Crisis (& Crisis Prevention) 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 – such as preventive measures, risk determination and mitigation and planning so as to avoid disaster where possible, as well as working forward growth and success. However, 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:
- Natural disasters, such as floods, fire or storms
- Death of the owner or key person within the business
- A global pandemic like COVID-19
- 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 dynamics
- Medium to long-term financial failings
- Theft or fraud within the business
- Leadership failure or poor decision-making
- Ineffective marketing or sales
- Unresponsive culture, especially unwillingness to change.
There are more things which can cause a business to go into crisis. With some disasters, we never see them coming; others might be expected; you just know it’s going to happen. Some events occur instantly and others occur over a long period of time and sometimes you don’t even realise it’s occurring. You may not recognise the warning signs because you’ve almost become ‘immune’ to what is happening around you. A fresh set of eyes to review and address what’s important is invaluable.
Crisis Prevention – Critical for Sustainable Business
We all know that prevention is far better than managing recovery, so I frequently coach as part of general business coaching around:
- Planning for business sustainability – incorporating all aspects of business from money to marketing and everything in between
- Creation of business plans which are aligned with your goals
- Systems and processes designed to reduce error and increase success
- Strategies around incident prevention
- Risk management and risk mitigation planning
- Cyber Security Plans with practical actions for cyber risk mitigation.
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, resources, checklists and templates, as well as innovative and effective ideas to action change – in whatever direction that needs to be.
In my crisis (and crisis prevention) business coaching, I provide a range of services including:
- 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 focused 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, cyber security 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 as well as many 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 in order to not make mistakes.
Part of any of my Australian and New Zealand 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 and New Zealand business owners the opportunity of a complimentary no-charge initial consultation via Zoom. This 30-minute session includes a business analysis and is not 30 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:
30+ Signs Your Business is Falling Behind the Times
6 Sure Ways to Kill A Business
21 Ways to Stop Being a Business Owner Who Wastes Money
Business Going Bust in the Construction Industry
Being in Business Taking Its Toll On You?
11 Practical Ways to Curve Your Spending
40 Productive Things a Business Can Do in Lockdown
How to Avoid Business Plummeting Over the ‘September Cliff’
9 Positive Things to Remember in a Downturn
15 Valuable Tips To Start A New Business in A Recession
The Importance of Diversification in Business
Getting Your Cash-Flow Right During Troubling Times
12 Ways To Do Business Differently (and Better) in Times of Severity
The Impact of COVID-19 on Small Business Three Years On
Managing COVID-19 Brain Fog – 17 Practical Tips
The New Norm – How Life (and Business) Changed Due to COVID-19
Are You Using COVID-19 As An Excuse for Poor Customer Service?
The Good That COVID-19 Has Taught Business Owners
Coronavirus, Business & Risk Mitigation
Resilience in Business During (and After) A Crisis Like COVID-19
Positive Business Actions During the COVID-19 Pandemic
If you are struggling or need mental health support, click here to see a list of options: PDF. Please understand that whilst I am a Certified Mental Health First Aider, 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, or at the very least, talk to your GP.
Radio station Bay FM invited me to speak on air 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.
