Business Transformation or Recession, the 5 key areas to decide your outcome …

There is no doubt about the business transformation that has occurred throughout the global pandemic. There have been major advances in just about every fundamental area of doing business. The major shift to digital solutions, contactless transactions, project management, digital meetings, the digital signature, virtual teams, and the personal challenges of interFEARence, click on the following for more insight interFEARance.

It’s also been clear to observe three types of responses to the impact of COVID-19. The winners, watchers, and whingers. The winners accepted the impact of change and sought to find solutions and a way through. They realised it was a situation outside of their control, remained buoyant throughout, and took the opportunity as it was presented or uncovered. Then there were those who were uncertain, watched from the sidelines, unsure of the potential impact and what to do or what direction to take. Likely committed to action late and lacked momentum. Finally, the whingers seek to blame, offering a commentary on their challenges and articulating just how unfair it is.

It’s important to understand everyone reacts in different ways. There is no right or wrong, but rather a level of responsibility and awareness for what is experienced. In many respects our instinctive response to threatening situations.

How can business transformation happen?

When you look across the spectrum of business in all industries there are those which have weathered well, in fact, some that have excelled. Then there are those in the same industry who have struggled and sadly some haven’t made it or are facing harsh times ahead. So why is it that some are able to get through tough times and some can’t? Business transformation is a choice!

Whatever your current frame of reference in regard to business and the current situation you have been presented with a choice. In the simplest terms, you can choose what action and direction you take and where business transformation begins and how you choose to avoid recession.

To avoid your business being impacted by the recession here are the 5 key areas to decide your outcome

Don’t Panic Plan

The key in times of crisis or potential crisis is to ensure you set the conditions within your business to prevent, contain, or resolve issues that could escalate beyond your influence and control. This is not the time to sit and watch, to see if it will impact the business, rather be proactive and plan in as much detail as possible. You need to plan for possible escalation and be clear and understand the underlying cause and effect it could or will have on your business.

Step up to Leadership

As the business owner, your leadership will be key to influencing the outcome and the ability for your business to thrive through challenging times. Being a calming influence will create enduring stability within your team and with your customers. You will have significant decisions to make along the way which you need to do with calm conviction and control. In times of crisis people look for leadership, today they are looking to you.

Be Engaging

The key to a strong sense of collaboration is the ability to encourage proactive engagement in your people and customers. Encouraging and empowering response to situations at the earliest opportunity in line with the challenge being faced. This is built on a shared understanding. Information needs to be diminished to the lowest levels it can have an impact. Combined this will promote ‘outcome’ based thinking, a focus on thinking problems through. Building a collaborative sense of mutual cooperation within your team, a focus on WE empowers ME will ensure business resilience. True empowerment.

Work on your Numbers

What’s in your current business account right now or knowing what profit you make isn’t knowing your numbers, it’s waiting for a train crash. Get really intimate with your numbers. If it’s an area you are uncomfortable with then you have a learning agenda. You’ll find your accountant will be delighted to assist with the fine detail. Getting started there are 7 key areas for you to develop financial knowledge, price, volume (leads and conversion rate), cost of goods sold, overheads, accounts receivable, inventory or work in progress, and accounts payable. Just look for the small wins in each of these areas and watch what happens.

Look to Future Opportunities

There is no value in being anchored to the past. There is nothing we can do to change what has happened. We can of course learn from it. It is these learnings we need to focus on in actively looking for the opportunities ahead. You also need to establish just what you seek to achieve, get tuned into where you are going, clarity in your vision of the future. This will in turn drive a strong purpose in your commitment. A resilience in your ability to get through and work toward your future. S**t happens, get over it, and move on!

Be a winner, don’t allow current circumstances to determine your future. You can influence your future with a clear aim of where and what you seek to achieve, incorporating a 90-day business plan can help to provide clarity, take a look HERE for more information.  Armed with that get into massive action and drive forward. Yeah, a business may be tough right now, what’s key is your tougher!

If you’d like to pick up on a conversation about your business transformation and avoiding recession with us then get in touch

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