There is always a new normal after a downturn. Watch the box office.

It can be tough to keep your head on straight when life seems to be crumbling down around you. The financial crash of 2018/2019 was a tough time for many entrepreneurs. COVID has been very difficult for many entrepreneurs. Notwithstanding the difficult moments an entrepreneur might find themselves in, a new normal always sets in after a downturn. Sometimes the new normal means more change that many can’t keep up with and sometimes the new normal sets the stage for new success. As you look around the market and evaluate your new normal, what does it look like and how will your business continue to benefit from the changes that have occurred?

Continue reading “There is always a new normal after a downturn. Watch the box office.”

No more lines of credit says Wells Fargo. Expect the unexpected.

Nothing is guaranteed in life. Being responsible for an active business that is relied upon by customers, vendors and employees alike means being ready for anything. If you can learn to expect the unexpected you will always be in a position of directing your own outcomes. Many entrepreneurs can be caught off guard when circumstances change and end up taking a defensive position which doesn’t always help them deal productively with the outcomes. Entrepreneurs should always be ready.

Continue reading “No more lines of credit says Wells Fargo. Expect the unexpected.”

What’s your next move?

Every day you are either moving your business forward or it is moving backwards on its own. Like a balloon suspended in the air, you are either watching it fall to the ground or you are continually propping it up but you are never doing neither. There may be moments when you are not sure what to do with your business and may be inclined to wait and see what happens. If you wait too long, you may find that it will be too difficult to get your business back up and running again. A helpful question to ask yourself is: “What is my next move?”. Developing the habit of knowing or anticipating the next task or tactic to tackle in your business can help ensure that your business doesn’t fall past a point of no return.

Continue reading “What’s your next move?”

Have you filled in the gaps?

Take a look at your business right now and see if you can identify the next challenge it may face or the next opportunity it might have. Is is sales? Is it order fulfilment? Is it customer service? It is e-commerce? Over the past 6 weeks many businesses have been forced to re-evaluate what they are doing and how they are doing it. The economy and market may take a while to normalize but in the meantime, you have an opportunity to help your team improve and upgrade their skills to better match what you business needs today and going forward.

Continue reading “Have you filled in the gaps?”

How to have the hard conversations

Everyone has a different way of dealing with difficult circumstances. One of the keys to getting through a difficult time is to be honest about the challenges you are facing and the people that your actions (or inaction) may be impacting. In your business you have creditors, staff, the government and other people that depend upon your decisions. If your business is in a tough spot it might be worth considering that communication and expediency are great attributes to have if you don’t want prolonged anxiety and stress. Getting in front of problems early can save you additional problems that may come up later if you choose to wait to have difficult conversations.

Continue reading “How to have the hard conversations”

Should you take the money?

When faced with difficult situations involving the cash your business needs, it can be easy to think that finding new money to put into your business will solve your problems. Rarely does new money going into a business fix anything if there isn’t a specific plan for how it will be used and how it will be repaid. There are very few things in life that are free and taking money into your business without knowing how your business will use it and repay it will end up costing you more than the interest rate or the terms that the money comes with.

Continue reading “Should you take the money?”

Has the dust settled?

It’s been a few weeks since the market changed and you may want to ask yourself: “Has the dust settled?”. Are the market conditions that your business is experiencing right now going to change? If so, when? If not, what changes do you need to be making today to ensure the survival and success of your business? In the coming weeks and months, what will be different? Do you believe the market will be like it was two months ago or do you believe that it will be an undetermined slow upward climb from where your business is today to where you want it to be?

Continue reading “Has the dust settled?”

(5/5) How do you increase the value of your greatest asset?

One of the bittersweet aspects of being an entrepreneur or business owner is never being satisfied with progress. Taking calculated risks, making intentional decisions and measuring outcomes are all behaviours that entrepreneurs exhibit to push the edges of what they are capable of so they can push their business to the edges of its capacity, in hopes of finding new opportunities. Every new opportunity comes with new challenges but as long as progress is being made, many entrepreneurs will use their lack of contentment as a catalyst for growth. Your business is either growing or dying right?

Continue reading “(5/5) How do you increase the value of your greatest asset?”

(4/5) How is your greatest asset performing?

Making decisions often involves measuring results against expectations. There is a small percentage of entrepreneurs that run their business according to a budget and even less that hold themselves accountable to it. For those that do, their results speak for themselves. Because they measure their results consistently, they are able to make adjustments and change the outcomes that would have been inevitable had there been no accountability. One area that can be overlooked in any business is understanding how customers are performing against expectations.

Continue reading “(4/5) How is your greatest asset performing?”

(3/5) What is your greatest asset worth?

What is the real value of any business? Could one answer be its ability to add value to the market by solving a problem for people that are prepared to pay for it? If people are prepared to pay for a product or service, wouldn’t that mean that the customers or prospective customers of your business are one of the greatest assets your business has? If that is true, what are they worth?

Continue reading “(3/5) What is your greatest asset worth?”