If you are listening to the news you are, doom and gloom at every turn.
Many businesses will give up, walk away and say things like “It was out of our hands…” “We were at wits end…” “It wore us down…”
So make a decision, to stand and deliver or fold under the pressure. The key thing is MAKE A DECISION.
- Is what you have still useful? – If for instance you are selling out of date fashions you were able to “buy for a song” you may be pushing uphill. Being relevant, researched and ready is a big part of the battle, so know if what you have is viable.
- Set solid goals – Where do you want to be headed? If you don’t know where you are going, how will you know if you get there? Goals for cash-flow, profit margins, staffing levels, marketing, management etc… make those plans ROCK SOLID then implement them.
- Make your systems work – No systems (or few) then get them up to speed. Some systems but not working, go for a tune up so you can reach full speed. Do some research find out if what you have is suitable, effective etc. You are on the net so start here.
- Get the team on board – You want to succeed? So do I… here’s the plan, sell more, smile more, do more with less, watch out for the competition, be great at what you do… (To name a few) now have a heart to heart with the team, and keep them on board! Now is not the time for mutiny.
- Chat to the Stakeholders – Thats the team, the customers, the banks, suppliers anyone connected to your business. Keep them quietly confident your business is here to stay, then use any chat to research what you do, is it good or great? Then use the info to make things work more effectively.
- Measure – How does your business measure up with the competition? What do they do better? Now ask if you can match it AT LEAST, or better it with ease.
With lots of things happening in the world it makes sense to get a perspective on things, some change you are experiencing may be good, some the opposite. Here are a few things which you may find of value in changing times.
- Be positive and have a sense of optimism – So things are changing… You can say “Oh woe is me…” or you can say “Whoa! Things are changing WOO HOO!” the choice is yours, an optimistic approach generally works out for the better, it puts your “spirit” somehow into the right frame to handle and accept things.
- Change can be good – Ignore it and it can be bad too… – You need to decide fast what’s happening and what fits to your core values and beliefs, if it fits well then go for it, if it doesn’t consider taking another path.
- You have a range of skills to handle change already – You’re an adult right? You have fallen over and picked yourself up from an early age, some of us may seem to fall over more often, so some of us may have more skills to deal with the situation. Reflect and remember all those things you have overcome, were you stronger at the end of it? Chances are yes… Tally up the skills you have, now put them into action.
- Not letting excuses and negative emotions stop you – Feel the fear and do it anyway can be useful at times, and this may be one of them. Ask yourself what are my excuses and negative emotions around this issue and what would I prefer them to be? Go on write them down so you can tackle them HEAD ON.
- The more you resist change, the more things may not happen how you want – I am not saying this is always the case but often it seems this way, and have you ever met someone that said “I should have done this earlier?” uh huh… and where would you prefer to be, starting out early or late? And ask this was anything I resisted in a change way in the past ever really that bad?
- What stories are you telling yourself? – Your self-talk is the one thing, which might just be holding you back, check out No: 4 again… is it your self-talk trying to “protect you?” from what? The unknown? Is it really unknown? Or is your self-talk wanting to “set you free” and explore everything this new change may bring…
- Deeper meaning, is it part of that? – Some of you will have a faith, which may suggest you are part of a bigger plan, some of you may have figured it out for yourself… Some of you look at the chaos and challenges and say meaning is impossible, check out No:1 again and ask “Which do I want to be part of, a bigger plan or not, Chances are your “gods” (or demons…) will make sure it happens for you the way you want.
- Get a support team – Ask who can help me, who will understand? Then take a leap of faith to get them on board, they might be an email contact, a person to call on the phone, a buddy you can catch up with live. Whoever and however, carefully consider getting a team, a rock solid positive team of people who can hold you to the standard you want to be held to.
