By Kendall Fisher, executive producer
As businesses wrestle with uncertainty right now, business leaders need to develop a strategy and a set of actions, rather than operating out of fear, something Jim Bonomo has begun as the chief operating officer at Regina Andrew Detroit, a home decor manufacturer.
Bonomo said part of his strategy is communicating more than ever, both internally and externally.
In managing remote employees, Regina Andrew Detroit has ensured leaders are checking in with every team as often as possible, utilizing various tools like group messaging, social media and virtual meetings to do so.
This extends to the company’s external partners as well, especially when it comes to managing cash flow. Bonomo explains he’s not only checking in with his bank on a regular basis, he’s also constantly working with vendors to see where the company can extend terms and cut costs during this unpredictable time -- something Regina Andrew Detroit is reciprocating with its own brick-and-mortar retail partners that need relief.
Maintaining as lean of a business as possible has always been part of the company’s strategy, in part to prepare it for crisis situations like this. Now, the company will continue to operate as efficiently as possible and remain agile at a time when adaptability is needed most.
Watch the video above to hear more about how Regina Andrew Detroit is managing business uncertainty right now.