Immediate Intervention - A Necessity in Business
October 07, 2019
From restricted cash flow to poor employee morale, small businesses can experience an array of problems that can ultimately affect bottom line profit. The ramifications, such as loss in productivity and sales, can be immediate while others smolder over a long period of time before igniting into a firestorm that can ultimately ruin a once successful business, even bringing it to the point of closing.
Whether a company is losing cash at an alarming rate or underperforming on a slow but consistent basis, immediate intervention is necessary to correct a problem and bring a business back to operating at peak efficiency. Disregarding an issue or postponing “a fix” is a delay tactic rather than a solution. Situations that negatively affect the ongoing operations of a business rarely solve themselves. Business issues must be confronted head-on in a positive manner that will produce immediate, constructive results.
Small business owners or managers must have the ability (or develop the ability) to make decisive, competent decisions regarding business problems. The various normal life cycles of any small business will be a continuous process of:
• Operational issues
• Situation analysis
• Problem solving alternatives
Once this process is completed, it will then be repeated with new operational issues. The efficient owner or manager understands that this is a normal part of running a small business. Rather than shying away from problematic issues, the efficient owner or manager welcomes these situations as a challenge to improve operational efficiency and maximize profits for the business.
There will always be a never-ending, multitude of situations confronting the small business owner. How he or she elects to handle those situations will have a direct effect on the profit and long-term sustainability of the business. Problem solving can run the gamut with the owner or manager delaying action, making an immediate decision, or obtaining input from key employees.
Regardless of the nature of the business issue, owners must show leadership ability in resolving those issues to eliminate or minimize any detrimental effect on the company. Solving a challenging situation, learning from the experience, and preventing a similar situation in the future strengthens a small business and prepares it to better handle new situations as they arise.
Association of Accredited Small Business Consultants