It is during these times of continual uncertainty, which includes market fluctuations and governments inconsistencies that every business owner should consider a review of the business which will ensure that the correct strategies are incorporated into the forward business plan to not only ride this pandemic wave out but ensure all operational areas of performance result in sustainable growth of revenue and income (Sales and Profit).
I have been able to use my experience in a number of businesses to achieve these outcomes where real negativity was starting to take over. Irregardless of the challenges faced, when the capabilities of a business are clearly delineated in conjunction with market opportunities, then the once unforeseen successes will follow.
The philosophy of ‘while my business is running well why change anything’ will not deliver sustainable outcomes. All businesses must regularly review progress and how the most can be made of market demands. It becomes so easy to focus on the day-to-day running of the business but those who will achieve continual growth will be the ones who also think longer term supported by more strategic planning.
Setting the direction of the business will require you to incorporate an outside professional adviser who along with your senior managers/team will help the review process become more effective and relevant to succeeding through the harshest of challenges.
An effective review will incorporate a flushing out of the business direction, assessing the core activities and capabilities, reviewing overall efficiencies of all operational areas/departments, assess the true financial position, closely analyse the market and competitor activities and what each product and/or process is contributing in profit. These are just a sample of areas which can be utilized to redefine your business goals.
In summary of what you can do in conjunction with a professional adviser would be:
- Market performance and direction
- Products and services (contribution)
- Operational matters
- Financial matters
- Organisation and people
There could well be additional areas which will come out of an independent review all of which will give you a clear indication of any issues that you will need to address quickly in order to maintain the business during the early stages and challenges.
From there you can plan the next phase of the business and build a cohesive strategy to achieve sustainable growth and profit.
When facing a period of hardship and uncertainty, it is important to accept that as a leader you must not shirk your responsibilities and simply wait for the situation/crisis to pass. You must ‘speculate to accumulate’ and lead with a strength and determination that will set you apart from others who are failing by not being willing to take the decisive actions required to bring security to the business and to employees. Developing a resilient mindset to persevere through challenges and unforeseen circumstances will see you as a preferred leader by staff and someone who truly leads by example.
Any crisis is the best time to be working on your business rather than just in your business. The best ideas and strategies remain just that – Strategies and Ideas and won’t become reality unless they are continually underpinned and supported by daily actions and then sharing results with the team.
Finally, there must be a transparent communications policy throughout the business where employees feel as though they are an integral part of the decision making process. Your team requires leadership at any time but especially during challenging times. There needs to be regular feedback on the progress of the business and how the challenges are playing out.
I have experienced and weathered numerous storms and challenges successfully and am keen to assist businesses navigate the current environment through to their success.
It is so true that there is absolutely no need for any business to re-invent the wheel when it comes to successfully establishing a review process and strategic business plans when experience is available to assist them.
My passion and belief is in Australian business and their unique ability to compete on the world stage. They just need to learn form someone who has ‘been there and done that’ and can relate through personal experience and success.