What to Do When You Reach a Roadblock in Business
We’ve all been there. Everything in our business runs like clockwork, then, unexpectedly (or not) a challenge surfaces that either brings our operations to a grinding halt or has the potential to disrupt operations.
It is said that ignorance is bliss. In business, you will pay a price should you choose to ignore a challenge. Most challenges do not disappear into the void if left unattended.
Roadblocks come in different guises. Here are a couple of examples.
There is a new industry trend which can potentially impact my business
A shareholder, business partner or key staff member dies or becomes permanently disabled
A key staff member resigns
Unreasonable client expectations
My business model does not work – it leads to a cash shortfall and a lack of profitability
I find myself in murky waters due to the dubious actions of business associates or partners
Technological advancements necessitate me to respond accordingly to update the IT infrastructure of my business – I procrastinate
Client complaints are on the rise – for unknown reasons, we are not meeting our delivery deadlines
I realise that we have not hired the right people for the job at hand
The current delivery capacity of the business is restraint – we need to scale
The attitude of our staff is not conducive to upholduing the culture we want to exalt in our business
There are more potential roadblocks that we can face. The question is, how do we respond to, face, and address these roadblocks?
A process perspective can include the following steps as a consideration.
Identify and verbalise the roadblock
Assess the roadblock – see it for what it is
Decide what the options are to resolve it or turn it into an opportunity
Acquire external advice/guidance (if needed)
Decide which is the best response
Action the response
Measure the outcomes – if it did not meet the outcome expectations, you need to revert to point three and repeat the process
It is productive to proactively put measures in place to avoid roadblocks as a whole or at least have an early warning system in place to address it before it becomes as challenge.
Here are four building blocks that can help you manage the occurrence of roadblocks in the business.
Make sure your contracts and agreements are clearly defined to the benefit of all parties involved
Document all the core business processes and review them regularly. This will help you to identify shortcomings which can be addressed immediately.
Continuously check the key business metrics
“Live close” to your staff, salespeople, clients, and key stakeholders – this will enable you to pick challenges up as they arise
To own and operate a business is not for the faint-hearted. The reality is that we will be faced with challenges in business from time to time. See it as part of doing business, but also learn how to put measures in place to limit their occurrence.
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Business advisory support/Accountability partner?
Business finance?
Banking facility audit?
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Speak to your SFP financial adviser who will introduce you to the designated subject matter expert on the SFP enterprise panel who would be able to address your specific business need or requirement.