Context, Clarity & Change in Business Right Now

I managed to avoid mentioning coronavirus or Covid-19 in the title but it sets the context for this piece. This week has been unprecedented, and the current situation seems to be one of much uncertainty, confusion and a mass of information that if read out of context feeds more uncertainty.

As a coach and business consultant I thought it might be helpful to provide a simple 3Cs framework – Context, Clarity, Change - to help people think and react over the next few months. The brain likes logic, and a framework like this helps you to gather your thoughts and plan a response in what might be testing times. It works even better if you write it out on paper. Personally, I’d recommend starting a new journal or pad as you’ll be updating things as the situation evolves.

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Context

For now, in the UK follow the government advice https://www.gov.uk/coronavirus. This contains all relevant and updated information from across government such as health information, business stimulus information and any other advice relating to travel and self-isolation. Check in with a credible news source for relevant updates but limit your access. This is a fast-moving pandemic and the situation will change rapidly. It’s worth remembering that although we are all in this together, individually the context has a very different meaning for all of us and is shifting constantly.

Clarity

Stop and think through what you can do for you, your family, your job / business and your customers right now. Prepare immediate and staggered projected financial forecasts either personal and / or business related (work on this lasting 3-6 months so you are prepared). If needs be contact your bank, any lenders, landlord/s, supply chains and customers as appropriate; early and clear communication is key. As the context changes. work through your response and understanding of it as it relates to you and / or your business. You’ll need to set and reset at key stages. Even if you’re not immediately impacted do this anyway, as the business impact will continue long after the initial shock. Its better to have worked through a plan calmly and track it so that you can respond as and when needed.

Change

This is a time for reassessment and transition. You have an opportunity to learn develop and grow during this time. The ripple effect of this global pandemic will continue long after the current first shock wave. The way you do business might need to completely pivot and change. Depending on your circumstances the skills, business processes, supply chains and products or services you have may be useful, or pretty much redundant, right now and for the foreseeable future. Actively participating in your personal development will make a massive difference to you and your family and to your economic opportunities post crisis. You may need to support yourself, family members, friends and co-workers remembering that different people will respond differently to change.

Finally, take this situation seriously and respond accordingly. Now is not the time to binge watch TV but to assess and reassess your current role and / or business. This is the time to learn, develop, adapt and adjust to a new environment. It’s useful to be reminded of Charles Darwin’s full quote about survival:

‘According to Darwin’s Origin of Species, it is not the most intellectual of the species that survives; it is not the strongest that survives; but the species that survives is the one that is able best to adapt and adjust to the changing environment in which it finds itself.’ [1]

We are all in this together; some will feel the shock immediately, others later, but no one is going to be untouched. I’ll be posting a slightly longer view separately. In this, I’ll go into a bit more depth and cover how individuals respond to change and what we need to look out for to support each other.

Regards Andrew Ramwell

andrew@knowanddo.com

This article first appeared on Andrew’s LinkedIn page.

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[1] Megginson, ‘Lessons from Europe for American Business’, Southwestern Social Science Quarterly (1963) 44(1): 3-13.

Recharge Your Business Batteries

Know+Do are delighted to announce the creation of a new 90-day service for business leaders.

Frequently, business owners tell us they need support to make a change but they rightly do not want to be tied into a long term contract. They need the insight and spark to create a jolt in their thinking or plans, and then they need time to get on with the action plan this boost creates.

So, we’ve introduced the JOLT Package. It is a focused, intensive 3 month service from our business coaches to tackle a challenge with a business leader and set a practical plan they can achieve to generate success. Our energy, knowledge and expertise is condensed into a 90-day boost.

Check out our new JOLT website for more information: www.joltcoaching.com

And, to make the package even more accessible the first 10 clients will be able to sign up for a half price package starting at just £499 per month! Contact us and use ‘JOLT50’ to claim the discount.

Leadership Learning Online

Know+Do is excited to announce a new online course called, Leading A Brilliant Team.

We recognise that getting time away from the office to attend training is harder than ever; but the demands on Team Leaders is growing. So, we’ve compiled Leading A Brilliant Team to meet that need.

Containing 40 minutes of video and 30 downloadable resources, this online course is designed to be of practical help to anyone leading a team - large or small, senior or new, paid or voluntary. You can preview some of the material and assess how it suits your current CPD needs.

The course covers topics that help you:

• Better understand your team’s capabilities;

• Review your leadership styles;

• Raise team performance; and,

• Assess how to sustain high performance.

To access the course follow this link; its price is just £99* but readers of our website can access it (for a very limited time) for free - just email me requesting a code!

If you have more topics you would like us to consider please get in touch and share your leadership and management training needs.

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*Know+Do use Udemy to provide all our online courses. It is a worldwide, trusted platform for interactive learning. Users are required to log in to the system to gain access to the courses. If any payments are made you have a 30-day money back promise. For the full terms and conditions please click here.

Planning For Success

I had the immense privilege this week of spending a day with 50 excited, keen and passionate new business owners; all of them were about to start on the adventure of starting-up a new company. My task for the day was to help them create an effective business plan as they begin a year long programme of tailored support (if you are in the West Midlands of England check the BSEEN programme out).

