The unknown is unpredictable and unavoidable. However, you can protect your business from an operational perspective in some very simple ways. One of the most critical components revolves around communication. Clear, open, and consistent communications with clients, customers, and employees help to keep rumors and uncertainties to a minimum while building trust. Another important area to focus on is cash conservation, or access to cash when a crisis hits. As we’ve learned, cash is king, and the more liquid you are when an unknown hits, the more flexible and agile your organization can be. Other important areas involve your people and supply chains. Although we cannot prevent the unknown from happening, we can build policies, procedures, and plans for when it does happen.
Thank you to Paul Kaplan a Partner with Rosenfield and Company, Erich Durlacher, Managing Partner with Burr & Forman, and our very own succession planner, Jean Venant, for sharing your expert insight.
As you listen to this episode, you will walk away with key takeaways and will realize you will want more. Click to visit the “Burning Question” topic page to easily access the additional episodes in the series.
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- Adjusting to the new normal for industries that rely on customer interactions
- Messaging for business owners/leaders to share with their people in times of crisis
- Navigating the path when some family want to work in the business & others pursue other careers
- Addressing uncomfortable subjects that are more difficult during the crisis as opposed to normal times
- Strategies for helping a son and daughter to learn how to work together
- Navigating business transitions when the next-gen is not interested in the family business
- Proactive strategies to position the business for the “unknown”
- Communication tactics ease employee’s anxiety and worry
- Managing emotions of others and self in times of stress
- Strategies to increase sales to cover costs and create more points of revenue
Business Performance
Business Performance
Business value is tied to performance. Top talent, strategic vendors, and creditors will be influenced by the organization’s competitive advantage in the marketplace. Traditionally, transitions generally bring with it a drop in profits. It is crucial that your business is operating at peak performance in order to fulfill cash flow needs and expectations during times of transition.
Click the following links for more drill-down resources on Business Performance.
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