Over half-way through 2020 and you may be wondering, ‘what next?’. Your business may be thriving, in a holding pattern or barely surviving. Your answer to ‘what next?’ is in part down to your circumstances but also your mindset, your attitude to risk and your re-assessment of your future goals.
For some businesses lockdown was an abrupt suspension of activity, some literally ‘shut up shop’ overnight. Others had to adapt operations to continue some level of business with alternative working arrangements. And for the rest, opportunities and sales volumes have grown to unprecedented levels.
In the current business climate, whether you are thriving or barely surviving, you may consider the value of additional ‘horsepower’ in your business. You may not need or want to invest in a full-time manager or director, but equally you may feel that a short-term consultant will not be the answer.
This year you and your business may be facing challenges that potentially won’t go away soon. Are you doing the ‘right thing’? When you’re faced with a plethora of decisions, how do you balance time to consider those decisions versus the immediacy some may require in order to survive?
When I start working with business owners, one of the first things I ask is, ‘What is the purpose of your business?’ In other words, why does the business exist? Surprisingly, this simple question often causes some debate.
No business has been untouched by the current coronavirus outbreak and subsequent ‘lockdown’. Whether you have seen a boom in trade as a delivery firm, a dramatic fall in revenue as a service company, or had to remodel your business to enable safe working for your teams, you will have been affected.
Imagine being above a ravine clinging to a rope – white knuckles and fear of your grip slipping would be understandable. As a business owner concerns about letting go may be inhibiting your company and your health. And if your team is now remote working you may want to cling on more tightly.
One of the many interesting aspects of working with business owners is their view on timescales. They can be impatient when things don’t happen quickly enough, yet display a lack of urgency when action is required.
As the owner of your business you may have a clear idea of what you want to do as the ‘final act’ for the company you have created. You may have this clearly articulated in an exit plan.
When skills or experience overlap with another person, some people believe you must be in competition. This is a sign of a closed, glass half-empty mindset. But what about the benefits a combined approach, or collaboration, can deliver to a client? This is a glass half-full, growth mindset.