Throughout the day I was fascinated by the range of business ideas in the room, the types of organisational models being developed and the depth of knowledge from these start-up leaders. From this diversity, two common questions did emerge:

1. Do I really need a business plan?

2. Where do I start with my plans?

Good questions; any start-up entrepreneur knows how they use their time is vital so defining why something should be done and then how best to start makes sense. So, for those that may be asking similar questions I’ve shared my answers below as food for thought:

Question: Do I really need a business plan?

The answer is ‘No’… and it is also ‘Yes’. No-one has to write a plan, it is not compulsory for starting a business. It all depends on context. A couple of people in my LinkedIn network shared their views on this recently:

“Didn’t have a business plan - grew organically for the first couple of years but then realised I was being pulled in too many directions so at that point did do a plan. The key thing for me is that’s it’s a live document that needs to flex and adapt to changing circumstances.”

“Forget them at the start! Find something you are truly passionate about. And START. The BP will develop naturally. Usually from about Month 3 or 4 (after tonnes of focus on sales and meeting people from the industry etc).”

I appreciated their honesty but the interesting point was that both business owners moved quite quickly to writing a plan. I understand why we do not like them. Plans sound very formal, they can feel staid and unexciting. Plus the business idea is dynamic, evolving in our minds all the time at the start and not easy to put into a words let alone a linear, page by page structure.

This constantly evolving and changing situation is precisely the reason for a plan being of value. The first one you write should be different to the one you have after 6 months. The first one you write will most likely not be the only one. By moving thoughts and ideas from your mind you begin to create a structure for your ideas to be tested and refined. Often what we think something should be can be deceptive; our minds can easily twist reality or tweak expectation; it is easy to build something with a blindspot that later on costs us money.

When you write ideas out you can test them, review them and refine them. You as the business owner need to spot the flaws in advance and seize the opportunities around your ideas to best effect. As you lay out your plans you can pivot the business to a better option or stop a line of thought as you realise it does not stand up to financial scrutiny.

Another big factor in why you might write a business plan is connected to what you need to invest and / or risk to start a business. For instance, if you need to borrow £100k from the bank a sound, detailed and costed plan is necessary. If you need just £5 from your pocket and 2 hours of your time to start, you might not write down too much. So, if you have external agents to bring into the business in some way (such as a partner, investor, funder, key supplier, etc.) a plan helps you show credibility and gives you substance for negotiations.

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Finally, the style of plan is also flexible. If you like pictures, trying using symbols and imagery as you compile your plan. Not all plans have to be 50 page text documents with complex spreadsheets. They need to suit you and the audience they are written for, so they become interactive as you update them and improve your thoughts.

Now, lets look at the second question.

Question: Where do I start with my plans?

One reason business plans do not get written is start-up owners can feel daunted by the prospect. Well, a measure of a person’s readiness to run a business can be seen in their response to such a challenge.

Why? Well, running a business is daunting; so if writing a plan is too hard right now, an honest question to ask yourself is are you reallt ready to build, sustain and grow a business? It is a crucial question. Business ownership brings lots of choice, options and decisions (plus paperwork!). If the challenge of describing your idea is too great, it may be an indicator that this is not the right time (or right business idea) for you.

The way to approach this question is to recognise that the contents of a business plan are interconnected. Decisions on product affect marketing, decisions on marketing affect finance, decisions on finance affect the timing of actions, and so. By writing and refining one aspect of your plan you may be required to review all others.

Therefore, my advice is start somewhere. Anywhere actually. If starting at the beginning suits you, start there. Put down your thoughts and build on them. If making a spreadsheet is the easiest place for you to start, do that first. If you are most comfortable describing potential customers begin there and move on. Start somewhere, as every part will need to be edited, reviewed, improved and connected as you progress.

As a practical way to start a plan, we recommend using the Business Model Canvas as it is a visual ‘map’ that can help you collect your initial thoughts and then construct a document thereafter. It can be constructed from bullet points, post-it notes and lots of paper; then you can begin to write out the detail. This is just one of many types of planning tools now available online so try some searching so you choose a format that best suits you and your business.

Therefore, in summary as there is much more I could write, the essence of my answers are:

• Yes you will do well to write a plan; and,

• Start with the part you know best and build from there.

If you want further advice we (the Know+Do team) have a 1 page business plan template that we can share. Call me on 0161 2804567 or email bernard@knowanddo.com and I can forward you a copy.

Birmingham Business Boost

We are delighted to have been commissioned by the BSEEN project to support start-up entrepreneurs in the Birmingham City Region.

After a competitive tender process Know+Do was chosen to deliver the start of each BSEEN Boot Camp, outlining and inspiring new business owners to make an effective plan.

Bernard Clarke began the work on 9th September with 50 eager founders and we will be providing the training to six more cohorts over the life of the current business start-up programme. Using our own template and lots of examples he inspired the cohort to explore their plans and test their ideas. They now move onto further specialist training in finance, marketing, sales and mindset.

BSEEN is a European funded initiative, offerring an intensive 5-day Boot Camp and year long mentor support programme to eligible new businesses; they can also provide free office space and start-up grants. To find out more about BSEEN visit their website.