Improve your business continuity fast
Resilience is top of mind for executives today, and it will prove to be a key factor for winning in the 2020s. As the world of business grows increasingly uncertain and volatile, companies that have purposefully developed capabilities to tackle ambiguity and unpredictability—in a word ‘improve business resilience’—are most likely to thrive.
If success were guaranteed, practically everyone would open a new business, Yet, a very real – and statistically justified – fear of failure holds many back. Even those who don’t scare easily often find themselves in the dreaded predicament of hanging on by a thread.
The truth is, no one can unequivocally guarantee a business will be successful, but I’ll share what I’ve learned first-hand while building my consulting firm and how I’ve helped my clients grow highly successful, sustainable companies using cost-effective solutions with proven reliability for business continuity.
Refocus on Your Core Goals
One of the biggest mistakes that businesses make is losing sight of their greatness. They forget who their core customers are, which has been the chief struggle of retailer J.C. Penney. They venture into new areas without first securing and protecting their current successes, the ones that keep their wheels turning.
The crisis scenario is dynamic and impossible to predict; however, an informed timely response could build trust and strengthen brand affinity.
The process of building resilience also has a critical Reimagine phase, which involves preparing the business for the future. The current situation is likely to result in permanent shifts in consumer and employee behavior, and some industries and business models will be irreversibly disrupted. As the nature of competition shifts, however, resilient companies will have a clear opportunity to emerge stronger. For this reason, companies should start laying the foundations of sustainable advantage by building resilience now.
Look back at how you got to your current status, whether you reached a growth plateau or started going downhill. In either case, what changed? Did you miss a major opportunity? Did you shift focus to something that wasn’t profitable?
Refocus your strategy on your core goals and tune out the rest. This not only gives you less to think about and work with but also frees up valuable resources for maximum impact.
Analyze Your Revenue
Business decisions require money, and before you spend a dime you should check your financial health. Look at your company’s finances to see what you’re spending money on and if there are any money leaks you need to plug.
It’s also vital to look at the sources of your revenue. If you have multiple products or services, pinpoint which ones are the most profitable and which are the least. Shore up your money-makers and strategically redirect your time and resources into those offerings with the most impact on business continuity. You can ill afford to inadvertently scale back on your most profitable offerings, which could cause your business to plummet.
Systematize Your Processes
Systems are the single most important piece of business growth. They create a predictable, repeatable, scalable pattern for success that can be learned and executed quickly. For instance, put in place a system to quickly hire a new employee when another resigns. Clarify your most vulnerable areas and design solutions to meet every challenge, potential, or realized. When you start growing, your systems should be able to easily accommodate.
Create systems for virtually everything your business needs – bookkeeping, marketing, production, customer fulfillment, follow up, and anything that can help you predict your success and repeat it in the future. This not only helps you streamline your business but can also help you keep costs under control and give you granular insights into your business.
If your business is like most, at some point you will exhaust your internal resources and can’t move forward without getting more hands on deck, so to speak. But hiring internally isn’t always the best solution, especially if you need to fill a role that requires skillsets your current employees don’t possess.
Outsourcing is a viable option for any task that isn’t dependent on customer fulfillment. You wouldn’t outsource a function that is critical to the success of your business, such as client account management, but you could hire a freelancer or agency to handle your books, marketing, or social media accounts.
As for benefits, outsourcing gives you access to a greater talent pool without incurring the costs of hiring. Typically, outsourcing gives you a set cost so you can better control expenses. It also means not having to scale up your workspace to accommodate a larger in-house team. Less overhead (a healthier bottom line), no unexpected vacations or sick days in the middle of a time-sensitive project (less frustration), and more expertise than you will ever need, a perfect formula for success!
Partner with a Growth Expert
By now, most companies have addressed the immediate priorities of the Respond phase of resilience by, for instance, keeping employees safe, changing their ways of working and dealing with key operational issues such as supply chain disruptions. Their focus now is on restarting and rebounding by adjusting quickly to the new realities on the ground. During that Recover phase, businesses will have to cope with uncertainty in demand, supply, labor markets, and credit availability. Traditional forecasts and operational processes are unlikely to be effective, so companies must develop data-driven sense-and-respond approaches to tackle the volatility and must learn to adjust rapidly to fast-changing scenarios.
If your organization rates a 7/10 in difficulty, keeping a firm afloat rates a 9.5/10 or higher in business resilience. You take risks, hoping they will pay off, hire strangers who can help make or break your business, and often take on huge debt to obtain the tools, equipment, and resources you need to level up.
But you also know that one wrong decision, a bad hire, or wasteful purchase could send your finances into a tailspin and leave you wondering whether or not you’ll be open for business tomorrow.
Why not hire a growth consultant, an expert trained to recognize business challenges, and advise you on practical steps to take to grow and sustain your business? Just as in architecture, if the foundation is not sound, the house, and in this case business, will ultimately fall. Invest in the needful and always be open-minded, willing to learn, and try new things to grow, grow, grow.
About Crestpoint Consulting
The coronavirus outbreak is causing unprecedented levels of disruption and uncertainty in both the industry and organizations’ unique ecosystems. Organizations require agile pandemic response plans to deal with longer-term disruptions and outages experienced during this pandemic.
We Champion the Bold to Achieve the Extraordinary. Everything we do, we believe in Challenging Status Quo. We believe in thinking Differently and Achieving Immediate results By the Easy process in the Shortest Time.
The full impact of COVID-19 will not be understood for many months. It will vary both by industry and by a company’s unique ecosystem which includes its workforce composition, supply chain, and operating model. Early decision-making will give businesses greater options when the impacts of COVID-19 become felt. Robust resilience plans will help them to respond to market demands actively.
Our Mission is Helping Bold CEOs Increase Consistent Profits, Massive Business Opportunities, and Cashflow through Value-Added Financial Leadership and Tailored made Growth Strategy.
Check out our free ebook “5 Easy Ways to Increase Profits” to Start Winning Today!