Tag Archive: opportunity

Small Business Thinking Out of Crisis-Mode

Small Business Thinking Out of Crisis-ModSmall Business Thinking Out of Crisis-Mode

by Erin McDermott.

 

Small Business Thinking Out of Crisis-Mode. Your business has weathered a tough and challenging cycle. Now it’s time to start breaking out of crisis mode. How do you do it?  As with any kind of upheaval, it’s difficult to get past fears born out of a bad experience. A brush with the demise of a business falls into its own traumatic category, with your professional, financial, legal, and personal life seemingly on the line. But how you deal with the aftermath of that tough situation is important, too. Afraid of committing to an expansion or new segment of customers? Lingering resentments over what went wrong and who’s to blame? Unable to lead staffers in a clear direction?

 

Troy Hazard compares it to what he’s learned from racing cars. The serial entrepreneur, business consultant, and author has been taking classes at tracks for years. But one instructor’s advice resonated with both of his passions. The lesson: Don’t obsess over the first turn, or getting into an accident. Think about what you intend to do to attack the curve that’s two turns ahead, because that’s what will help you win the race. Small Business Thinking Out of Crisis-Mode

 

“The biggest challenge most businesses have now is the hit they took back in 2008,” he says. “There’s such a fear about ‘What if it happens again?’ And the answer is: It’s going to happen again. It’s happened every seven to 10 years for the last 70 years. The problem is we’re so reactive to things that are drama today instead of focusing on a strategy for tomorrow.”

 

His advice to clients: Take time every day—“walking the dog, even that 15 minutes in the shower”—to think about where you want to be in five years or 10 years, and what changes you might make now to reach that goal. Small Business Thinking Out of Crisis-Mode

 

Jeffrey Kadlic works with companies in the wake of a crisis. His small business private equity fund, Evolution Capital Partners, based in Cleveland, uses a system of five “pillars” to take a company out of what he calls “no man’s land.” Small Business Thinking Out of Crisis-Mode

 

Kadlic’s five steps to getting back to business:

1. Get timely and accurate financials

“You can’t have any sense of what you’re doing or where you’re going until you measure where you’re at and what your performance has been,” Kadlic says. Some important questions: Where do you stand compared to your peer group? How profitable are you really?

 

2. Create a plan

Most companies start with a short-term plan, going out at least a few pay periods to evaluate their cash cycles. Kadlic suggests a 100-day plan, which should be enough time to see tangible results from the changes you’re implementing.

 

3. Put the right people in the right seats

Kadlic equates it to football: How can you create a roster if you don’t yet have a playbook? Once you know the market you’re about to attack, then it’s time to put the right specialists in your lineup to get it done.

 

4. Be transparent

This part can be difficult for a small business owner who’s used to making most of the decisions. But to have your key staff understand where they fit in this new plan is essential, Kadlic explains. “Show them the big picture and how they’re contributing to the results as a whole,” he says. He recommends monthly meetings to show where everyone stands in proximity to their goal. “It gives people a sense of ownership in what’s going on,” he adds.

 

5. Be accountable

Give employees a realistic goal against which they can be measured, he says. It sets expectations for old and new staffers. Plus, if someone isn’t working out as you’re trying to get back on track, those benchmarks make a dismissal less of a surprise to the employee and an easier way to define what a successor will need to do, Kadlic says.

At all of the businesses he’s bought over the years—most of which he’s entered during crisis mode, “because that’s where the opportunity is”—Hazard says he’s implemented not only a routine of not-to-miss Monday morning meetings, but also a “daily huddle” that keeps the focus on what’s down the road. In that 10-minute meet-up, teams from finance to operations come together to answer the question: What are the things you see that are strategic roadblocks for you right now? “It brings up the things that are going to affect the business long-term,” he says, “but it also gives everyone a chance to help overcome these obstacles and collaborate on a solution.” Small Business Thinking Out of Crisis-Mode

 

Hazard likens it to what he’s learned on the racetrack. “It takes the day-to-day issues and turns them into longer-term strategies,” he says. “That’s what changes the culture.” Small Business Thinking Out of Crisis-Mode

Breaking Out of Crisis-Mode Thinking

Breaking Out of Crisis-Mode Thinking

Breaking Out of Crisis-Mode Thinkingby Erin McDermott.

Breaking Out of Crisis-Mode Thinking. Your business has weathered a tough and challenging cycle. Now it’s time to start breaking out of crisis mode. How do you do it?

As with any kind of upheaval, it’s difficult to get past fears born out of a bad experience. A brush with the demise of a business falls into its own traumatic category, with your professional, financial, legal, and personal life seemingly on the line. But how you deal with the aftermath of that tough situation is important, too. Afraid of committing to an expansion or new segment of customers? Lingering resentments over what went wrong and who’s to blame? Unable to lead staffers in a clear direction? Breaking Out of Crisis-Mode Thinking

Troy Hazard compares it to what he’s learned from racing cars. The serial entrepreneur, business consultant, and author has been taking classes at tracks for years. But one instructor’s advice resonated with both of his passions. The lesson: Don’t obsess over the first turn, or getting into an accident. Think about what you intend to do to attack the curve that’s two turns ahead, because that’s what will help you win the race. Breaking Out of Crisis-Mode Thinking

“The biggest challenge most businesses have now is the hit they took back in 2008,” he says. “There’s such a fear about ‘What if it happens again?’ And the answer is: It’s going to happen again. It’s happened every seven to 10 years for the last 70 years. The problem is we’re so reactive to things that are drama today instead of focusing on a strategy for tomorrow.” Breaking Out of Crisis-Mode Thinking

His advice to clients: Take time every day—“walking the dog, even that 15 minutes in the shower”—to think about where you want to be in five years or 10 years, and what changes you might make now to reach that goal.

