Channel Eye has joined forces with Royston Guest, leading Business Growth Coach and CEO/Founder of Pathways Global, in our column, ‘Ask the Business Coach’.
The business environment continues to change rapidly as companies uproot from what they deem to be the status quo to cope with the current climate. Creating flexible goals and cultivating robust agility will help buffer against sudden jolts in the marketplace, but knowing your most significant challenges and having a strategy to help mitigate them will be essential.
Three key takeaways
- War on talent; attracting, developing, and retaining talent.
- Proactive management of the cost base.
- Cash is king.
Episode timestamps
- [0.48] People are the single biggest challenge most business owners are struggling with. It is either the enabler to drive your business forward or the blocker that will hold you back. Attracting, developing, and retaining individuals who can do the job (technical skill), want to do the job (motivation) and are aligned with your values (culture) is challenging in the current marketplace. Work on your employee value proposition – why should someone work for you?
- [2.29] All costs are going through the rough, and at some point, price increases will need to be passed on to the customer. You can’t absorb those costs forever. Plan for this now.
- [2.54] Your cash management strategy and ability to bank cash are critical in a tightening marketplace. Focus on your debtor-to-creditor ratio, complete credit checks on new clients (if applicable), minimise any concentration risk and reduce or eliminate any bad debt.
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