PART I: INTRODUCTION - FIRST PRINCIPLES OF DEALING WITH ECONOMIC CONTRACTIONS - WILLIAM EASTMAN
The following is not a story nor a prescription, it is a focus on changing the mindset of business owners about their role in the company.
The right solution will not solve anything because the problem is outlook – how the owner perceives their role. If the owner cannot grow beyond themselves, the business will only be as successful as their unique mix of competencies and character takes them.
The challenge of Friday Shows is for you as the business owner to stop being just a technician in the firm. You will need to balance two things at once: what is happening and how is it being accomplished.
The WHAT are the specific areas of focus like finance, operations, customers, and people that is being built or improved..
The HOW is how you managing the change from today in those 4 areas to where you need to take the business. Every Friday we start with the HOW.
Given a contracting economy with diminishing business opportunities and inflation devaluing the currency, you will generate new solutions to built an operation that can deal with current challenges.
EPISODE 17: WHAT IS A "BURNING PLATFORM"?A "burning platform" is a term used to describe an extremely urgent or compelling business situation in order to convey, in the strongest terms, the need for change. Using this process, you can get people’s attention and build awareness of the need for change very quickly. The only caveat is that not every change can have a burning platform. If this were to become the norm, employees may begin to ignore the message (not everything can be an emergency). As the old story goes, you do not want to be caught “crying wolf” for every change, in case you find yourself really faced by a wolf and no one responds to your call.
EPISODE 18: HOW TO CREATE A BURNING PLATFORM
EPISODE 19: IS IT WORKING?
EPISODE 20: HOW TO RECESSION PROOF YOUR BUSINESS
How to apply today's show to your business:
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