Good News, Everyone is Making Progress!
|The good news is we are already at Stage 2 and in some other countries we are seeing them move to Stage 3. This is great news for those of us that recognise this early and can start to prepare.|
These are the 5 stages businesses are going through currently:
Shutdown – This is what has happened over the last 3 weeks and the points from the 3 Point Action Plan are very relevant. If you would like a copy just reply to this e-mail and let me know.
Assess and Prepare – This started last week and this week. This is about being clear on any existing opportunities as well as future opportunities. This provides insight into what needs to be done right now to generate profits and cashflow as well as where we need to invest time and effort into developing assets. Assets include relationships with your existing clients, suppliers and team, systems, procedures, training and marketing collateral.
Ramp Up – A date will be set for the end of shutdown and the easing of restrictions on businesses. This is where businesses who have assessed and prepared will be in the best position to hit the ground running. They will know who they need to recruit and onboard, which marketing to roll out and be in the best position to seize the opportunities. They will be looking at the state of play, while the other business owners are still in the changing room. Being pro-active in Stage 2 is crucial to make sure you are “shovel-ready.” You and your team want to be primed, practised and ready.
Start Fast – Just like at the start of the marathon, you have to be fast enough to not get caught up in the crowd and also pace yourself and your team. Focus on getting the right work from the right people, roll out marketing and take market share. You and your team want to have clarity, focus and commitment.
Balance and Grow – The “new normal” is going to be different to what we considered “normal” before. Having adapted and made the changes early you will be able to settle and focus on the current market conditions and building a strong profitable business.
The 5 stages can be compared to running a marathon. In stage 1 you committed to running a marathon. In this case, we didn’t sign up for it, it was just thrust onto us. Stage 2 is where we start to train, stage 3 is race day, where you start to stretch and warm-up. Stage 4 is when the gun goes off, there is always a mad “flurry” and unless you have a strategy or game plan you get caught up in the crowd, and finally stage 5 is where you settle into a rhythm.
We are not sure about how much longer this situation is going to last. What we do know is that as we progress through each of the stages, what you do to prepare will result in a different outcome, a better outcome.
Now is the time to be training!
If you require business advice, please get in contact with Sam at:
w: samharrop.com.au | t: (07) 4051 2221