The current upheaval with the coronavirus is again driving home the absolute requirement for small to mid-size companies to strive to make themselves bulletproof. In effect, making them less susceptible to changing socio-economic and environmental conditions, abrupt or gradual.
It’s about creating a business that is nimble and can react and adapt to any threat. It is about the ability to survive and thrive when all hell is breaking loose. It is about preparing a business to withstand anything that comes its way.
As I talk with our clients in the St. Louis area, the level of emotional and irrational share of mind is the greatest where a company has not completely implemented an architecture that prepares them for steady, consistent and scalable growth. They do not yet have the confidence and clarity that comes with having a “fortress of conviction” that their business will survive and thrive, regardless of the threat.
Counter that with companies that were prepared and understood a threat was on the horizon, in this case the coronavirus. Many had their plans in place before it all hit the fan. Worst case – it will lessen the short and long term impact, both financial and non-financial, because they were prepared.
How do you prepare a small to mid-sized business for adversity? Frankly, the same way you prepare a business for scalability and growth. The foundation or platform that is created when you want to take your business to the next level will protect your business when weathering any storm or turbulence. It is the great differentiator and why your business will last when many of your competitors will fall by the wayside.
It’s really very simple and you can count them on one hand.
- It starts with the leader. Great companies have great leaders. A great leader is prepared and have the emotional intelligence to work through all challenges. They may not have all of the answers, but, they at least know how to find them.
- Every business needs an operating system, a platform that stabilizes the business and makes operating it consistent and predictable.
- Without the Right People in the Right Seats, a business cannot succeed.
- You cannot run a business without good, hard data to help make “the right” decisions and plan effectively.
- Everyone in your organization must be aligned, rowing in the same direction – essentially thinking like business owners.
This is a very high-level set of requirements, but, for companies that want to achieve next level, scalable success they are a requirement. A bonus is having the added benefit of protecting themselves from the events such as the one we are currently experiencing.
Author Jim Rohn once said, “In business there is a spring, summer, fall and a winter.” Businesses must always plan for the winter and enjoy the other seasons. In our research, 80% of small to mid-size companies are not prepared for the winter. Those that are will leave their competitors in the dust.