Hartford Business Journal

HartfordBusiness.com | March 22, 2021 | Hartford Business Journal 35 OPINION & COMMENTARY EXPERTS CORNER Advice for businesses as we emerge from the pandemic EXPERTS CORNER The challenges of building a brand inside, when your employees are outside By Joel Johnson The overriding question on the minds of small and midsize businesses this year is a fairly obvious one following such a chaotic 2020: What do we need to do to emerge from the dire conditions caused by the COVID-19 pandemic? It's a good question that has tangible answers, but first, it's important to quickly examine the uniqueness of this most recent economic downturn. Unlike most major financial crises of recent history, most notably the Great Recession of 2009, this one came on suddenly as a result of the pandemic, and prior to the shutdown last March, the economy had been quite healthy. This is important — economic downturns of the previous 25 to 30 years were not immediate drops like this one, but rather long, slow and very much demoralizing slogs. Economic crises rarely catch us off-guard, and instead tend to have a steady runway of discouraging signs leading up to them. But obviously, the economic crisis of 2020 came almost literally overnight. Why does this matter? Because considering where we were prior to the pandemic and what we learned during it, the path back could be somewhat easier. After all, businesses learned on the fly that they were able to adapt to brand new models at least as a stopgap measure, from remote work to virtual meetings and more, and that resilience bodes well for further recovery. In the meantime, there are clear, detailed steps small and midsize businesses can immediately take to get on that road back to prosperity. Check your balance sheet — Now is the right time to not only inventory assets, but examine existing debt and determine your ability to service it right now. Additionally, this is also the time to ask whether you have the capacity to take on more debt in the short term. This is essential to the recovery process. Determine cash flow — Step two is to figure out how much free cash flow the business has, and then project five years out. This will give you a good picture of what a healthy business should look like five years down the line — if things look bad right now, make some adjustments early on, rather than waiting for problems to arise later. Look for new opportunities — In your industry, are there opportunities to currently take advantage of? Perhaps there are people willing to sell their businesses, or merge with others? With interest rates still so low, some inexpensive bank financing could be an option as well. Additionally, there is plenty of talent available right now, considering the number of people who lost their jobs in 2020; this is an ideal time to seek new and upcoming talent. Think about the work ethic of younger generations such as Millennials and Generation Z and the tremendous talent that exists. These are workers driven more by purpose than money; they want to work somewhere where they truly think they are making a difference, rather than just the place that pays them the most. This offers a potential advantage to smaller companies. Share financials with employees — Finally, there is a current trend in which businesses are increasingly sharing their financials with employees, to provide a look at how things are going. This can be a bit risky and it is not recommended for everyone, but for certain companies it's something to think about. It can be very empowering for employees to be brought into the fold — it helps them think more like owners, and in turn can be beneficial to both management and staff. The truth is we are already seeing signs of recovery and these fairly simple but very meaningful steps can help a business return to where they were a year ago before the crisis ensued. Joel Johnson the managing partner of Johnson Brunetti, a Connecticut- based retirement and investment firm. By Bill Field The dynamics of having a work- from-home strategy thrust upon companies by COVID-19 are far- reaching, with the impact sure to be felt for years to come. While attention is focused on determining the most advantageous office/work-from-home strategy going forward, the implication on workforce culture is being relegated to a second thought. A great company culture is really the manifestation of the brand from an "inside" perspective. Every brand must have a reason to believe and a reason to belong. It begins at the very core of an enterprise with the employees. They deliver daily on the brand positioning and exude the brand personality across every engagement. In essence, employees are the ultimate brand ambassadors. "Brand inside" culture dynamics It is often said that great cultures are built from within. You can't just wishfully say that you're a team; you become a team when everyone buys in working toward a common purpose. Culture is the manifestation of the brand from an inside-out perspective. Great company cultures have been able to stay together throughout the pandemic based upon the foundation that's already been embedded. Relationships built over time have easily transitioned to Zoom and Microsoft Teams online platforms. This fabric of culture connection continues to bind companies together, but is beginning to show cracks. It's not going to last forever. The absence of relationship- building opportunities Increasingly, people are tiring of online platforms as their primary source of engagement, both personally and professionally. This is especially true in professions such as the communications and advertising worlds where group collaboration is an important component of the creative process. The exhilaration felt when ideas come together is lost virtually. The ability to truly connect with everyone is too often missing in the online world. Building relationships online feels contrived and forced. Onboarding challenges Going forward, with people increasingly working from home, onboarding presents one of the greatest challenges that those who are charted with building and enhancing strong cultures face over the next couple of years. Absent the ability to fall back on relationships that are already in place, new employees face a daunting task to become part of the "team." You run the risk of them feeling like they're alone on an island. Sending swag to employees in remote locales in the form of T-shirts, mugs and hats doesn't cut it. Culture is a feeling that leads to a sense of belonging. Internal communications can't do it all. Missing spontaneous bonding probabilities In an office environment, opportunities for bonding develop naturally on a daily basis. Many times these situations were totally transparent and unrehearsed as people were at ease. They happen in a client meeting or on a business trip where conversations occur organically. You learned about each other and your families. It may sound simple, but it is sorely missed The old culture playbook can't be trusted How the future of work-from-home, hybrid, or the office unfolds in the next year or two is anyone's guess. Economics are going to be a strong motivator in the decision-making process in reducing office space. The same holds true with employees wanting to work exclusively from home. There are many dynamics at play. The issue of what a strong culture means to a company's future success doesn't have the same level of importance. What worked in the past can't be counted on to be successful in the future. Too many companies want to set a culture and forget it. Culture is the "brand inside." It lives and breathes every day. It needs to be nurtured continually in order to thrive. COVID-19 has changed the office landscape in many far-reaching ways. Companies run the risk of not putting the energy and financial commitment behind culture-building efforts. A percentage of leaders think of culture initiatives as being "soft." With a workforce spread out across the state, region and country, there needs to be a common bond that links everyone back to the company. That's where the brand inside comes into play. Great brands always have great cultures. Bill Field is the founder of FieldActivate, a Connecticut-based marketing firm. Joel Johnson Bill Field

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