Simon Tupman Hope is not a Strategy.........
In this article, Simon Tupman contends that tighter financial measures along with a dash of hope will not be enough to
see businesses through the current slowdown. In this feature article he offers five insights to kick start your 2014.Many businesses and firms will be facing difficult challenges as they get into 2014 and beyond Chinese New Year.
Based on my research, the main challenge is to improve cash flow yet many are reacting simply by cutting costs.
Yes cost control is necessary (and beneficial in the short-term), however it can be counter-productive as a long term
option in the absence of more imaginative initiatives. Laying off staff, cutting marketing or training budgets is similar
to trying to plug leaking holes in a sinking ship hoping it can be repaired when the major storm passes.
The fact is, some firms and many small to medium enterprises (SME’s) will sink from sight yet their crew (employees /
workers) will likely be rescued to sail another day. Perhaps it’s time to consider redesigning the ships!
While the Global Financial Crises (GFC) and varied economies battled have battled on, it’s been a grim few years for
many, yet for others, the GFS and soft recessions have been catalysts for vastly needed change and improvements.
This presents a great opportunity for firms to consider what to do differently to survive and thrive rather than
continue hoping a downturn will just pass so they can return to ‘business as usual’ ...however hoping is not a strategy.
Technology, social media, volatile economics and skeptic consumers are shaping new ways to do business plus the
influencing of the thinking of the next generation. This is why I am such an advocate for innovation, experimenting,
and challenging old mindsets from ‘get through’ to ‘break through’.
Here are five tips to kick-start 2014 as adapted from my bestselling book, ‘Why Entrepreneurs Should Eat Bananas’.
- Face up to your reality: Be honest about your current situation and be prepared to change methods if necessary.
- Take the lead: Some business models are not conducive for fostering leadership. However what is needed in
many firms is for leaders to grasp the reins and drive new initiatives. - Involve your staff. Let them know where the business is heading - tap into their ideas. Ensure they know the
business’s financial situation and plans. Start an internal competition for new and best ideas with an attractive prize as
incentives - Involve your customers and your community. You are in business to serve your customers and your community.
What are their views and opinions about your business? Consider appointing an ‘advisory board’ comprising some of
your leading customers, referrers or successful entrepreneurs in your area. Like a board of directors, its task is to offer
strategic input on matters of governance, financial management service and funding if and when needed. - Invest in your future. Be prepared to listen to ideas from young people. Many of the great entrepreneurs of
today such as Zuckerburg (Facebook), Bezos (Amazon), and Page (Google) were under the age of 25 to 35 when they
‘made it’. Train your team in new business, interpersonal, financial and technological skills so they are prepared for
the future.
I like what futurist author Clem Sunter wrote ‘it’s better to be vaguely right, than completely wrong!’ Give it go ... do
something ... because Hoping is not a Strategy
Simon Tupman MBA has helped professional and advisory service firms achieve greater
success for over 25 years. He addresses conferences, facilitates off site partner retreats,
is published in professional journals and is author of bestselling books like Legal Eagles ,
Why Lawyers Should Eat Bananas, and Why Entrepreneurs Should Eat Bananas
Renowned for his humorous hoaxes, watch him as The Business Imposter.
- 64 6 385 8228 | http://www.simontupman.com | [email protected]