15 keys to weathering the storms in business
15 keys to weathering the storms in business
Storms hit us! Whether it is the current coronavirus or banking and political turmoil or sudden market changes, we know that they will happen in a broken World and an imperfect economy.
It’s all too easy to feel that we are out of control and that our business will finish up on the rocks.
Here’s a few things to consider which may help you weather the storm and be more prepared for the next one.
- Its at this time when its good to remember that its not your boat and that God can be at the helm. Ensure you are not panicked into activity without first asking God for guidance and asking Him what He wants you to do. Listen, listen…there will be a lot of noise around, its really important to listen.
- Especially pray that Fear will not be the main motivator for decision making. All too often we will react instinctively out of fear. Pray against this and ask God to bring a sense of Peace and Calm to you as all around looks crazy!
- Its good to read Mark 4:35-41 and think about what Jesus would be saying if He was in business with you now. As you think this through hand the business over to Him. Know that He really cares for you and whilst all around appears to be in a mess, God is faithful and constant in His love for you.
- Gather good people around you that reflect a balanced community. Those that will hold your arms up, check on you and keep you accountable. Friends, family and church family can be good but ensure you have people who can be objective too. Use the experts in finance, marketing, strategic planning. Its now that experts are really necessary. Use them.
- Get hold of all of the relevant facts. What is actually happening in your business and what are the projections? Make sure you separate fact from fiction. The differences between the two can be Worlds apart.
- It is said that “what you can measure you can manage”. It is true that “what you can measure you can also pray for with understanding and being specific”
- What is actually happening in areas such as orders, sales, cash-flow, footfall and page hits?
Let the facts speak to you. Disassociate these from the fiction and the things you read and hear from those around you.
- Using the facts start to work on the plan to get through this storm. Crucially keep focussed on those things that are urgent, important and will take your business forward or stop immediate damage. Do not focus on the noise of unimportant things that may be screaming at you. Keep focused on the important and urgent at this time. To help you in this its sometimes good to have “on time”. Set aside time when you work specifically on the business itself rather than in the actual day to day activity of the front line. Close off the noise if you can and really focus on those important things that will make a difference at this time.
- Communicate with stakeholders. Be honest and as open as you can be. Clear, brief and regular communication with Team, Customers, Suppliers and Creditors really pays dividends. Most importantly, if cash-flow is tight, speak to the bank and speak to creditors. Take the initiative in this and do not bury your head in the sand. Be brave.
At this time, a phone/video call is often better than an email. It allows empathy and understanding.
- Delegate as much as you can. Stick to the things you do well and let others do what they do well. Your team has an opportunity to really grow during this period. Resist fear driving you to take control of everything.
- Communicate the small wins as much as possible and keep those around you focused on the point at which you will get out of the storm. Each wave you cross is a victory. Celebrate it and be thankful.
- Look for opportunities. Ask God for Wisdom, Creativity and to open doors to you. Is there a new direction you’ve been thinking about? The storm is full of opportunity and the period after the storm is full of new opportunities. Get your ideas down on a flip-chart/creative board. Involve others. Use this time to be creative and to look ahead.
- Keep a log of what it is you are learning. What mistakes have you been making? What has gone well? Has your business been over-reliant on one income stream or sector? Has your cash-flow been weak? Are your systems telling you what you need? Is the business too dependant upon you?
Start planning to fix these. How will the business come out of this stronger and more able to weather the next storm?
- Look after your self and those close to you. Ensure you take time with God in thanksgiving worship and prayer. Carve out time with family and friends and ensure you exercise and eat well. Take rest and don’t let fear drive you to work and busy-ness.
- Read Isaiah 33 v6. He is our sure Foundation.
This entry was posted by andymoyle on Saturday, April 11th, 2020 at 12:57 pm and is filed under News.