- Create a plan and take action – If you have not started jotting down things from the above list already I would be surprised. I care not for what sort of plan it is, but write it down! Perhaps keep a plan journal, consider reading your key plan points daily, or a wall plan, gather photo’s and collage a new you lifestyle plan on a wall chart… Keep it simple, real and vibrant. It’s your life, live it the right way, the way that makes the most sense to you. Oh and yes, take action, all the best thoughts in the world are worthless without action.
I have just been to see WALL•E the animated film, it was fantastic, the graphics, the story, the whole concept was exceptional. So the environmental message? Yep there was one, and as such I figure on a local basis we can be doing things to prevent a “Wall – E – World” from happening… (hey that’s not new is it…)
I know our “Local Authorities” have a long term plan, is it all about growth or does it take into account looking after things, being the guardians of the planet at a local level. If “all hell broke loose” Could our region survive? Would we have enough of the “right resources” to keep going?
Chances are the long term plan is laced with “Innovation” and “Leadership”, “growth” and the such like, yet down on the ground realistic local action that I can tangibly say “Yep they’re doing something…” is not visible.
Lets take it to our businesses, do we have the ability to diversify in a way that gives us a support base if things go bad? A Debt Reserve Fund of some kind? A range of other “business interests” that allow us to fully serve the wider community? Mostly… No.
I figure that if I went to the local “Planning guide for the next 50 years” created by local authorities and searched in there for business “goals” or “ideals” to assist my business I might go away a bit befuddled by the academic language, the jargon and the rhetoric, however I probably should be silent until I see the “beast” and let it prove me wrong, (or right…)
I urge all business people to act responsibly and find ways they can make positive impacts at all levels of “stake holder interaction” (there’s my chunk of jargon for the day… 
) so our future can stand the test of time.
So what were the Risk Managers telling the management at Lehmans bank… maybe they should be fired… GROSS Negiligence perhaps? or did their “leaders” not listen…???
I have often said that organisations should have a “Debt Reserve Fund” large or small, if they had a range of assets (cash is a start) then they would have been able to say “Our core business is falling, but our back up foundation is solidly in place.” Instead the US Government comes a ridin’ in, all guns blazin’… “Yahoo! here comes the cavalry!!!”
So if my business fails will the Government give me $$ to prop it up? Hardly, and I barely call the aged pension a payout for years of challenges and ups and downs.
So fellow business people ask yourself what are we putting away to buld a foundation in case of challenges like this, and I don’t mean insurance…
The USA banks, the market slide, you name it the financial markets are taking a battering with trillions of $$ in value lost… The media is alive with speculation, and sensational headlines.
WOW the guys with the money seem to be in a squeeze, now watch as the rest of us suffer in the aftermath.
But hey, I remember hearing (back when Australia had the “recession it had to have”) that since the “Great Depression” (what was great about it?) That financial markets world wide had a range of stop gap measures in place to avoid a meltdown… Oops it looks like someone failed to read that section of the operations manual, oh well what’s a few trillion lost…
The banks are able to gear themselves to the hilt, meaning they have little cash and a lot on the “never never” so they are in a great but precarious position. Anything they make in profits seems to go into real estate (check out their multi-storied head offices) or CEP perks (I’m just jealous!). Yet little seems to build their “cash reserves” to be able to handle challenging times like these.
The same of smaller businesses, many are only a few weeks of “challenge” from real disaster and have to hope that their strategy of “run on a wing and a prayer” will hold up if things go bad (now try and tell me that’s not the case with your business?!).
Really we are all in a similar boat, never far from the dirt we eke a foundation from.
Probably the one thing that rings true in the fullness of time, is clarified by my memory of migrants that saved their pennies and stashed them in tins in the back yard, they paid cash for everything and probably still do. These guys know that a slight breeze can bring down a house of cards, and as such have an insurance plan to cover it, a real one… CASH, not a trumped up piece of paper with terms and conditions designed to trap the unwary.
In the spring cleaning theme… is your leader leading the charge? did they “twig” to the change of season? did they come in the door with a renewed spring in their step? Well if the answer is no, maybe you should take the lead and remind them.
