Are your foundations in place to thrive after COVID?
Posted on 7th October 2020 at 11:17
Article from Sussex Chamber of Commerce published in the October/November of Business Edge Magazine on page 30
Commercial Optimisation is a professional implementer of the EOS model & system….a proven way to business success. Here, Co-founder Andrew Stevens explains how to reset your business.
Think back to how your business was running at the start of 2020. Chances are you were following your business plan (3 out of 4 UK businesses use a plan), and you were growing and flourishing. But in April, just as you thought you couldn’t do anything wrong, the world stopped. Suddenly you were facing some very different challenges – for many, the main goal became survival. Today, you’re probably trying to work out how you can find success in the post-lockdown world. Facing up to these new challenges may require you to reset the foundations of your business. Every day, I talk to entrepreneurs about how they can get more from their business, and for me, it comes down to three areas – people, planet and profit. Let’s look at these in more detail.
People In challenging times, it’s never been more important to have the right people in the right seats. You need people who buy into your vision and values, and they have to be capable of doing the job that you give them. This is one of the six components of the EOS Model used by Commercial Optimisation, which I help entrepreneurs to implement in their business. You might find that some roles that you had in your company pre-COVID are no longer needed. On the other hand, there may be a whole raft of new functions you need to create. You need to take a detached, birds-eye view of your business and evaluate what you need to move forward.
Planet Resetting your foundations gives you the opportunity to reassess your priorities. You may have a new vision for your company - one completely different from when you started out. Now is the time to bring it to life. Many businesses are refocusing to become more sustainable, creating roles to monitor environmental impact. Also, in the wake of the pandemic, many companies are becoming more people-focused, implementing flexible working schemes and being more deliberate about diversity and inclusion. Does your business need a new vision?
Profit If you have seen your profits plummet since the COVID crisis, with little sign of recovery, you need to make adjustments to get back on track. Start with the basics – is there a demand for what you do now? Next, look at your forecasts. Are you anywhere close to where you need to be? The secret to moving back into profitability is having a good plan and sticking to it. In EOS, which we use at Commercial Optimisation, we talk a lot about planning. We believe any business can find success by creating a strategy around six key components. What are they? You’ll have to get in touch with me to find out.
Are you ready? To understand what your company needs, it’s vital to take time out. That means working on your business rather than working in your business. A proven system like EOS can help you systemise your company, so you can switch to the new normal faster and more smoothly. When you run a business, you face 136 challenges at the same time! Today it’s the aftermath of a pandemic, but it could easily be a recession, a new competitor or a change of regulation. What’s important is that you have a framework that everyone understands, and a plan you can stick to. When you can control your response to any change in your business, when you and your employees can switch seamlessly from one mindset to another (growth to survival, for example), we call it business readiness. If you don’t have business readiness, you can’t achieve it by tinkering around the edges. You need to make fundamental changes to your foundations. However, there are people who have done it before and know what to do. Let Commercial Optimisation show you the way.
Over to You
If any of this resonates with you and you're a small to medium business owner let’s get together.
To find out more please contact me to schedule a free 90-Minute Meeting. If this seems premature – we get it. We’re entrepreneurs, too.
Please know, this is NOT a high-pressure sales pitch. It’s just the simplest, best way for you and your team to connect for a detailed overview of a proven system that will help your company.
There’s no charge for this meeting and no obligation. It’s a valuable learning event that will answer all your questions and fully equip you and your team to start to fix the company's challenges.
Tagged as: Business Planning, Company Operating System, Entrepreneurial, Leadership, People, Profit, Traction
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