As an entrepreneur the opportunity to create tangible value in your business often gets covered up with late orders, supply chain issues, lack of operators and the list goes on and on. The current impact of the most significant economic event that most of us have dealt with in our business careers…the Covid 19 Pandemic!
Many businesses are struggling to survive with how to respond to the current state of the economy. Many are circling the wagons and continue to do what they always have hoping for improved results. We all know what the definition of insanity is! The reality of it is the best businesses are pivoting and reinventing their businesses to determine how to not only survive but thrive. Many businesses do not like the idea of change and will only change when forced to. The idea of change is what separates your business from the pack. This is exactly the right time to create a revolution in your business. The definition of revolution – “a violent attempt by many people to end the rule of one government and start a new one”. I would rephrase this to state “the radical change needed to move from current state to a future state of your business”! Often this takes the form of a revolution as many of the current team members cannot and will not change. Tough decisions will need to be made to move the business and the team to the future state. Painful but necessary if you want your business to lead the industry, not just follow.
The bottom line is as the owner of a business you will exit at some point. With that said creating value that impacts net income of the business and improves EBITDA will dramatically improve the return on your business. Now is the time to reinvent!!!
