The Sinking Boat - 5 Keys to Business Success

If you are in a lake on a boat which has a leak and is sinking, what would you do? To take this a step further, if you had another boat nearby coming to your rescue, what would you do? It is obvious that you will do whatever it takes to use any lifeline present.

We have been fortunate to speak to hundreds of entrepreneurs and executives over the last 4 weeks. Most of these business owners are adaptable, realigning strategy and taking the relevant action to have a sustainable business.

What amazes us most is a handful who do not see the need to change, yet their business has a big hole in their boat. In other words, they do not see the leak to be a problem in their business.

Here are 5 lessons to help you sustain your business:

  • Have your vision and purpose clearly articulated. In other words, have a governance structure in place. This is sadly missing in majority of firms.
  • Accountability - Some businesses are facing complete lack of accountability. There is role duplicity, blame game and lacking role clarity. Ensure you have clear accountability in place with visibility 50,000 feet down to ground level.
  • Ask incisive questions - The one missing ingredient which can change everything for you is asking the right questions and brainstorming. As an example, during this pandemic, we have helped many in the hospitality industry, which is amongst the hardest hit, through a set of questions. Fresh thinking and different perspectives have shifted their mindsets to take alternate action depending on their circumstances.
  • Diversify - We came across a business owner who is stuck with one of the big consultancy firms. He does not want to change. The issue is, he is still struggling over the years. It is time to open to fresh thinking and new insights. Come out of your comfort zone.
  • Network - Engage with the right network. If you are the smartest in your network, you probably need to move to another group. Keep stretching and keep progressing. The impact is no less than a breakthrough.

While there are many other elements, we wanted to share the ones which top our list. Check your boat and make sure there are no leakages before it is too late. Technology disruption and ease of new entrants has reduced the longevity of many businesses.

Take action by taking up our FREE exploratory session resulting in a clear navigational path, please reach out to: Sohin on +254(0) 110 006 888 or email: [email protected]. You will be amazed by the experience.

Keep progressing to excellence.

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