Wendy Dickinson - "Catalytic Conversation$"
COVID19, racial reckoning, economic uncertainty, the upcoming election….
Each is a complex, impactful occurrence. Together - the challenges keep every business owner ready to take up the fight, flight or freeze reaction in our reptilian brains.
McKinsey recently reported that some industries will take up to five years to recover. Others were able to pivot and navigate the new government recommendations with some success. In the messy middle are those businesses that are working through the complexity one step at a time. The small businesses have sustained most of the economic punches of this crisis.
Each owner’s experience is different. So, take what we talk about today with the knowledge that there is no silver bullet, or one size fits all or a magic pill.
We suggest that you remember the IBGR Profit Radio formula: F= (O+C+P)E. You are the amplifier, you are the multiplication variable in this equation. This is your day to work ON your Stage 5 business.
Your (O)X is YOURS. YOUR business may be similar to others, but it’s all being done by you. Use me and this show to act as a catalyst for change. Use Catalytic Conversations to propel your business to profitability by creating an (O)X that contains leadership of self, others, ideas and RESULTS.
Within each challenge of a VUCA world, complete your SWOT analysis. Recall your vision, mission & purpose. Why did you start this business? How does your current business model align with your purpose and how does it not? The critical question in front of you today is sell the business, or reinvent it. As the owner, you have the luxury of creating a scenario of profitability for both the sale of your business and the reinvention of your business.
Lastly, we challenge you to look at each topic this season with the intention of usinga growth mindset (definition: through practice, work and study you can master the skill you need), and expanded sense of awareness, while building a sense of readiness and resilience within the company.
If you’re curious about how IBGR structures it’s programming, let me clue you in. We use a Balanced Scorecard to format our weekday shows: Finance (Monday) = Operations (Tuesday) + Sales (Customers) + People (Employees) with Fridays dedicated to Owners. Look at the week this way - Monday through Thursday is working IN the Present, Friday is working ON the Future.
Also, we just built a new community, our version of a Chamber of Commerce. Join Up and gain access to our show Hosts and access our library of best practices.
Have a great business week.
Remember you are running the “what ifs” around two different scenarios - selling the Business and Reinventing it. In both cases you are looking for improvements in the metrics of fixed costs to improve profitability. Determine where it is a short term gain for the sale or a longer result that facilitates the company’s reinvention.
Key Issues - Owner Perspective:
What You Need to Know
Previous IBGR Shows
What You Need to Do
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