Kathleen Sullivan Garman is the founder/CEO of Sully Garman & Associates and recognized as a top expert in supply chain and logistics. In this episode, Brian and Kathleen talk about the impact of coronavirus and offered business owners practical solutions for the next 30-60-90 days while navigating uncharted waters.
Advice from Kathleen:
- Play chess not checkers. Look at your business and imagine where you will be in five moves and have a plan for it; don’t run your business one move at a time (like checkers)
- Some companies started executing their contingency plans as soon as they saw what was happening in China.
- Follow the Six C’s During a Crisis:
- Show Compassion: start your conversation with “How are you doing?” Strong relationships with suppliers will almost always endure a crisis. The person who is most compassionate is going to go to the front line when it is time to start working together again.
- Control Your Fear: Take a deep breath, get your head straight, and don’t worry twice. Have a specific plan for how your company will successfully navigate the current crisis.
- Compromise: Almost every business is being impacted in a domino effect. Learn the art of compromising so you can get something instead of nothing.
- Cash: Cash is always king in a crisis. Spend yours wisely.
- Community: We will only get through this if we do it as a community. We need to work together.
- Communicate – Stay connected to everyone in your ecosystem because the next 90 days will be very fluid. You need your employees, partners, suppliers, and customers on the same page.