Why should the overall well-being of your business be a concern? Business leaders and employees must deal with evolving realities and new priorities, rapidly adjusting to new standards and changing customer needs. For many, adapting is difficult, and those who are able to do so more naturally may come out of it with some psychological distress, whether they admit it or not.
Yet the vast majority of entrepreneurs still act like they are their business’s superhero. Entrepreneurs should not take on all of the responsibility. Knowing how to surround yourself with the right people is part of a sound management process to avoid stressors that could compromise the business’s overall well-being.
Get a comprehensive diagnosis of your business that assesses the seven strategic organizational stress factors that impact its comprehensive health, so you can better focus on the key issues that could compromise your organization’s growth and sustainability. Based on this diagnosis, our experts will propose customized solutions that are adapted to your needs.
Check out our videoclips of entrepreneur testimonials (in French) which illustrate the problems they have encountered over in recent months.
Managing cash and solvency
Many businesses have had a significant drop in revenue that affects their working capital. Some have been able to benefit from subsidies, but what will happen when the programs are no longer available?
It is essential to take stock of the situation and plan cash flow needs in order to make informed decisions to limit the financial impact in the short, medium and long terms. New tools and redefined roles will change the way things are done.
Investing in technology and cybersecurity
There has been a significant increase in the number of phishing campaigns, ransomware attacks, and other cyberattacks among large corporations and SMEs. Your organization can benefit quickly from an integrated cybersecurity solution to minimize the negative impacts associated with the current situation.
Furthermore, how business activities are managed must be adapted to the current context and digital transformation is one of the measures to be taken.
Stabilizing and optimizing sales
Consumer needs and habits have changed, which has a direct impact on your customers’ behaviour. One key step is to review your sales strategy and processes to stabilize your current revenues or take advantage of new business opportunities.
Take the time to consider all aspects of your customers’ needs before implementing your new approach.
Managing procurement and operations
The supply chain is disrupted. The inventory management process must be analyzed and adapted to limit the impact on cash flow and avoid supply disruptions. You need to solidify relationships with suppliers and even diversify your business partnerships.
In addition, analyzing current processes and costs will help ensure business continuity. Make sure you have all the tools you need to increase your organization’s efficiency while safeguarding everyone’s health and safety.
Ensuring sound management for a healthy workforce
An organization’s workforce is its primary asset. Any transformation requires a high degree of flexibility. Communicating effectively and regularly with your teams will help them stay the course, handle the changes and remain motivated.
It is essential to review your workforce plan and human resource management practices, particularly with the increase in telework.
Monitoring results and adapting
Monitoring your results, preparing management reports and ensuring dynamic budgeting will provide you with the necessary information to identify the appropriate actions to ensure and improve your organization’s profitability.
This will provide you with greater control over your performance.
Reassuring your stakeholders
You must communicate transparently and regularly with your employees, business partners and customers in order to maintain the bond of trust and demonstrate that actions are being taken to ensure your organization’s sustainability.
This may also be a good time to review your organization’s governance to ensure that you have all the support you need to move forward and that you have the right managers in the right positions.
Remember, superheroes don’t work alone. Our professionals can help you put in place an action plan that will help you regain and maintain your health not only as an individual, but also as an entrepreneur. Your overall entrepreneurial health is essential. Take care of it!