May 17, 2021

PART FOUR: Uncertainty

by: Jeffrey Frankhouser

PROBLEM: Uncertainty in life is certain. We all have experienced uncertainty in our personal or family relationships. As example, just look what outside influences have provided by way of uncertainty over the last year!  Most of us have never experienced anything like the pandemic and we were certainly not prepared for it.

Business ownership adds an entirely new dimension to relationships. Your staff and employees look to you, the business owner, for direction, guidance, and stability.

The two traits a successful business owner must exhibit is preparedness and leadership in the face of uncertainty.

Being prepared for challenges is important. Hurricane preparedness is an example of having a plan even though we will never know if a hurricane will hit us personally or how it might affect our neighbors, supply chains or our customers.  Financial preparedness allows the business to weather the storms of financial uncertainty and opportunity.

SOLUTION: Having a business plan is vital to the stability of the business, but writing one is only the first step, but an important one.  Having the idea for your plan in your head doesn’t translate to a successful operation. Once it is written, your business plan needs to be discussed with your staff at all levels as relevant. This brings your staff together as a cohesive team and conveys an air of responsibility.

Your business plan needs to be reviewed with staff on a regular basis to emphasize it’s importance, a reminder of the plan itself and to introduce any adjustments as necessary.

Listen to staff ideas moving forward. Remember, you’re the manager and owner of the team (your business). The team needs leadership and communication, and they look to you for that. You need to look to staff for operational adjustments. You may be surprised on the feedback and ideas you receive!

Covenant Business Planning & Solutions is here for you and your business.

Next Covenant News Journal: Mission Command

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