Times of crisis are defining moments for you and your business. Whether it is a threat, or an opportunity to rebuild, retool and rethink your business depends on each owners unique situation. No doubt the volatility can create a great deal of anxiety for even the strongest, most experienced leaders. After recently speaking with several print company CEO’s and owners, it was clear that with as much uncertainty there was in their businesses today, that they were relying on the strength of their financial standing, the team they’ve built and the markets they are in to plan for the rebuilding process of the business.
For many, the reality is that the revenue projection for the upcoming months will be off of target by a bunch. Yet, they mostly view this as an opportunistic time to build on their competitive advantage in the markets they serve as well as to explore new market opportunities. Some will focus organically, while a few have sights set for acquisition of businesses that cannot, or chose not to continue operations.
There’s no secret sauce that everyone is using and this is definitely not a cakewalk. Company by company, they are looking at areas in which they are already good and asking how can they get better. They are looking at the markets and customers which they already have the pleasure of working with. They are asking how can they increase the value they bring to them so as to strengthen and deepen their relationships. They are looking at the areas that are profitable for them now and how can they streamline and enhance what they do to make those areas even better. They’ll look at the areas that are not profitable and find a way to improve it or perhaps eliminate in the new landscape of the business. And not to be insensitive to the situation, but the reality is that they’ll take a hard look at the skill sets of their staff and make a determination where everyone fits in their “new, new normal” business.
One thing is clear, owners should not allow themselves to become victims of this crisis. Most have worked too hard, for too long to let this get in their way. They are proud of their accomplishments, yet not satisfied with the status quo. This is the time when their “entrepreneurial adrenaline” is kicking in. When that takes place, good things usually happen. Face it, we are experiencing an unprecedented crisis. No one know for sure how things will turn out. But as I mentioned to a few folks the other day, you’ve got to keep pressing forward until the day you decide to fold up the tent.
These are tasks that your business will depend on for ongoing success. Have a clear picture of where you want to go, a map of how to get there and engage your team to make it happen. If you have any comments or thoughts as to how you’ve approached these issues, please send me a note or include them below.
Mike Philie can help validate what’s working and what may need to change in your business. Changing the trajectory of a business is difficult to do while simultaneously operating the core competencies. Mike provides strategy and insight to owners and CEOs in the Graphic Communications Industry by providing direct and realistic advice, not being afraid to voice the unpopular opinion and helping leaders navigate change through a common sense and practical approach. Learn more at www.philiegroup.com, LinkedIn or email at firstname.lastname@example.org.