Out and about working with clients, meeting associates, suppliers and generally networking I’m coming across a sense of lack of control or powerlessness as businesses feel overwhelmed and caught up in the previously unimagined global turmoil around us, losing confidence as they struggle to deal with uncertainty in these turbulent times. Frequently I am asked: “What should we do?” and “Where should we start?”
So here are my first five tips for successful navigation through these turbulent times.
- Have a documented strategy with all the supporting analysis and assumptions for your business. Know the key drivers and critical success factors – where you are now and how you got there; where you want to be and how you will get there – note your assumptions and monitor regularly so that as the outside world changes you are not caught on the back foot and can act swiftly.
- Plan, and working backwards set actions and reviews in a rhythm. For example yearly towards your 3-year plan; quarterly for the annual stuff, monthly for the quarterly objectives, weekly towards monthly goals, daily for your week’s tasks.So you’ll be moving from high level, to increasing detail, and involving the relevant people. This will bring clarity amid the confusion and help you stay on track.
- Share these with and empower staff/teams at all levels, ensuring your business is flexible and able to respond quickly.
- Be ‘lean and mean’. Look for simplicity and focus, but don’t skimp. Keep in-house that which is a crucial part of your USP and look at outsourcing anything else – especially where costs are volume related.
- Pricing – set it strategically. Don’t panic – avoid the temptation to discount if times are tough; it is difficult to raise and regain levels in better times and it will compromise your service and differentiation.
If you are busy running your business and all this sounds easier said than done, then I can help. If you would like to know more please contact me on 07813 772154 or by email email@example.com
Christine Simms at Strategy C helps ambitious companies drive their business forward through coherent focused business strategies.