Crisis Business Coaching
Coaching a business in crisis is both similar and different from coaching a business which is doing well, new or strong and is in growth mode. There are components which every sensible and sustainable business should contain, but for a business in crisis there is a different slant and many other aspects to consider.
Crisis for a business can be many things, including:
- The current Coronavirus (COVID-19) pandemic
- Natural disasters, such as floods, fire or storms
- Death of the owner or key person within the organisation
- Poor (or non-existent) planning, strategy or forecasting
- Excessive or overly strong competition, or a change in market share
- Change in Government policy or industry
- Medium to long-term financial failings
- Theft or fraud within the business
- Leadership failure and poor decision making
- Ineffective marketing or sales
- Unresponsive culture, especially an unwillingness to change.
There are more things which can cause a business to go into crisis. What we must remember is that we don’t always see this happening suddenly. With COVID-19 or a natural disaster or death within the business, we all know about it; it’s not something you could easily miss. However, many of the above items may be less obvious and in fact, occur over a period of time. Those in the business don’t recognise the warning signs because they have almost become ‘immune’ to what is happening around them. A fresh set of eyes to review and address what’s important.
Radio station Bay FM invited me to speak on air recently around the challenges of COVID-19, and more importantly, some of the critical actions that business owners can make to stay strong and resilient in these challenging times. Some business owners are pivoting and being proactive, whilst others are pausing, hibernating or burying their head in the sand. The world is changing and the resilient business owner will change quickly with it and become adaptable, flexible and strategic.
As with all my business coaching, my approach is positive but also ‘real’, practical and very much customised to your specific needs. I will not cover aspects you don’t need and will focus on areas which are most critical to you and your business. With my 30+ years, I’ve helped clients through the good times and the bad ones, including recessions and a multitude of challenges. I will provide you with a sounding board, a fresh perspective as well as innovative and effective ideas to action change – in whatever direction that needs to be.
In my crisis business coaching, I provide a range of services including:
- COVID-19 specific issues. These will include managing your team, suppliers and customers in the right way. I will ensure you are changing how you do business in order to keep people safe. Where possible, we will look at how you can continue to do business, albeit likely in a different way. I will also help you to learn how you can access a number of initiatives and stimulus packages which are being rolled out by the Australian Government.
- Trimming the fat. I’ll use my accounting and financial experience to objectively review your financial reports and see where the fat can be trimmed so that you are running financially leaner. I will ensure that areas which are important don’t get cut out and that new measures are both sensible and practical and not borne about by knee-jerk reactions. Remember that time for a lot of the businesses I work with (especially service-based businesses) is a major resource and it’s ensuring that staff are effective with their time; so time mastery may need to be focussed on. We may action breakeven analysis and budgets as well as other financial strategies and tools.
- Making tough decisions. Hard and unpleasant decisions may need to be made about the continuation of the business and how that will look. Far more than ‘trimming the fat’ could be reduction, closure, sale or bankruptcy. In each exit method, there is a right and wrong way to go about it. If you are looking at bankruptcy I know a number of experts who can guide you.
- Strategy, planning and strong leadership. Hand in hand with any strong and resilient business is planning, strategy and, of course, assessments including risk assessment and situational analysis. Couple this with strong leadership, staff training and excellent change management strategies to ensure your business will survive. I provide a number of options in this regard and resources which are available exclusively to clients.
- Ensuring that marketing and sales is effective. Whilst we don’t want to cut out the marketing expenditure from the budget, we will absolutely want to ensure that the marketing you do is effective, productive and optimal. Likewise, once you get those leads in, we need to ensure that sales conversion rates are at their peak and those lead resources are not being wasted.
- Sourcing new opportunities. With any challenge there are often opportunities to be had. This is not a case of ‘cashing in’ on other’s misfortunes, but about identifying an opportunity and moving quickly and effectively to seize that opening. Any new service or market needs to be approached in a sensible and planned way. In a time of crisis, you should be vigilant to not make mistakes.
Part of any of my Australian business coaching services includes looking at the business in detail and identifying weaknesses. For example, for some businesses this is the entity structure which can leave the owner open to no asset protection. Going forward, often my coaching is not just about brainstorming, but providing knowledge, experience and guidance in a very confidential manner. Accountability is an essential component of coaching to ensure that the action needed really does occur in a timely manner.
I offer interested Australian business owners the opportunity of a complimentary no-charge initial consultation. At present this is available via phone or Zoom as I am practising ‘social responsibility’. This 45-minute session includes a business analysis and is not 45 minutes of hard sell. It is essentially a sample of what I do and how I do it. Call me on 0411 622 666 or click on the below button.
List of Relevant Articles:
PDF (click to see attached). Please understand I am not a trained psychologist or counsellor. If you are feeling distressed or depressed, you may want to reach out to a suitably qualified person to talk to; here is a list of some options to help you if that is your need.