***Advertisement: Ascent Partners 9 June 2010***
Managers are critical in a changing market. What really makes the difference is how you act. From what I see the most common business mistake is not brought about by doing something, but by doing nothing ...
According to Mark Blayney’s book Turning your business around, how to spot the warning signs and keep your business healthy, what really makes the difference in a crisis is how you act. You need to make something happen by either dealing with problems or getting help before it’s too late.
Nothing could be closer to the truth in our market right now. Hoping to see those green shoots is not the answer.
Blayney identifies that if you want to survive you can’t afford to be any of the following:
• The Goldfish – who simply doesn’t realise there is a problem until it’s too late
• The Ostrich – who won’t face up to how serious the problems are, preferring instead to believe everyone else in the industry is in the same boat. Let me tell you there are some that are making very good money in the industry right now
• The rabbit in the headlights
• Who fears the inevitability of the impending crash but does nothing
• Who shows and inability to face up to doing what needs to be done to save the business
• Paralysis by analysis – who asks, should I do this or this, what if this...?
• Paralysis through advice – who gets advice but does not heed it
• The headless chicken – makes lots of noise, scratching around at anything that crosses its path but does nothing to fix the real structural change that is required to turn the business around
So what to do?
• Spot the early warning signs as soon as possible – if you’re sick of the smoke alarm going off, and have already removed the batteries (some time ago), you’re in real strife
• Face up to the need to deal with the problems
• Get help
• Remain alert – change the batteries in the smoke detector!
It’s all fairly much common sense. As last week’s article suggested, stubbornness is not the answer. Doing nothing is not an option.
Ascent Partners are industry specialist advisors who can assist in helping your business. We also specialise in business sales and acquisitions. Call Richard Rasmussen on 0402 021 101 for a confidential discussion.
