Today’s guest post is from Laura Petrolino of Ignite Venture Partners.
Anyone that has spent much time in Florida knows that with summer, comes a lot of thunder storms. Florida storms are very different from other places and often come out of nowhere. One moment the skies are blue and clear, and the next you have buckets of rain pouring down on you. You stand there, dumbstruck, caught completely by surprise.
Imagine blue skies: a thriving business and happy customers. That is until you get stuck in a storm…unprepared. Luckily in business (as in life) you can often prepare yourself for a storm and in turn navigate successfully. So, the following is your Bad Weather Business Advisory Guide:
Be Prepared: The most important part of keeping safe and dry is being aware that even when the sky is blue, a storm can strike. Entrepreneurs tend to be overly optimistic, they look out the window and see a clear sky. All too often they are conveniently ignoring the same thing that happened the day before, right before they were trapped in a downpour unprepared. Anticipate that bad things will happen, business will ebb and flow, customers will complain, staff will rebel…this is part of business and can’t be avoided. What can be avoided is being caught unprepared and caught off guard. Being realistic and appreciating that challenging times are as much of a part of business as the good times will allow you to be ready when the clouds emerge.
What does being prepared mean?
1. Having a plan: There are few business issues that you can’t plan ahead for (to some degree). Individual circumstances will require you to be agile, but having a plan will put you in a far better position. If you are a rookie entrepreneur and not aware of the common pitfalls, talk to a trusted advisor who can help guide you.
2. Practice: Remember in elementary school how we had fire drills? The same can and should be done with your business. Preparing your team can help control the duration and intensity of a challenge. This includes everything from media and customer relations training to safety and reporting guidelines. Your staff might not fully understand why these measures are important, but rest assured they will surely thank you down the road.
Watch the Forecast: It is very rare that a business crisis will come out of the blue. Just like any storm, normally things will start showing up on the “Doppler.” A savvy business owner knows to always remain involved enough in their business to monitor things first hand and be alert to the possible storms ahead.
Ask an expert: Where do you turn to check the weather forecast? Do you simply look out the window and assume that’s indicative of what’s to come? Of course not, you listen to your local meteorologist, turn on the weather channel or check the app on your phone. You know that just because the skies look sunny in your backyard, that doesn’t mean that is how it is everywhere. The same is true in the business world. It is very important to know when to get an outside perspective from a consultant, peer or mentor. You often can’t see beyond your immediate horizons (subjectivity) as an owner. It is vital to have someone else check the forecast and help you get a more objective perspective.
We love having a plan – we seem to get hit by a storm every 3 months followed by a tropical heat wave the following month. Having a plan has kept us in business.
Nice job, Weathergal!
Seriously, all small business owners need to weather all types of storms.
Thanks for the reminder, Blondie!
The Franchise King®