Setting the right pathway for business success!

There is no doubt that millions of businesses have been impacted with the first round of COVID-19. Now, in Victoria with the stage 3 restrictions, we are experiencing the consequences of yet another state-wide lock down. Who knows, there may be a third or fourth round yet to come. The first time it happened, we were all unprepared and reactive. With the renewed lock down, we know what we are dealing with. I cannot stress enough the importance of setting up the right pathway for your company for the next 12-18 months. Experts are suggesting that a vaccination will be made available by mid-2021. But as a business owner, you have to keep the wheels of commerce going. Over the past few months, many of us have had to rethink, pivot and refocus our business, setting up a new direction to survive. But now is the time to cement that pathway, so you can lead your team with new goals and objectives to make your strategy happen.

Leadership in a time of disruption can be challenging. We all need to press on, even if uncertainty prevails. Now is the time to set goals and objectives for the year ahead. You need to ensure your team has a clear understanding of where your company is headed. This means setting expectations right at the start. Consider creating objectives for every individual/department, and make sure it aligns with the overall company strategy. Ideally, break down these objectives into Monthly, Quarterly and Yearly.

When you are ready with these goals, articulate your vision and the pathway you are creating for the entire organisation. Start by discussing these goals with your leaders and gather suggestions if they have any. A leader needs to understand their role and help the team achieve the outcomes for your business. Then consider presenting your vision individually to each department/team and make sure everyone gets it right. Encouraging ownership drives employee motivation. Make sure your staff is accountable and committed to producing the results you foresee.

Many businesses are surviving through the Job Keeper payment, but if you don’t get your act together now, when the stimulus payment ends, you will have bigger consequences to combat. Managing staff is one of the hardest challenges for many businesses. If you manage your staff strategically, you can easily thrive during these challenging times.

My tips in setting up the right pathway for your company to present to your staff is as follows:

• Goals & Objectives – Set clear goals and objectives that will get your company to the next level. Make sure to set KPI’s for everyone to achieve
• Budget / Targets – Make sure you set and lock in your budget and targets. This needs to 100% clear and linked to your goals and objectives
• People Management – Make sure that your leaders are managing and motivating their team to achieve the outcomes for your business
• Products & Services – Ensure that everyone is committed to deliver on your products and services to achieve company and individual KPI’s
• Systems & Processes – As many of us are working remotely, you need to ensure everyone is using your systems and following the processes to deliver company outcomes
• Customers – Make sure you do not take your customers for granted and, as a team, you need to raise the bar to help them in these uncertain times
• Risks – As company, especially with COVID-19, everyone needs to stay safe and make sure that they don’t put your company at risk. If you need to shut your doors for 3-4 days, this damages your brand and reputation

Above are the 7 key areas that you need focus on to survive these times. You need to work with your team and set the path forward. It needs to be clear, concise, and easy to follow. You can’t manage what you can’t measure, and it is up to you to set the benchmark of what you want to trade out of COVID-19 and then stick to it.

You need to set your budget for the next 12 months and ensure everyone is 100% clear on the plan. It is your leader’s responsibility to make it happen for you. Not only will the above help with your mental well-being, it will also give your leaders and staff an opportunity to step-up. Along the way you need to educate your team on what a good “Business Acumen” is, so they fully understand the business model and how they can contribute to it. As Directors, many of us are under stress. But, trust me, when your company is working like a well-oiled machine, it is the best feeling ever.

As mentioned many times before, you need to stay positive and surround yourself with people who are resilient when challenged. In crisis situations like COVID-19, it is extremely important that you keep a positive attitude and a mindset that is resilient. If you’re struggling with this, book a free 15min chat with me.

You cannot panic in front of your team. You need to keep your composure, and be level-headed in the way you communicate and feel towards the COVID-19 situation (and other obstacles that may come your way). The successful people in this world know what they want and how to get it. They are positive and visualise ways to make thing happen for them.

At KBA we are a team that are very passionate about taking businesses from good to great. If you need help with your company strategy, sales, or staff during the coming Financial Year, reach us out!