it affect how, when, and what they buy from me?
Our clients may do more of the work in house rather than outsourcing it. They will also likely look for rate reductions. Larger capital improvement projects would likely be pushed to a later date.
How can I take steps today to best position my company to best and most profitably serve my customers as these shifts are happening?
I recommend continuing to look for ways to increase efficiencies. I would also focus on the critical needs of the clients and ensure we are in a strong position to serve them. Ideally, we are already providing those services to them.
What steps can I take today to mitigate the risks to my company born out of Coronavirus?
I can improve in marketing and business development through alternative means by attending webinars and doing research on the tools and methods that can be used to deliver our services in different ways. We are also shifting some of our services to be provided through apps and other non-contact methods.
What big opportunities exist for me and my company born out of this situation?
We were already doing a lot over video and through the development and use of apps. I see a tremendous opportunity to bring our skills and the technology we are leveraging to our clients to improve their processes and gain efficiencies. I can also reach out and connect with more people since we do not have to travel. People seem to be more available for digital meetings as well. We have also seen a lot of people moving to different companies; this pandemic has provided us with a good opportunity to hire new talent and strengthen our team.
Let’s fast forward to an optimistic scenario. It’s March 2021. The economy has recovered. What do you hope will have changed to make it a better economy for Women in Business?
I hope that large corporations see the added value they receive from smaller, women-owned businesses. I also hope to see increased opportunities and a willingness to engage with new firms as a result of having a larger need for support.
Learn More about Anne Marie McGraw, President of Insignia Environmental
LinkedIn: https://www.linkedin.com/in/anne-marie-mcgraw- 045aa6/? msgControlName=reply_to_sender&msgConversati onId=6481010893558816768&msgOverlay=true
Tera Jenkins is a Best Selling Author, host of Business Innovators Radio and contributor to Small Business Trendsetters and Business Innovators Magazine covering Influencers, Innovators and Trendsetters in Business, Health, Finance, and Personal Development.