Three important steps can save your business for the future. April 27, 2020 4 min read Opinions expressed by Entrepreneur contributors are their own. I typically work though a step-by-step process with my coaching clients that builds each week. The first few weeks of the Fight for Your Franchise Challenge coaching focused on the preparation phase. This started
Three important steps can save your business for the future.
4 min read
Opinions expressed by Entrepreneur contributors are their own.
I typically work though a step-by-step process with my coaching clients that builds each week. The first few weeks of the Fight for Your Franchise Challenge coaching focused on the preparation phase. This started with setting 90-day goals and key performance indicators (KPIs), getting in the right mindset for success and inspiring your team to contribute to your organization’s solutions.
This week, we will focus on the secrets to not only survive but thrive during this everchanging marketplace by mastering the Evaluate, Adapt and Overcome strategy. This is a leadership approach that will enable you and your team leaders to be decisive and efficient, which — as we pointed out in last week’s coaching session — is the key to getting your team to follow you.
In week two, we looked at getting in the right mindset for success. I pointed out that a lot of where we end up as business owners is determined by the decisions we make. Evaluate, Adapt and Overcome will add to your arsenal for a strong positive mindset and enhance your leadership development — all in three easy steps.
- Evaluate. Many times, business owners make hasty decisions and move without getting all the information. The first step in this strategy is to stop and gather as much intelligence as possible for a given situation. This avoids knee-jerk reactions that can be catastrophic to your business.
- Adapt. Once the evaluation information is analyzed, you can exercise your decisive leadership skills and identify the best process to adapt so your business can work through the situation toward the best outcome. List the possible options and probable outcomes, and choose the best one and execute.
- Overcome. This is where the rubber meets the road. Implementation of a solid plan should result in better outcomes.
One of my current coaching clients recently used this process to overcome the challenges he was facing with the shutdown of his restaurant for seated dining. The shelter-in-place order reduced his income to a trickle. A negative-mindset leader may see this situation as a sign to throw in the towel and simply give up. Instead, he gathered all of the information that was available and listed his options.
During our coaching sessions, we played out different scenarios and probable outcomes. He chose the best ways to adapt to the situation, such as no-contact delivery and marketing messaging that focused on takeout and free delivery. This resulted in increased off-site sales, stabilizing his business and affording him more time to implement other strategies to get ready for the next phase.
My guest on this week’s Franchise Bible Coach Radio Podcast with Rick and Rob was Mike Hutzel, CEO for Eagle One Group, a marketing and customer-experience company out of Cincinatti. Mike shared some great stories about how his franchisors and franchise-owner clients have been adapting their business models to overcome the challenges that this pandemic has suddenly caused.
He also shared that he is witnessing incredible innovation and resilience. Many are taking this time to engage with their customers by implementing new technology such as online presentations, email, texting and more advanced website interactions. He also mentioned that now is the time to focus on building trust with your customers. They absolutely must feel safe using your products or services, so be sure to educate them on what you have to offer.
He shared two examples of clients that exemplify the Evaluate, Adapt and Overcome strategy: ERA, or Expense Reduction Analysts, and Class 101. Both organizations have been moving forward through this time and adapting to fight the good fight. You can hear the complete podcast along with more information on the other week-four resources by joining or continuing your Fight for Your Franchise Challenge at www.franchisebiblecoach.com.