What is Normal Going to Look Like?
No matter how you describe the ride that we’ve endured for a couple months now, we are realizing that things will never be the same as before. The businesses that are best suited for success in the long term will be those with leaders who know that their business must rapidly evolve.
Prior to our current pandemic, some businesses were
moving into unchartered waters.
This is evidenced by a few business models that are totally different than the previous decades. Who would have imagined that our largest transportation companies wouldn’t own vehicles? Who would have imagined that our largest overnight stay companies wouldn’t own real estate? Or that a “freelance economy” would emerge with freelancers representing 35% of our workforce?
Of course change is a constant. Right now the need for a complete paradigm shift has increased in urgency to the point of NECESSITY. What will your pivot look like? How can you begin to take steps in the right direction when none of us can know exactly what the future holds? This is not the time for paralysis, nor is it the time to “wait and see.” Businesses who rethink and make bold changes will be rewarded. There is a path for you. It’s time to reach out and to invest in the future of your business. I’m ready to help you take the steps to move your business forward.
Fundamentals 2.0: Planning
A New Plan
Let’s start with a review of the definition of planning: A basic management function involving formulation of one or more detailed plans to achieve optimum balance of needs or demands with the available resources.
The planning process:
- identifies the goals or objectives to be achieved
- formulates strategies to achieve them
- arranges or creates the means required
- implements, directs, and monitors all steps in their proper sequence*
The goals that you set for 2020 might still be valid, yet your plan to achieve them is most likely null and void. So many of the outside forces that factored into your original plan have been high jacked. You need a new plan that has built-in flexibility to deal with the unknowns that lie ahead.
Many business owners struggle with the fact that planning, unlike day-to-day business operation, is not something that they can effectively do by themselves. An outside facilitator like ECA is ready to ask the important questions that will help with forecasting the next steps to be taken. You may need ideas for sustainable expense reductions, along with inspiration for making changes to your lifestyle while building your wealth. New updated plans – contingency plans – are a must. If goals are not set, they will not be achieved. We can work through this together. You need to plan. Next, you need to implement the plan.
When ECA facilitates the planning process, several questions are asked of the leadership team. Why do you do what you do? What are the values of your team and company? Who are all of the professionals assisting in the process? What is the current status of the situation or organization? What outcomes are we seeking? When will each phase of the plan and activities start and end? How will we measure our success? How will we accomplish the tasks, actions, tactics, strategies and objectives? What resources are available? From there we clearly write out the plan, including specific timelines and accountability assignments. Potential obstacles are stated so we can address how these might be overcome.
* Online Business Dictionary
The following describes many of the typical challenges and characteristics of ECA clients seeking to benefit from our expertise:
They are Aware of Untapped Potential.
ECA’s clients wonder what the next chapter looks like for them, their families and their businesses. They are ready to leverage the fruits of their labor and seek expertise on how this can be accomplished.
They are Plagued by Time Challenges.
Our clients want to know how to improve the management of their time as they look toward their future; sometimes feeling like burn out might coming too soon or excited to develop a reliable team and operation before burn out could ever hit. They want to ensure that their commitment of time, money and other resources yields sufficient returns.
Our new clients tell us that they do not have the time to plan– that they are just overwhelmed. They have realized that they only respond to the needs of the moment rather than making time to plan for the future.
They Suspect That They Carry More of the Load than Necessary.
Our clients approach us needing new ways to move their team toward solving problems rather than causing them. They want to develop their employee’s talents by creating leaders capable of carrying a significant amount of the workload.
They are Unsure About Risk Tolerance and Failure.
ECA clients seek an improved balance between protecting and utilizing their business investments. They hope to increase awareness and learn from mistakes of the past. They seek to make changes to avoid repeating these mistakes.
They Seek Help Facing the Unknown.
Our clients want to effectively change with the times, better adapting to shifts in their markets.
They Bear the Weight of Responsibility.
Our clients possess high expectations for themselves and strive to do what is best for everyone including family, staff and investors. At the point where they first approach us, they are finding this weight to be unbearable or have learned that is takes a team to be successful.
Even the strongest owners can encounter challenges that exceed their resources, causing undue pressure that can make it difficult to sleep at night. It’s for these business owners that Chuck Mohler established Eagle Corporate Advisors.
Chuck is dedicated to providing caring and customized support for complex, critical issues, improving your business outcomes while giving you the ability to rest more easily. Eagle Corporate Advisor’s fact-driven, in-depth approach helps our clients face change head on, making informed business decisions with future goals in mind.
Contact him today at (702) 451-3250 or ChuckM@EagleCorporateAdvisors.com.