Working with a recent client we uncovered that revenue had rapidly started to fall off. They realized that they would quickly have a cash flow challenge if they didn’t solve it fast. We used the 3 steps below and rapidly turned this trend around. Revenue increased by 23% and they solved the potential cash flow challenge.
No matter the challenge, if you need to turn your business around, execution is key. Follow these 3 easy steps to create a healthy and vibrant business.
Teams who struggle to act quickly, need to first be aware of the challenge at hand. It is your job as a leader in your business educate your team and make them aware of the challenge. Get your team together and share the challenge and brainstorm solutions. You can do this on your own or engage a business coach.
Once your team is aware of the challenge, it is time to focus on the urgency of the situation. Not every problem has the same level of urgency and therefore the execution plan may differ. In order to understand the level of urgency have your team create a worst case scenario list. A quick way to do this is to give everyone a pad of PostIt notes and ask them to put up their top 3 worse case scenarios. Then group these and determine the how quickly you need to solve this problem. Your team is now aware of the urgency level of this challenge.
Now that you have awareness and urgency it is time to take action. Utilize the same process, using the same pad of PostIt Notes, ask each team member to put 3 ideas on the board to solve the problem. Group the ideas, and determine the 3 best solutions. Then vote as a team on which one has the highest likelihood of success. You now have the best solution on the board to solve your challenge and your team was part of the process which creates buy-in. Now get everyone to share what they are going to individually do to help the team execute the action they determined will solve the challenge.
In my business coaching practice, clients that are rapidly scaling growth have implemented these 3 easy steps and are reaping the rewards. The execution to solve a challenge begins with the leader. Teams who are aware of the challenges are more engaged and help scale companies faster leading to higher profitability and more predictable cash flow.
What challenges are you facing in your business? I would love to hear about it, leave a reply below.
For more tips on scaling your business and driving cash flow read my recent post.