WHEN A CRISIS BECOMES AN OPPORTUNITY

Were you planning to sell your business before the Covid-19 outbreak shook everything up?  Has the resulting economic crisis made you change your mind?

Many businesses are rethinking their growth strategy in the wake of the pandemic.  How has it affected the way you think about your business’s future?

While this crisis has clearly caused a great deal of stress and pain, it does not necessarily mean that you should throw out all of your plans.  This can be a useful, engaging time for you to get to the root of some intrinsic problems within your business and improve its value for a future buyer.

Even before the pandemic struck, there was a heavy demand on each of us to appear, at least, as though we were succeeding materially.  In reality, though, many people just looked wealthier than they were, even if it meant that they were relying on credit to achieve it.

For entrepreneurial business leaders, the temptation to seem to be the ‘leader of the pack’ is not just tempting:  in very real terms, it often feels necessary.  A successful image can help your brand.  Many business owners profess to their being tired and stressed from their having to appear more materially successful than they feel from time to time.

No wonder:  faking it is exhausting.  It’s also passé, though, now that this coronavirus has done a very good job of changing the global economy all on its own.

If you’ve been planning to sell your business in order to usher in a new, happier phase of life, this sudden crisis might seem to be the bad news that could topple you over the ledge.  Just pause – take a breath and have another look at the situation, though.  Is this not a good opportunity for you to make those changes that could increase your business’s worth?

Remember, we’re talking about ‘appearance and reality’.  Just as there really is no such thing as ‘overnight success’, there really isn’t such a thing as the ‘end of the road’ for your plans right now, either.

While the pandemic is creating a time of radical change, why not take this opportunity to reform your own organisation right down to its cultural, core values?  For example, there’s no better time than now to:

BUILD A MORE OPEN COMMUNICATION IN-HOUSE

You’ll need to make long-ranging, strategic decisions confidently now.  Without a trusting and trustworthy team, your choices will be less likely to hold.

Your senior management should be tuned into the concerns and ideas of your workers.   Use this time to reflect on developing an open atmosphere throughout the whole company, encouraging communication across all levels.

You’ll find it a lot easier to implement swift changes if everybody feels ‘in the know’ and on board.  Your business will be in a better position to not just come through this crisis but to thrive if it is agile and fit enough to move quickly when it needs to.

INCREASE TWO-WAY COMMUNICATION WITH YOUR CUSTOMERS

Of course, it’s always been important to respond to your customers … but now more than ever, people have harnessed the powers of social media and opened creative forms of communicating with each other.

Use it to your company’s advantage from now:  ask for more feedback from you customers.  It will not only help you to conceptualise and implement better solutions both in the short term and long term, but your newfound communication will secure their loyalty far into the future.  They’ll stick with you if they feel that they are a part of what you do and influential in your business.

Investing in a more focused, internet-based communication with your customer base might be one of the best choices you could make during this difficult time.

GET BACK TO BUSINESS BASICS

Most people go into business for one of four reasons:

  1. They want more leisure time
  2. They want more flexible working times
  3. They want more authority over their remit – free from rules and from being told what to do
  4. They want more money and affluence

When you started out, you were driven by one or a few of those.

Depending on how long you’ve been in business, you’ve discovered for yourself along the way that there was no ‘get rich quick’ fix that lasted for you.  You might have had a couple of lucky breaks along the way, but your business’s success is down to your systematic, consistent hard work.  You planned and scheduled your growing success over time.

That’s how your success is going to happen again.

Even if it takes a bit longer than you wanted it to, you will sell your business for the price you want – without having to discount.  The key is to find out how you can prepare your business for sale with the correct diagnosis and support from an experienced business sales team.

Appearances can be deceiving.  Covid-19 might have sparked a crisis that feels bigger than anything you can handle for now – but have a second look:  could this be your ideal chance to get back to basics and improve your business in preparation for sale?  Get a team to help you to diagnose the reality of your situation – not merely the appearance of it.

Whether you want to move ahead and sell or to hold back and prepare, EvolutionCBS can help.  Find out how you can continue to prepare your business for sale without having to make any premature decisions by talking to one of the team at EvolutionCBS. You’re welcome to come along to one of our free EvolutionCBS webinars

 

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