A model to navigate these uncertain times...
Trusha Lakhani FCCA
Board Advisor for Growth | ACCA Global Council Member | Non-Exec Director (NED) | Board Governance for SMEs | IoD Ambassador
Often, when a client first starts coaching, they are deeply involved in doing most things in their business. As the owner they feel responsible for looking after their team, their customers and the business. It's a continuous effort in spinning multiple plates.
I use this image a lot. It's what's called the cycle of business. Its essence is that the SME owner provides support to the team who in turn look after the customers who look after the business by repeat purchase and referral and the business in turn looks after the owner....
It may seem obvious that the key lesson is not just learning to let go. It's about understanding how to delegate, where to support and what to measure. There are several strategies and tactics for this entire cycle depending on the size of business, the industry and the owner's personal values.
When your business is facing uncertain times, it's natural to want to be in control of it all by doing it all. When you learn how to apply this model to your business, you'll find that you have time to consider and even act upon opportunities that come from challenging situations.
Every aspect of this simple model has a variety of tools and techniques. These are to be applied consistently and with a focussed approach a business finds a clear way to navigate through changing times. I'll be providing some hints and tips for each of these sections over the following days.