Take Action: Don’t Procrastinate
January 21, 2021
Practically every day small businesses and SMEs run into issues or problems that need to be addressed. Perhaps, in today’s economic climate these situations are even more prevalent than in the past centering around cash flow, marketing, customer service, employee concerns, loss in productivity and sales, or a whole host of other issues. Depending on the issue, negative consequences can be immediate or can smolder over a longer period of time before igniting into a firestorm that can severely hamper a once successful business even bringing it to the point of closing.
Whether a business is losing cash at an alarming rate or slowly seeing sales being eroded, immediate intervention is necessary to correct a problem situation and bring a business back to peak operating levels of efficiency. Disregarding an issue or postponing “a fix” is never a solution but rather a delay tactic. Too often this is the decision made by many small business owners and managers. An important reminder is that situations negatively affecting the ongoing operations of a business rarely solve themselves. Business issues must be confronted immediately with decisions that will produce speedy, constructive results. Making the right decision at the right time can make the difference between success and failure.
Management of a small business must develop the ability to make decisive, competent decisions regarding business issues and problems. There will be always be a continuous cycle of:
• Operational issues
• Situational analysis
• Problem-solving alternatives
Once this process is completed, most likely it will then be repeated again and again with new operational issues arising from time to time. Competent management understands that this is a normal part of operating a small business or SME. Rather than avoiding problematic issues, a well-organized and efficient owner or manager views these situations as a challenge to improve both current and future operations.
Assuming there will always be a multitude of various operational situations a small business will encounter on a frequent basis; it is how those situations are handled that will have a direct effect on the profit and long-term sustainability of the business.
Regardless of the nature of the business issue, management must show leadership ability in resolving those issues to eliminate or minimize any detrimental effect on the business. 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.