Be the Lighthouse in the Storm
As a business owner it’s important to be the calm in the storm during turbulent times for your clients and employees. Like a lighthouse you may need to stand strong to be that guiding light. By staying calm and focused, you’ll be able to overcome obstacles and take advantage of opportunities that others may not see. Levelheaded thinking will prevail in times like this so taking a disciplined approach to running the business is more important than ever.
Running a strong business and being a great business owner requires periodically coming up for air to take a clarity break and work “on” the business. Remember, whatever comes your way, even in turbulent times, is just an “issue”. An issue is any challenge, obstacle, or barrier that needs to be addressed and resolved. When you take that approach, it provides perspective to help you to clarify the top priorities for the firm and prepare actionable goals around solving them. Even a reduction in revenue is just an issue. Let’s take a look at that as an example.
What would your firm look like with a reduction in revenue?
At your next clarity break take a look at your business financials and ask yourself at what margins can you effectively run the business well. Start with using a tiered approach for a 10% or 20% dip in revenue then decide if you need to make adjustments. Use this simple Revenue and Expense Forecasting Tool to help you identify what your revenue may look like at different tier levels. Then take a moment to analyze expenses and protect those that contribute to the growth and sustainability of the firm. An obvious example here would be the retention of key employees and the tools they need to do their jobs well. Then with some forward thinking create a list of actionable priority items. Ask yourself:
What is the best and most valuable use of your time right now?
Should you adjust roles and responsibilities?
How can you divide and concur to achieve more?
What are the priorities for the next quarter?
The Lighthouse
When you use this process to identify issues proactively, you’ll be prepared to recognize and seize the opportunities. Don’t miss taking a clarity break to prepare the top priorities for your firm. When you do this, you can then be the calm in the storm for those who need you most.