Jeffrey Kadlic works with companies in the wake of a crisis. His small business private equity fund, Evolution Capital Partners, based in Cleveland, uses a system of five “pillars” to take a company out of what he calls “no man’s land.” Breaking Out of Crisis-Mode Thinking

Kadlic’s five steps to getting back to business:

CrisisMode_PQ.jpg1. Get timely and accurate financials
“You can’t have any sense of what you’re doing or where you’re going until you measure where you’re at and what your performance has been,” Kadlic says. Some important questions: Where do you stand compared to your peer group? How profitable are you really?

2. Create a plan
Most companies start with a short-term plan, going out at least a few pay periods to evaluate their cash cycles. Kadlic suggests a 100-day plan, which should be enough time to see tangible results from the changes you’re implementing.

3. Put the right people in the right seats
Kadlic equates it to football: How can you create a roster if you don’t yet have a playbook? Once you know the market you’re about to attack, then it’s time to put the right specialists in your lineup to get it done. Breaking Out of Crisis-Mode Thinking

4. Be transparent
This part can be difficult for a small business owner who’s used to making most of the decisions. But to have your key staff understand where they fit in this new plan is essential, Kadlic explains. “Show them the big picture and how they’re contributing to the results as a whole,” he says. He recommends monthly meetings to show where everyone stands in proximity to their goal. “It gives people a sense of ownership in what’s going on,” he adds.

5. Be accountable
Give employees a realistic goal against which they can be measured, he says. It sets expectations for old and new staffers. Plus, if someone isn’t working out as you’re trying to get back on track, those benchmarks make a dismissal less of a surprise to the employee and an easier way to define what a successor will need to do, Kadlic says.

SBC newsletter logo.gifAt all of the businesses he’s bought over the years—most of which he’s entered during crisis mode, “because that’s where the opportunity is”—Hazard says he’s implemented not only a routine of not-to-miss Monday morning meetings, but also a “daily huddle” that keeps the focus on what’s down the road. In that 10-minute meet-up, teams from finance to operations come together to answer the question: What are the things you see that are strategic roadblocks for you right now? “It brings up the things that are going to affect the business long-term,” he says, “but it also gives everyone a chance to help overcome these obstacles and collaborate on a solution.” Breaking Out of Crisis-Mode Thinking

Hazard likens it to what he’s learned on the racetrack. “It takes the day-to-day issues and turns them into longer-term strategies,” he says. “That’s what changes the culture.” Breaking Out of Crisis-Mode Thinking

A Change in Career a Change in You by Tim Jacquet

A Change in Career a Change in You by Tim JacquetA Change in Career a Change in You by Tim Jacquet

Career Change in You by Tim Jacquet. Some of us are lucky (or unlucky) enough to start our own business, we work all the hours under the sun and moon and think that this is it, this is going to make me, I will be happy and have no worries about bills and the future. Sadly,it’s not quite like that. If you’re into manual labour you generally end up with no money and all sorts of ailments like back pain, trapped nerves (very painful!) or even the odd limb missing. All from slogging your guts out 24/7! And if you do find that job you always wanted?

Are you still there? I’ll bet your not or you won’t be in the near future. Why? Because you aren’t getting the appreciation you feel you deserve, you know you do a good job, and you know you could do it better but something’s stopping you, stopping you from progressing and stopping you.

Why is this a career change is necessary? Have we been brought up to be like this? For the average person we weren’t taught how to look after our bodies or our minds at school, we were doing homework on Arithmetic’s, English, French, Geology and Physics to name a few, all good if you knew what you were going to do in life! Society didn’t teach us how to make money or be happy or to look after ourselves, it just taught the basics so that we could fit in.

But fitting in doesn’t work!…..we all have that built in desire to be successful, to be better than we are, it’s only with us for a certain period of time and you know when it’s running out, it’s inbuilt, we are human and it’s natural. You have to take a look at yourself and almost go back to school, your school! Do it the way you want to be taught not how society taught you. Your school, what is your school?……….It’s anything you want it to be!

You just need knowledge of career change, only WITH THIS TIME its knowledge you want to learn and you can get enthralled in. You can work any amount of hours in the day as little or as much as you want, but the big difference is that you will be enthralled with your new venture, you will want to work all the hours life allows (and your family) and the appreciation will come from yourself.

Your life that has passed by (which goes too quick in my book) has gained you a wealth of knowledge that YOU know, that you can pass on to others that need that information.

Information that is valuable and easy for you to convey to others, it’s called a niche.

So you see, to all those out there with yearn and the willpower (and we all have it, it’s natural) you have an opportunity that no society has had before us. The world is a small village, and the reason for that s…………………….. the INTERNET this is where you should start in your career change.

Thank you for reading this blog on Career Change. A Change in Career a Change in You by Tim Jacquet