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Hi Everyone!
Although things appear to be looking up regarding some economic indicators and trends for businesses, many organizations continue to experience challenging times. Recently, I gave a talk to business leaders in the Tampa Bay community about "How to Foolproof Your Business in a Down Economy." In times of crisis, uncertainty and change, organizations can make key breakthroughs or they can flounder and, worse yet, go out of business. What's different in times of market and economic tension is that indecisiveness is not an option. Leading in lean times requires a different focus and strategy.
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Over the past twenty years, I've had the experience of working with some great leaders and companies and with some that floundered when things got rough. I'd like to share a few strategies and best practices that could improve your business and make it "fool" proof in this challenging economy:
1. Prepare for the worst possible scenario
After working with and observing many leaders who thrive in a growth-oriented economy, one of the most difficult things to do is to consider the worst-case scenario. Many entrepreneurs, for example, just don't want to "think negative." By looking at the worst-case scenario, an organization gets a better sense of its break-even point as well as which strategies could be put in place to prevent the worst-case scenario from unfolding. In scenario planning, it's important to look at the worst-case as well as the best-case scenarios. In addition, consider two others: unexpected or "wild card" scenarios like a nuclear attack from North Korea or some legislation that helps you build a new profitable business niche; also look at a more moderate scenario where you consider various "mixed" factors.
An entrepreneurial organization in San Francisco called JustAnswer has increased its business 57% during these recessionary times by looking at future scenarios and trends and anticipating that people will be repairing equipment far more than they will be buying new equipment. JustAnswer provides experts online to answer questions on a variety of different topics. Based on the trend they saw, they decided that they would focus on increasing Google ads for repair services. This strategy has been a key factor in their growth during a down economy.
2. Have a vision - don't shortchange the future
Yogi Berra once said, "If you don't know where you're going, when you get there you'll be lost." What sage advice from a very insightful, hands-on guy. Just because we are going through challenging times and you may even be experiencing a reduction in force, doesn't mean that you shouldn't have a vision and continue to communicate it. A vision is simply a realistic and desirable picture for the future. As you deal with the current reality of our time, be cognizant that communicating an attainable vision helps those high-performing employees who need to see and work toward a picture of where the organization might go next.
3. Rethink growth and protect your core business
After spending their careers in a pursuit of growth, business leaders may have to adjust their thinking. It's usually easier for most to lead in the uptimes. Business consultant Ram Charan cautions businesses to pursue growth to gain market share only if it's profitable and cash efficient, meaning that gains and market share don't eat away disproportionate amounts of cash; this could be in the form of more inventory, extended duration of accounts receivable or creating financial complications in general.
Every business has a set of invaluable assets such as their customers, people who know the technology inside and out who work for their company, their brand, etc. It's important to protect this core part of your business. When you ask yourself - "What is it we can't afford to lose?" - The answer will shed light on what your core really is.
Mary speaking on Making Your Business Foolproof in a Challenging Economy to business leaders in Tampa Bay:
"I have heard Mary speak on several occasions, so I know of the quality of her content and her great delivery. Her presentation "Making Your Business Fool Proof in a Challenging Economy" far exceeded our expectations, and this sentiment was echoed by the rest of the audience. Thanks for the great takeaways and sharing of your vast knowledge!"
Scott Roehleder
Director and Program Sponsor, Accell
To download Mary's presentation on "Making Your Business 'Fool' Proof in a Challenging Economy," please visit our Web site at http://www.keyassociatesinc.com
Sun Microsystems talks about Change, Emotional Intelligence and Entrepreneurial Thinking with Key Associates, Inc.
Key Associates, Inc. has recently completed a series of webinars for Sun Microsystems Inc. on Change and Leading Change. Also, on June 17, Key Associates, Inc. provided two workshops to Sun Microsystems in Boston - one on "Emotional Intelligence: Your Key to Leadership Success" and another on "Everyday Entrepreneurs in the Workplace." Here's what Beverly Glasser,Sr. Director, ITOPS Process, Tools, and Solution Integration, had to say about Mary's presentation:
"Key Associates performed a dynamic and engaging session for my leadership team which allowed us to reflect on our own styles as individuals and as a team. Their knowledge of such topics as Emotional Intelligence and Entrepreneurial Thinking is tops, and the delivery of the material was involved, fun, and inspiring!"
To learn more about the change webinars or emotional intelligence and to have your emotional intelligence or your team's assessed, contact us at mary@keyassociatesinc.com or call 813-831-9500. | |
