Ok, now it's getting bloody tough!.
In over 17 years of consulting, requests for my service were typically for:
Business start-ups
Business plans
Strategies for growth
Systems analysis
Marketing
General business help
Since August of 2020 that mix has been tossed in the blender. Inquiries are now from people scared to death about what’s going on with their businesses and how they can survive in this COVID-19 infested world.
As we dig in together, I start posing questions relating to their business and their particular situations. Many of these entrepreneurs don’t have a handle on key business metrics.
Crucial things… (to name just a few)
What does it cost you to make that widget or provide your service?
How are your expenses relative to your industry?
Staffing
Rent
Marketing
How is your pricing relative to competitors in your industry?
How many months can you operate at current sales levels? (cash flow)
Are your staffing levels optimal?
Is your product or service mix prudent for the current pandemic world you operate in?
What is selling?
What needs to be dropped until the world rights itself?
What other items would be better suited to the current pandemic scenario
Without proper insight into these areas its tougher to formulate a plan for how to react and where to go next. It makes the Big Picture decisions much more difficult (kind of like pulling an ocean liner into dock with a blindfold on). Being able to see the Big Picture allows you to explore ‘outside the box’ for creative ways to, perhaps…
Reposition
Retrench
Explore alternative ways to provide your product or service
Sell your business
Join forces with a synergistic company
Sub out a portion of your manufacturing or service
Why do these things matter?
They are all levers you may need to reach for in order to try and turn your ship around as its heading for the rocks. And…. if you have access to all of that, you can choose a prudent course. And…. maybe, just maybe you find that the best thing for you and your business is to get off the boat.
Either way, we will have charted the proper course.