Matthew Curtis
Navigating through troubled & rapidly changing times.
At the time of writing the leaders of nations, businesses and households and grappling with the global corona virus pandemic.
This is a fast moving crisis situation of the like none of us have experienced before as individuals, parents, children or as leaders.
Many of us are having to adapt to new ways of working, living and communicating and leading our teams and organisations.
A lot of us will be facing some very difficult situations personally and in our business lives and eyes will be upon us a leaders for clarity - when perhaps we have none ourselves, for direction - when perhaps the way forward is not obvious and for support - when perhaps we too are feeling overwhelmed.
In fast moving situations when acting in a timely clear and decisive fashion it's easy to become autocratic and lose sight of your "why" your core purpose and to rapidly head off in directions that stakeholders may feel are at odds with your espoused values and brand message.
My recommendations to help are as follows, make your communications with your teams open honest and transparent, they are all aware of the current situation and it is ok to show vulnerability whilst still showing strong leadership.
Do not prioritise solving the issue of the day above maintaining your reputation or that of your organisation. Involve others, that might mean forming a small crisis team of other leaders, stakeholders and advisors, have short and purposeful meetings daily if possible using technology to ensure social distancing in this situation.
Why daily? In a fast moving situation its important to be working on todays issues today and not yesterday's. Introduce a crisp and standard running order for your meetings.
For example.
Situation Report (Sit Rep) - Our current situation, make it a fact rich and time stamped record.
Today's "Must win battles" - the critical issues to be addressed in this 24 hr period, based upon the Sit Rep and balanced against your core purpose & values.
Action log - record the decisions you have taken, and why. Are your actions reflective of good governance and balancing head vs heart. Ask how you might be remembered for the actions you take? Make sure your action log is constantly updated, all actions have an owner and are time bound for completion.
Summarise, clarify understanding with each team member.
Remember this is not a time to deliberate and seek perfect or elegant solutions ... good is good enough, be bold, be positive and be led by your purpose and values.
In order to make up ground and increase your own and your organisations state of preparedness you may also want to create a team with some of your most creative minds to think about worst case scenarios - if you could see the worst things coming what might you put in place now before they arrive? Could some of the actions you are already taking be scaled to tackle a worst case scenario?
Create time each day to reflect upon how you can bounce yourself, your team or your business forwards rather than bouncing back. What changes have you had to adopt that you could embrace and develop further to build a more resilient and future proof organisation.
The Case For Bootstrapping Your Business: The Path to Profitability and Independence In the vibrant, ever-evolving world of startups, the decision to bootstrap or seek early-stage investment can significantly shape the trajectory of your business. Bootstrapping, the art of building a company from the ground up using personal savings and revenues, often gets overshadowed by the allure of venture capital. However, the benefits of this self-reliant approach are profound and, in many cases, essential for long-term success and sustainability. 1. Complete Control and Ownership One of the most compelling advantages of bootstrapping is the retention of complete control and ownership. When you rely on your own resources, you’re not beholden to investors who may have their own vision or agenda. This autonomy allows you to make decisions that align with your mission and values, fostering a culture that reflects your authentic vision. It’s your business, and you call the shots—an empowering position that can lead to innovative and unorthodox solutions that set you apart from the competition. 2. Financial Discipline and Efficiency Bootstrapping necessitates a stringent level of financial discipline. Every dollar counts, and this constraint drives entrepreneurs to optimize every aspect of their operations. This frugality often leads to more efficient business practices, ensuring that resources are allocated to initiatives that directly contribute to growth and profitability. By focusing on generating revenue early and efficiently, bootstrapped businesses build a solid foundation that can withstand market fluctuations and economic downturns. 3. Strong Customer Focus Without the cushion of investor money, bootstrapped companies must prioritize their customers to generate revenue. This customer-centric approach often results in better products and services, as feedback is directly tied to the company's survival and success. Building a loyal customer base not only drives profitability but also creates a community of advocates who can help propel the business forward through word-of-mouth and organic growth. 4. Sustainable Growth Bootstrapping encourages sustainable, organic growth. Unlike venture-backed startups that may experience rapid, unsustainable growth driven by the need to satisfy investors, bootstrapped companies grow at a pace dictated by their actual performance and market demand. This steady, measured growth often leads to more stable and resilient businesses, capable of weathering industry shifts and economic challenges. 5. Creativity and Innovation Constraints breed creativity. When resources are limited, entrepreneurs are often forced to think outside the box to solve problems and achieve goals. This inventive mindset can lead to groundbreaking solutions and unique market positioning. Bootstrapped companies frequently develop innovative business models and creative marketing strategies that give them a competitive edge. 6. Higher Valuation When a bootstrapped business reaches the point where it’s ready to seek external investment, it often commands a higher valuation. Investors recognize the value in a company that has demonstrated profitability and a viable business model without external funding. This higher valuation means less equity dilution for the founders and a stronger negotiating position. 7. Personal Satisfaction and Confidence Finally, the journey of bootstrapping a business instills a deep sense of personal satisfaction and confidence. The knowledge that you’ve built something from scratch, relying on your own ingenuity and perseverance, is incredibly rewarding. This self-confidence can be a powerful driver for future endeavors and challenges, fostering a resilient entrepreneurial spirit. In conclusion, while seeking early-stage investment can provide a significant cash infusion and resources, bootstrapping offers a unique set of advantages that can lead to a more robust, customer-focused, and innovative business. By embracing the challenges and rewards of bootstrapping, entrepreneurs can build companies that are not only profitable but also aligned with their core values and vision. The path of bootstrapping is not easy, but for those who choose it, the rewards can be immense and deeply fulfilling.
Crafting a Winning Pricing Strategy: Balancing Cost-Up Pricing, Market Pricing, and Value Perception to Align with Customer Experience
Book your road-trip to success - via Take-off@m4cltd.com