Get them focused – ask them to be flexible – give them support and watch them flourish (if not just run the show yourself and do your bit to make the Biz better.)
You see often it’s the small stuff that happens that makes a difference, and people notice. In a retail setting, pull things off shelves and give the place a great wipe down. In the office, get in a tad earlier and clear out the “crusty” bits from around your area, in the lunch room, in the client areas… make a difference, do it for you and of course you are doing it for “them” the customers.
Reframing, renewing, refreshing it’s all good, so make the most of it.
With spring just 11 days young, it’s time to clear out, clean out, seek out, innovate, create, get nasty with “stuff” and make way for fresh ideas, colours, thoughts and so on. Explore the ether, the space, the things I know little about (well to some degree).
It’s fine for me to feel this way but what about you? Does the onslaught of “Spring” give you that edge to want to do things, do more, be more, have more and so on? If so where do you start, is there a system you follow, or is it more of a I know the goal and to hell with how you get there?
Whatever way you decide to do things, make sure it’s going to work for you. Think big, explore and enjoy the results.
Maybe you have been in business for quite a while and have most things figured, but how much are you really making?
With so many variables, fixed costs, and “things that challenge your earnings” it can be hard to tell what the take home earnings are.
If you have fixed costs it pays to make sure you have those covered, and knowing how much you need to earn per day (min) to cover these. Recently I met a business person that was sure he was making a profit but in reality he had a surplus, and with added costs from variables he was actually only making a very small profit.
Your business requires you to know if you are making a profit so that longer term planning can take place, otherwise you may find yourself in a tricky business position and wonder how on earth it happened.
Take care to measure carefully what’s happening so you too can get ahead and explore the growth possibilities your business can offer.
In the “game of business” it would pay to know about the important things, what they are. To me my list is fairly short. To you they might be different altogether.
- Product and or service – You better have something of value to offer or they won’t buy.
- Leverage – Your time, you work hard, then over time you create a business system that leaves you out of it so others can do it for you, you get the big rewards for the risk taking.
- Leverage – Your money, If you started with little or a lot you want to end up with more.
- Leverage – Your passion/ideas, You want to get into business perhaps because you have a passion, it may have started as a hobby or an insight into a possible business and now it has you in a tight vice like grip, and as time goes on it becomes even more compelling. So use it to your advantage and let the passion provide the energy drive to motivate you to make it work.
- leverage – People. Just because you have an idea or passion doesn’t mean it can’t be improved on, so utilise others to either work directly with you or to gain more information from to make your product/service all they can be. People are the soft resources that make the hard resources a reality.
- Systems – At first they might be crude systems to get you going, but over time these should evolve into more elegant devices to make a positive difference (save time, save money, improve health and safety).
- Get creative – Note I did not say “Innovate”… Creativity can assist with problem solving and give your business the edge, there are lots of ways to do it. Having an idea is just the beginning, getting things to evolve into practical outcomes might take some harder work, that’s where other practical problem solving might come into the equation.
There that’s a start… do you have any other points to add?
At this time in the morning many are open and ready to go, but there are those that seem to not get in ’til later… It sets me to wondering what business was like for them say… yesterday. Did they not get enough people in the door that they felt it’s not worth it? They have checked over the last week or forty and found no one comes in before 11am so why bother being there?
It takes a lot of things to be good in business and one of them is attitude, if the 9am start begins to fade, then what else might be fading too
I thinks its an opportunity lost and think they need to consider what else they can do in that time. The books, ordering, secretarial outsourced work (an hour or two a day of that sort of thing could be useful.)
It comes down to money, if you are not making any (or enough) to pay the way then you are not doing well in business and so a tough decision needs to happen, but I guess first off is recognising the challenge you face and then being able to take action on it.
So if you walked into your business late this morning take inventory… of yourself and where your business is headed.
P.S. I thanked a business the other night for being open past 5:30 (they stay open until 7pm) as I didn’t have to rush to get there. so refreshing when a store has figured out that customers matter!
