How to Grow When It’s Slow is another Blog Series brought to you by the Acadia Parish Chamber.
We continue this series with another quote by Cameron Herold, who says “to really grow quickly, you have to be slightly more than a business, slightly less than a religion.” When you add publicity to a great culture, you will attract more talented people who fit your culture as you grow.
Business leaders play a critical role in getting companies through slow growth periods. A crisis is characterized by enormous pressures and challenges that make it necessary for organizations to learn quickly in the fast-moving environment. Here are some suggestions for your business.
Demonstrate true leadership
Employees, customers, and suppliers will be looking to the management for direction when there is a crisis. Business leaders will need to stay connected with reality without focusing too much on the crisis. Instead, the leaders should clearly define the future so that staff can fit into the plan. Difficult and uncertain situations will require leaders who can remain calm, focused, energetic, and confident. A confident leadership will inspire the confidence of the different stakeholders, making it easier to navigate the tough times.
The natural reaction for many people during a crisis will be fear and anxiety. Business leaders have to understand this and take steps to reassure stakeholders by maintaining transparent communication at all times. Employees will want to know the measures that have been put in place to ensure a secure work environment. Investors and customers will also want their concerns to be addressed proactively. Sometimes explicit communication will mean admitting to stakeholders that you are afraid or do not know something.
When responding to a crisis, you will not have all the answers. You should consider calling on the capabilities of your employees and team members to help overcome the uncertainty. Leaders can bring talents together through task forces, and sub-taskforces with clearly defined roles. Continuous engagement with employees in this manner will reduce rumors and fear-mongering. Your staff will also have confidence in you and rely on your leadership for direction, creating a calm environment in which meaningful progress can be achieved.
Accelerate digital transformation
Businesses are continuously pursuing digital transformation programs to improve the efficiency of their operations. However, a crisis that causes major disruptions across many industries will make this transformation an urgent priority. Business leaders will have to accelerate the process to ensure that they find new ways of working and creating value through technology. Considering that employees will work remotely when it’s slow, digital transformation will help address the current and future needs of your business.
Proper financial management
For any business to grow when it’s slow, leadership teams will have to make tough decisions to cut costs. In essence, cash is king at a time of crisis, making it essential to focus on the company’s short-term and long-term financial health. It would be important to consult widely and make smart decisions that will place your business on the growth path. Prudent financial management will enable you to conserve the available resources and keep your business running.
Have a clear vision
Leadership teams should learn important lessons from any crisis and make the necessary adjustment to ensure the business is prepared for other crises in the future. These adjustments will also help to develop a clear vision that will be shared with the employees. the vision should describe every aspect of the business, painting a picture, of where the leadership wants to take the company in the coming years. as you do this, you should not lose sight of other risks that could pose a threat to your business.
Tune in next time for advice on what NOT to do right now!