Ultimate Create (O)X - Reinvention Plan - Wendy Dickinson

Wendy Dickinson - "Catalytic Conversation$"

​Introduction
COVID 19 has served a major catalyst for change in 2020.  COVID is a macro event - world wide impact in every marketplace and industry.

COVID 19 is also a micro event- you as an individual, the people on your team, and the reality that COVID 19 is just one possible challenge to navigate through.  Many people can add the challenges of working from home, other health considerations, natural disasters (hurricanes, wildfires, earthquakes), as well as death & injury.

Each of these occurrences offers you, the Executive, the opportunity to create business continuity plans that offer support during times of challenge.  With a BCP, you and your team can grab the BCP and edit to fit the current challenge. A BCP allows you the chance to respond, rather than react.

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Show Objectives - The Why
There is always the possibility of multiple challenges facing your business simultaneously.  COVID 19 was a huge catalyst for change that in many cases, was exacerbated by the fact that businesses were not prepared for a catastrophic event of any kind - not the hurricanes that hit, or the wildfires that started, or the loss of someone important to the organization.

What to do?

Have a BCP for the injury or death of a key person in your organization.  This allows the organization to pivot to change the business model - changes to the operations model, logistics and supply chains, talent management plans can be examined and discussed as a team prior to the occurrence.  It’s a low risk way to prepare.

In other words, when things go to hell in a handbasket, you and your team will bring out your BCP and begin to adjust it, collect the data needed to make the right adjustments, and begin to execute using the specific tasks done by specific people who have trained to take on the responsibilities while the rest of the world is trying to adjust to the crisis.

Key Issues - Owner Perspective:

1. Many owners don’t know their numbers. They don’t have an owner’s dashboard that gives the owner an indication of what needs to be done, where.
2. Many owners haven’t properly done relationship due diligence for onboarding out of work family members, friends or other connections.  Hiring for skills only and not fit can be a huge mistake.
3. Many owners haven’t thought through their priorities during simultaneous crises.  Owners need to know what’s valuable to build value within the business, otherwise, owners make pivotal decisions based on fear.
4. Many owners don’t have a plan for talent development.  Employees during the crisis are often marginalized by the owner who is trying to compensate for control by overextending themselves and then disenfranchising their team.

What You Need to Know - The What

Potential Problems:

• As of May, 2020 The Washington Post reported that over 100, 000 small businesses have failed
•  Take a look at Fortune’s list of the top 10 industries with bankruptcies here.
•  Black business owners actively working fell by 41% and whilte business owners fell by 17% according to Fortune as of June, 2020.  Take a look here.
•  Owners commonly are so immersed in the day to day operations of the business, that they forget to regularly take time out to work ON the business.  This is time to do a SWOT analysis, Pivot & Pitfalls Analysis, compilations and reviews of their financials allowing them to uncover weaknesses, blind spots, and knowledge gaps within the organizational framework.

What You Need to Do - The How

1. Build out that dashboard.
2. Commit to yearly scenario planning using strategic foresight.
3. Conduct relational due diligence.  Build out awareness of self and others.  Practice using a growth mindset and work to eradicate a fixed mindset wherever possible.
4. Seek out other business owners to explore different perspectives, strategies as well as advisors who have been value added.
5. Practice C.R.A.V.E. - compilation, review, audit, valuation and estate planning.

Shows

•  Previous: EPISODE E5.07.3 Ultimate (O)X – Getting Real With Valuation  
•  Next: EPISODE E5.09.3 The Thrill of the Ride - Obstacles to First To Market

Resources:

1. Schedule a call with me to discover how to run scenario planning that fits your business.  1-804-372-7575 or email me at wendy@ascendcochingsolutions.com or visit my website at https://ascendcoachingsolutions.com.
2. Mike Metzger, Broker, Murphy Business, brokers in the Richmond, VA area, email Mike at m.metzger@murphybusiness.com
3. John Dickinson, Investment Banker, Dickinson Williams & Co., Richmond, VA covers North America and Europe, email JD at jdickinson@dickinsonwilliams.com or visit their website at www.dickinsonwilliams.com.
4. Jennifer Berdell, CFP®, CDFA®, Founding Partner Kinloch Capital, email Jennifer at jennifer.berdell@kinlochcapital.com or visit their website at www.kinlochcapital.com.

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