Just like Marty McFly in the iconic movie, as business owners, we have been given an rare opportunity to look at the past, consider the present and affect the future. By now most businesses have dealt with the immediate changes to their business. Some have quickly reacted, while others have turtled. With weeks behind us what remains is the need to look forward. Once the dust has settled, and we have become accustomed to video conferencing and digital correspondence, we are left with our business. The one that we built. What drove us to build or buy this business? Now is the time to reflect.
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Roads? Where we’re going, we don’t need roads.
So much has changed. It is no longer what it was, it may never be again and that can be a positive thing. Most entrepreneurs get a buzz from the potential of a new business idea. The excitement of building something. That “new car smell”. We also know the negative side of that, the debt, the hours, and anxiety associated with it. In this case, we have the unique opportunity to reboot. A hard reboot. The advantage to this is that we don’t have to start from scratch! We can get the same buzz by retooling and rethinking the current business. We don’t have all the legalities of a new start up. Building partnerships, staffing up, etcetera. All we need to do is to take a moment away from the logistics and management and look to the core. Look at the “why”. Why did you start or buy that business? There was emotion and potential. Tap into that.
If you have a Mission or vision statement, take the time to reread it. Remind yourself of what your business stands for. This will give you some clarity. Then redo your SWOT analysis of your business (Strengths, Weaknesses, Opportunities, and Threats). This time add “during COVID”. So, Strengths “during COVID” etc.… At this point you should know how COVID has affected your business. These two simple exercises will give you the clarity after what I am assuming has been reactionary thinking. Now is the time for a clear direction forward. Navigating through something that, up until now, has been unknown. Take control. That is what most of us are struggling with, the loss of control.
your time machine
Past – What HAS worked?
- Review your why. Why did you start your business?
- Review your Mission/Vision.
- Review your SWOT.
Present – What IS working?
- Analyse what has changed. How has your business been affected?
- What have you changed?
- How have you adapted?
Future – What WILL work?
- What did you learn from the past? How can it be used moving forward?
- What can you leave behind? Eliminate?
- What has the present taught you?
- Create a new SWOT
- Will your Mission/Vision change?
Now, let’s head into the future of business. Stronger and focused. No flux capacitor required…
