Who needs a crisis?
We have all observed that the companies that survive a crisis come out stronger, correcting their weaknesses and building resiliency and new capabilities. During a crisis, decisions are made and change happens quickly because everyone understands the urgency and fewer explanations are required.
But the principles for making tough decisions and the right ones for your business are a constant.
Ignore the daily distractions. Recognize what is relevant to meeting your strategic objectives and what is not. Review your plan and your path, make adjustments, but do not keep changing plans.
Be aware of the competitive landscape, new competitors and changing customer preferences and adapt quickly.
Your management team, employees, banker and strategic partners need to be aware of your current challenges, opportunities, your assessment and your plans.
Don’t wait for the crisis
Be better. Do better.
Your Uncle Ralph, Del Chatterson
Contact DirectTech Solutions at www.DirectTech.ca for consulting assistance on your strategic business issues, growth and profit improvement plans or your exit strategies.
Join our mailing list at LearningEntrepreneurship.com for ideas, information and inspiration for entrepreneurs.
Read more articles at:Learning Entrepreneurship Blogs.
Click Here to check out Uncle Ralph’s books, "Don't Do It the Hard Way" and "The Complete Do-It-Yourself Guide to Business Plans" Both are available online or at your favourite bookstore in hard cover, paperback or e-book.