In the current climate, it is totally understandable that business owners feel out of control and are focusing principally on continuity – just 'getting through’ the next few weeks and months. While these are trying times, now is a good time to analyse your marketplace, says Andrew Sesemann, who has sold two businesses through BCMS and now mentors other entrepreneurs.
Typically agile, entrepreneurial thinkers, SME business owners are well equipped at identifying opportunities and quickly responding to them. In this short and insightful video interview, Andrew discusses the current challenges and how, using good business sense, company leaders can not only meet the challenges of today, but come out stronger the other side.
For this, Andrew offers very practical advice. "I know it sounds ruthless... But think about who the key players are in your industry, including competitors, customers and even suppliers. Then think about the impact they would have on your business if they were to go under. Would it be an opportunity? Would it be a threat?" This scenario building, Andrew argues, can help to change the mindset of business owners – and even put them in a strong position to move confidently on opportunities should they arise.
Andrew also suggests business owners could use any extra time productively, especially if they are considering a business sale in the future. But above all, his message right now is to look after yourself: "Because you are far more important than your business at the end of the day."