Many organizations see their challenges as very real threats to their long-term existence, but they are really just opportunities to transform the organization into something better. Today’s business uncertainty brings executives challenges they have not experienced before. The absence of a stable future can wreak havoc in any executive’s mind!
If you have been running a company for some time you know that there are specific challenges that can impair or derail even the strongest business. There are three that are often the most difficult that we’ve observed, particularly for small to mid-size organizations:
- Business uncertainty
- Attracting new business
- Financing the business
The key to transforming a challenge into an opportunity is to turn it on its head by using its leverage.
Business uncertainty. Challenge: First recognize that some business problems are beyond your control. You can’t hold yourself responsible for the world’s economic difficulties! Opportunity: Identify specific assets, projects, programs, etc. that you can reinvest in to increase your overall profits without heavy upfront investment.
Attracting new business. Challenge: I’m worried I’m not going to hold onto the business I have.” Opportunity: Update my best marketing piece and start networking to identify new opportunities and avenues of business.
Financing the business. Challenge: As the business economy stagnates, finance becomes more expensive and makes it more difficult to borrow. Opportunity: Instead of worrying about the cost of money and frankly, complaining about it, apply all of your executive skills to reducing your expenses to the bone.
Wherever you find yourself during these difficult times, shifting your focus toward finding new opportunities and expending all of your energies in them can help move you from a position of weakness to one of strength and action.