If the pandemic taught us anything it was to dig deeply into our businesses and to prioritize what’s most important. When retail doors shut, people were furloughed. Bank accounts were assessed to see how long the runway was before other bills had to be paid. Founders realized whether they could afford to bypass their own paychecks.
With no revenue is coming in, it was important to come to terms with what could go out. Accountants were called. Banks were called. Businesses looked to the government for leadership. There was a good deal of chaos and panic.
However, many people did what I call the boil down. They evaluated everything about their businesses and tried to go on offense. “What can we do with our resources and competencies to make things better?” Liquor distillers made hand sanitizer. A quieted fish distributor in the Bronx sublet his space to the city, so free meals could be packaged. Restaurants created take-out businesses.
Those who looked inward to see what they did best and how to adapt found new strength. Remember those accountants? They built a cottage industry helping clients get PPP loans.
The boil down is a fundamental part of brand planning. It’s healthy when under duress. And it’s healthy when a business is thriving. Self-evaluate, evaluate your customers, and focus.
As Keith Hernandez would say “Do the tighten up.”