To take advantage of the opportunities that exist now and will develop over the next two years, it is crucial for you to know where you and your business really stand today. How can you build on opportunities you find or develop new opportunities when you do not really understand the strengths and benefits you have?
Jack and Suzy Welch said to plan as if the downturn will be longer and harsher than you think, in the October 13th Business Week.
Think of it this way. Those people who go through some version of this strategic hunkering down thinking increase their ability to survive. If things get even worse, they saved time and money, versus those who were reactive rather than proactive. If things get better quicker than projected, these proactive companies will be in a stronger cash position to take advantage or opportunities than the reactive companies.
At a strategic or 50,000 foot view, see this as a prescribed plan for your business that includes similar steps to the process you may personally follow when a crisis occurs:
A check-up to identify immediate issues. What areas, if any need a deeper search, after someone takes the blood pressure, weight, and a series of basic questions for your company?
A diagnostic through review of financials, systems and operations, on those areas where additional risk prevention seems needed. After all if the financial statements and information flow are the lifeblood of your business, how well does the blood flow to vital organs?
A treatment plan, in which we implement best practices. Even Tiger Woods has a coach to help him reach and stay at peak levels. What areas of your business have a little or a lot of flab or even pus developed?
A wellness program to maintain financial health. Planning for eventualities now can be as simple as strategic thinking with the right 8 people in the room, instead of foolishly spending a 6 or 7 figure balance that you may really wish you still had this time next year.
This process can be used to start a business, fine tune an existing business, or create a new division or subsidiary.
Think of the similarities of your business to a ship. Both have leaders, a president and a Captain or Skipper. Both leaders have major difficulties seeing below their direct reports, or through or under the deck of the ship. Both have leaks that are ongoing.
You might not know that water always leaks in ships. The secret is to pump the water out from leaks faster than new leaks grow. When this is done the ship, or Company, can sail on to dream destinations, or a company to its dream targets or goals. Or, both can sink from apparently invisible leaks. Sometimes, an iceberg drifts into your corporate path. Remember movies or stories about the Titanic. Foreseeable outside events can quickly sink an unsinkable ship, or fatally damage a seemingly vibrant business.
This process will help you find and fix those profit leaks, so you do not list or sink, and can stay afloat toward your dream goals.
When the economic climate changes as dramatically and as frequently as it seems to be nowadays, some version of contingency planning or risk management should be on every executive team agenda. Do not ignore the warning signs and watch your ship go down. Face your risks squarely and come up with a flexible ERM plan. Do not wait until you are making that Mayday call to a world that has its own crises underway!
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Both Gary Patterson & Mercy Gabriel-odimba are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Gary Patterson has sinced written about articles on various topics from Home, Software and Information Technology. Bottom line? Stop Profit Leaks Now. Apply this information to improve your profitability, reengineer business models, and strengthen or gain competitive advantage in the marketplace. And apply the free Fiscal Test at. Gary Patterson's top article generates over 5400 views. to your Favourites.
Mercy Gabriel-odimba has sinced written about articles on various topics from Mortgage Insurance, Auto Insurance and Insurance Quotes. Improve your ability to save massively on insurance here: and. Mercy Gabriel-odimba's top article generates over 4400 views. to your Favourites.