THE MOST IMPORTANT QUESTION FOR SMALL BUSINESS OWNERS TODAY
The most important question a business owner should be asking today is:
“If I were to start over, what would the company look like?”
The COVID-19 pandemic had a massive effect on us all, including me. I started this year trending into perhaps the best year of my company’s short life. It felt like we were all playing a good competitive game of Monopoly when WHAM! The pandemic knocked over the board, sending the pieces and money flying all over the place.
Now everyone is scrambling to put the pieces back on the board in the right places.
But before you do, consider whether where you used to be is where you want to be. Why do you want to go back to the game the way it was before? Why hold Baltic Avenue when what you want is Broadway?
Remember, the pandemic hit everyone. Everyone is scrambling.
The question is, “If I were to start over, what would the company look like?” The answer you had when you started the business is likely different. And now, you have years of experience and expertise to apply.
In a recent webinar on leading in uncertain conditions, the participants were asked, “What Are Your Biggest Challenges Or Opportunities As A Leader During This Time.”
Their responses are shown below.
SOURCE: “The Science of Leading and Managing with Resilience in Uncertain Conditions”, AceUp, Pratt Bennet
The biggest issue and opportunity is how to rebuild when the pandemic is over by 39%. Reprioritizing company and individual goals was highlighted by 26%.
If you were starting over, now knowing what you know, experiencing what you have experienced, and freed from your past decisions:
• Would you be selling all of the same products and/or services?
• What changes would you would make to the products and/or services you sell?
• What changes would you make to the way you sell?
• Would you build the same, buy the same, and borrow the same in your process?
• Would you use the same suppliers and distributors?
• Would you have the same cost structure and financing?
• Would you have the same employees in the same positions?
• What additional resources or talent would you require?
For you, should your go forward plan be rebuild, reset, or restart?
As we plan for challenges of restarting the economy, it can help to have someone objective and experienced to talk to. I’m offering all business owners the opportunity to talk through their decisions with someone objective and with experience. A free hour of coaching. No commitment or obligation for future work. No risk. All reward.
To schedule your free hour, click here to find a day and time that works for both of us. We will meet via Zoom video conference or phone call. No selling. I promise.
Let’s answer the question, “If I were to start over, what would the company look like?”
“The heaviness of being successful was replaced
by the lightness of being a beginner again, less sure about everything.
It freed me to enter one of the most creative periods of my life.”
– Steve Jobs
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