Taking a Considered Approach
Posted on the 25 March 2020
Crisis reminds entrepreneurs and other leaders in business that in highly stressful and volatile times, a considered approach to taking action is essential.
The absolute necessity to focus on the here-and-now as well as look past the crisis to the future is the critical balancing act. Nobody would pretend this is easy but based on our knowledge of the partner network and member views there are three things to bear in mind which may help currently.
1. HAVE A BRIDGING STRATEGY
Park Plan A and create a bridging strategy which keep the vital aspects of the business protected during the crisis phase. Continue to look for opportunity - tense times spark a high degree of creativity and innovation. Focusing this on spotting new opportunities for current or new markets is possible. Take your stakeholders with you by acting responsibly. Communicating this bridging strategy shows real leadership within your company but also within your supply chain.
2. CONTINGENCY PLANNING
Identify the business-critical elements for your company as above and create a formal plan. Set out the main scenarios for the different action both for cost and revenue so that you know the trigger point for further contingencies. Make every contingencies action timebound and owned. Monitor and review daily.
3. REACH OUT FOR ADDITIONAL SUPPORT
The natural inclination may be to turn in oneself during testing times, but sharing problems, seeking advice and negotiating a way forward is the better way of navigating the short term and setting the company up for long-term growth.
Access the amazing expertise and experience of the Entrepreneurs’ Forum member community and partners. There is a wealth of central government support available as you will see from the Support Hub sections. Reach out to the Local Enterprise Partnership and Combined Authorities as their teams are here to help you access both national and local support.