Many small and medium business owners are facing challenges today that are brought about by a radically different economic climate from what they were used to. Predictable business models from the past are no longer delivering the desired results. Interim financing, that was once a life-blood transfusion for many businesses, is in scarce supply. Operating budgets are under constant attack. Profitability has been yanked from the business equation that once defined corporate America. Survival is the operative word for many struggling business owners.
It is therefore no surprise that business bankruptcies are reaching epic proportions. More and more struggling entrepreneurs are turning to business coaches and consultant for their guidance to navigate these turbulent economic waters. But these are also uncharted economic waters and many business coaches and consultants are applying outdated fundamentals to resolve current business challenges! Today’s business owner can no longer rely on graphs, flow charts and endless analyses of what once was a solid business plan. The goalposts have been moved! It is no longer “business as usual” in our corporate world! The modern entrepreneur needs a new “playbook”. Many small and medium businesses that were once considered the engine behind our nation’s economy are in critical condition and require radical surgery. Conventional business models are not producing the desired results and the prospect of a Chapter 11 is looming in the background for many intrepid entrepreneurs!
If your business is in trouble and facing a potential bankruptcy, you must break down the problems facing your business and isolate the issues that are challenging its prosperity. These challenges can be broken down into three distinct categories:
1. Change your Leadership style - If your business is not successful, it is likely governed by a leadership model that is emotionally bankrupt, creatively stagnant and functionally obsolete. Yet, that is the same model you continue to rely on when trying to achieve success.
2. Choose a different direction for the Future - Combining the “Business Equity of the Past” with a new vision for the Future will enable you to steer your company in a direction that will pull you back from the brink of bankruptcy and you’ll be able to chart a new course to prosperity.
3. Create new business philosophy - You will develop a new philosophy that will be in line with today’s economic model and will seek out new and innovative opportunities to take advantage of this new economy.
Anyone who is facing similar challenges in business can also achieve success by applying these fundamental principles.
© 2014 Allan N. Mulholland, CPC
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