The moment we’ve all been waiting for is here. Have you been saying, “If we can get through this election, we’ll be able to __________.” Fill in the blanks.
This is not a forecast of things to come, but rather a thoughtful look at the controls you can prepare for as a result of things not in your control.
Wait no more…
- Strategy – stop waiting to see what will happen. You have more control over your business’ success and direction than you think you have. Successful companies are just that because they develop strategies around current climates. Take the time to look at a high elevation view of your company. What are its strengths? Weaknesses? List them, study them and engage your managers and other employees to help resolve the profit eating bugs.
- Strategy – Research potential outcomes. Read trusted news sources that are least bias about election outcomes. Listen to candidates, most are pretty transparent when it comes to honesty. Find a source that delivers facts. That is not as easy as it sounds. Sometimes you have to read multiple sources from opposing viewpoints and deduce your own conclusions. The key is to take the time to digest such information and align it with your own goals, beliefs and moral compass. Then take action.
- Strategy – Spend some time with trusted advisors about what potential strategies you could take based on different scenarios. Prepare your company around possible “if…then” scenarios. If you have managers, get their input. Throw some ‘what ifs’ at them. Write down the responses for your review later. ‘If, then’ scenarios force you to look at potential outcomes of elections and will drive recoveries for your business should they be needed.
- Strategy – Reduce the “what if’s to “thens”. Draw your worst case scenarios and what you would need to do to keep your business thriving, or at least surviving. (I recommend thriving). If the anticipated outcome is for an increase in business, then develop your best case scenarios and write your strategies for growth. In the case of an election, you may end up with multiples of one or the other. Start with the worst case and work your way down the list. Don’t leave any possibilities. No one likes to lay people off because of a downturn in business. But the potential outcome of not doing could eventually lay everyone off. Better a few than all.
- Strategy – After the election, pay attention to the business climate. Watch your production, billings and financials daily, weekly at the most. Talk with other business owners and leaders and get a feel for the general mood. Avoid knee jerk reactions but rather try to temper your actions over time. Be flexible and enlist your employees help in making things happen for the benefit of the company. Chances are, if you’re scared, they are too. If you’re positive, they’ll follow. Stay the part of the leader. Show your ability to keep things moving in the right direction.
While the mood after an election can be good or bad, your ability to stay ahead of the curve will greatly enhance the success of your business. Your main goal after the election is to stay positive, hopeful and communicate with your staff to give them confidence.
You may not be able to control the general economy, but you can be ready to make course corrections along the way because you thought about it ahead of time.
What is your chief strategy for the post-election economy?
Leading Edge Business Strategies, LLC is a consulting firm for small business. Paul Beaudette is the President and has over 30 years of successful business experience managing companies to sustainable profits and leading employees to greater productivity.
“Leadership is a potent combination of strategy and character.” -General Norman Schwarzkokpf
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