Let’s Get Back to Basics…
The past few weeks and months has seen uncertainty develop across many aspects of the economy.
From political fallouts to economic instability, all against a backdrop of wider global issues, the result means a difficult period ahead for many businesses.
In such uncertain times, one of the best things a business can do is get ‘back to basics’. Here we take a look at the steps to steadying the ship when times are rough.
Revisit your business plan
During turbulent times, it’s vital to keep a clear, focussed path. If you have a Business Plan, now would be an ideal time to revisit this and gain perspective on where the business is up to. Things have changed significantly over the past couple of years, so it might be worthwhile spending the time to bring your plans up to date and make revisions.
If you don’t have a business plan in place, create one from this point forward. Don’t be afraid to commit your business ideas and goals to paper/a document; being clear on where you want to get to is the first step to getting there.
Don’t forget to share your business goals and objectives with key members of your team so everyone can become invested and know what are where they are aiming for.
Get to grips with cashflow
Over the course of time, the incomings and outgoings of a business can both grow, and without keeping a close eye, you might lose track of what is what. Undertake a review of your bank account and ensure you know what all of your business outgoings are for. If prices have increased over time, it could be time to go through a renegotiation process with existing suppliers, or take a wider look at what better deals there may be available. It could also be that some services or agreements may no longer be needed and could be cancelled altogether.
Review more frequently
When the going gets tough it may be tempting to bury your head in the sand, or at the very least, just plough on; not really considering what you are leaving in your wake. However, difficult times are arguably when the greatest amount of time needs to be spent on planning and reviewing. Make it a habit to check in more regularly and keep track of those all important KPI’s.
It’s always easy to make an excuse when it comes to business planning. However, those businesses that take control and have a clear vision are often those that are able to navigate difficult times more successfully. Agenda’s business consultants can work with business owners/directors to review and put plans in place. By committing to a one-off or regular one-to-one with one of our experienced consultants, you will ensure that time doesn’t slip by; helping you to get a renewed grip of your business and where it – and you – are heading. Get in touch…