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Seven Tips To Help Entrepreneurs Navigate Their Economic Storms

stages of growthFirst in the series based on James Fischer’s research in 35 different industries, with over 650 CEOs and their companies.

Fischer has created an integrated systems approach to building growth-smart companies by helping CEOs with up to 350+ employees understand and manage the vital components of entrepreneur growth.

It has been said that anyone can run a business during good times. When you are making money, it’s easy to overlook some of the deeper issues that are lying beneath the surface just waiting to move to the top of your list of challenges. You can avoid being derailed by paying attention to what is going on in your business during good times and bad.

Here are seven proven concepts that can help your business weather future economic storms and make sure the next one won’t create havoc regardless of your particular stage of growth.

1. Consistently reconnect with every employee and ask them what you can do to make it easier for them to do their job. Find out what their biggest challenges are and co-create innovate solutions to address them. Best-selling author, Tom Peters, popularized this concept which he called Management by Wandering Around.

2. Identify and start tracking three critical financial indicators in order to stay ahead of potential problems. What you measure gets managed. Unless you know the critical indicators there is no basis for a continuous improvement process that is essential for growth and profitability.

3. Routinely determine what is keeping your enterprise from being as flexible as it once was. It is essential for you to respond to customer needs quickly and efficiently. Unless that is happening, fix it.

4. Find hidden pockets where profit is hiding. Examine every aspect of your business with new eyes—the eyes of your employees. They have valuable intelligence that only they can see. Find out what it is and gain their commitment to make it better..

5. Examine yourself. Assess your own leadership skills, creating a vision, assuring alignment and championing execution. Never gloss over your weaknesses or let your business out-grow your capacity.

6. Assess your team as your business grows. Rarely is everyone an ideal fit. Release the ones that need to move on and open the door to discover new talent who bring new perspectives, new ideas and new blood.

7. Look outward for experts who can bring clarity and help you get a better understanding of how to address your challenges. Don’t be afraid to ask for help. Champions in every field of endeavor have coaches that accelerate their progress.

As you pursue these tips be sure to develop a communication plan. Continuously communicate your vision and proactively involve your employees in the process to assure alignment and make adjustments.

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Next Issue: The 9 Fundamentals of the Growth Curve Solution

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About James Fischer

James Fischer, author of Navigating the Growth Curve: 9 Fundamentals that Build a Profit-Driven, People-Centered, Growth-Smart Company has a three-word mantra: Predict, Adapt and Focus. Fischer’s challenge to business leaders is to predict how the complexity of their company will affect them, focus their efforts and resources on the right things at the right time, and adapt to the needs of the company in its particular stage of growth (based on number of employees). His research and development of the 7 Stages of Enterprise Growth is a proven model for predicting how growth will impact small firms with up to 350+ employees.

About Bob Moore, CMC,

Bob Moore established Effectiveness, Inc in 1975 on Peter Drucker’s timeless principles from his best-selling book, The Effective Executive (1967) and many of his 38 other books. Over the last four decades resources were added based on best-practices gleaned from Tom Peters, John Naisbitt, Warren Bennis, Jim Collins, Daniel Pink, Stephen Covey, Seth Godin, Jay Abraham, Marshall Goldsmith, Clay Christensen, Peter Diamandis, James Fischer, and other acknowledged thought leaders.

The “Tips For Transformation” blogs and book reviews at Effectiveness.com focus on practical principles that can accelerate progress toward achieving your Massively Transformative Purpose.

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