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CEO’s consideration to Grow Their Business in Tough Times

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Even the most robust economies are struggling today, and it is a crisis situation indeed.

The question to ask is, “Is your response in line with enacting a new paradigm for business continuity?” that is, have you triggered your DR & BC Plan into action mode?

If you are in compliance with industry norms and standards, the assumption here is that your company has a documented and approved Disaster Recovery and Business Continuity Plan.

You may want to argue that, triggering such a plan is applicable to only short-term disruption such as an earthquake, floods or any such natural disasters. But you will notice that in the last couple of decades, disruptions happen due to other reasons such as the spread of certain diseases, terrorism, political threat, environmental issues, and so forth.

Therefore, as a business leader, it is imperative that you have the foresight to anticipate disruptions and have a plan to mitigate those risks.

The next question is about your business model. If you are a proactive business leader, you are already initiated or in the process of coming up with a totally different business model or at least tweeked your current business model. I am not talking about revising your forecasts quarter to quarter based on current reality.

The scorecard that you use for evaluating your business performance has to change entirely. New measures need to be put in place replacing the old one’s. Topline and bottom line are not the critical one’s that needs to be measured. You need to look at Agility, how fast is your business is adapting to the changing dynamics. You need to look at Innovation, the ability to think out-of-the-box to create products and services that have unique characteristics and one that serves your client’s needs. You need to look at the efficiency of your various business processes and operations. You need to look at the resilience of business operations, the ability of your business to not to breakdown but be strong and resurrect itself in the event of a failure, and many other things.

What bold steps can you take today?

  1. Have you started thinking bigger and faster?
  2. Are you aspiring for a 10X growth?

These two require a shift in your mindset. As a leader, you need to make other adjustments as well. You will have to make organizational adjustments to decision making and for execution. If you have a crisis management team (CMT), have they started to taking care of things such as employee morale, health, safety and confidence?

Therefore, it’s time for you to reset and re-calibrate how business is done and executed so that is is more effective and more efficient. It’s time to look at your portfolio choices and have a re-look at them. It’s time to look at optimum resource allocation, re-skill, re-train, re-allocate resource, and it’s also time to look at the communication part. This is the most vital ingredients for your business not to break-down. Constant, timely communication to your employees, vendors, customers, business partners and other stakeholders is importation to overcome the difficulties of the current situation.

Business leaders, going forward how you show up as a true leader will make a huge difference. Show yourself in a way that your mission and message is being noticed and acted upon even when teams are working remotely. They need you more now than ever before.

P.S. Vasanthan Philip is a Business Advisor, Coach and Transformation enabler helping business leaders, small business owners, entrepreneurs and professionals in the IT enabled services and in the manufacturing sectors to see what they don’t see, be their accountability partner and help them deliver outstanding results. He helps them optimize their business processes for operational excellence thereby helping them make very huge profits. He is industry thought-leaders in Agile Transformation. He is on a mission to transform the lives of a million people and their businesses for the betterment of the society. He can be reached at vasanthanphilip@gmail.com. Website: www.vasanthanphilip.com

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