Many Bahamian businesses are holding on by a thread and seeking answers on how to survive this seemingly never-ending recession.
Many are complaining and feeling the pressures brought on by a sluggish economy, but I ask you, how many of us are really willing to do what it takes to not only survive, but to thrive? In this new arena several factors have become crystal clear:
o Business as usual is a thing of the past, get over it!
o Self-perseverance is the name of the game, the strong survive, the weak will be swallowed up!
o Survival depends on making the tough decisions that will enable you to adapt to the ever-changing landscape and remain competitive.
o New visions will have to be outlined and current strategies redefined, while still remaining open to new and emerging opportunities, for example, the demand for new products and services or just the ability to cheaply acquire the assets of a distressed competitor.
o Organizations will need agility, the ability to quickly spot and snatch opportunities before the competitors do.
And I can hear some of you crying right now, Stacia I hate change. Trust me I know you do. The reality is, the more successful you become in your career or business, the harder it is to change, since all of the learning that has led to your success thus far, has been implicitly coded in your brain and works against your ability to unlearn. So believe me, I understand why change is difficult, but consider this, the new normal and #1 rule for business survival in this new arena is simple, adapt or die! And in the words of former U.S. Army Chief of Staff General Eric Shinseki, "If you don't like change, you're going to like irrelevance even less." If you don't learn how to embrace change my friend you run the risk of your products and services becoming obsolete!
Tough times call for tough measures. Here are a few of my suggestions for your business survival:
o As business owners and executives, you need to ensure that everyone drinks the Kool-Aid, that you and your employees are on the same page. Your strategy is not a military secret, your employees need to understand it as clearly as you do! So even If you've said it before, you need you to say again. Tom, Sue, Maryjoe, Shaquita, this is where we are, this is where we are going, and here is what we need you to do to help make his happen. And when we are successful in achieving our goals, here is what the benefits will look like.
How many times do you have to tell them? As many times as it takes because execution is crucial to your survival. Without a doubt it is imperative for your employees to understand your highest priorities, and know what they are supposed to do to achieve them.
o I said it before I'll say it again, the success of your organization lies in the hands of the people you hire. So don't compromise, hire right the first time and make sure that you have the right people involved in the recruitment process. Outsource this function if you must because here is what I need you to always remember:
A level employees hire other A level employees.
B level employees hire C level employees.
C level employees, well they just hire losers so with a bunch of losers running around your company's survival is slim to zero.
o My people, my people, we've got to raise the standards, as a people our brand is too low, our work ethic is almost non-existent, we've grown too comfortable, entitled and lazy. Comfort leads to stagnation and I just don't know when we will realize that not doing more than average is what keeps the average person down. We really need a paradigm shift! We have to change our work ethic. Clients with choices will refuse to put up with crap and you know exactly what crap I'm talking about: Showing up late, missing deadlines, inferior work, "ducking clients", over promising, fluff with out substance, etc. It's time to stop this nonsense! We must learn to stamp everything that we do with excellence. We must absolutely improve the quality of our goods and services. We must improve our level of professionalism.
o Hold people accountable for their performance. Reward those who execute, especially your superstars (since they are not equal to your average worker), coach those who don't, and if they still don't get it my friend it's time to separate. Employees must come to the place where they realize that everyday they must earn the right to be employed. They must bring value or their services are not required! Don't be afraid to make the tough decisions, understanding that your employees either add to or detract from your success.
Finally, I want to leave you with the words of Jack Welch, former CEO of GE.
"The winners will be those who search out and participate in the real growth industries and insist on being number 1 or number 2 in every business that they are in, the number one or number two leanest, lowest-cost worldwide producers of quality goods and services, or those who have a clear technological edge, a clear advantage in the market niche.
"Where we are not number one or number two and don't have, or can't see a route to technological edge, we've got to ask ourselves Peter Drucker's very tough question: If you were not already in this business, would you enter it today?
And if your answer is no, face that second difficult question: what are you going to do about it?"

Stacia Williams offers keynotes, workshops and personal coaching on a wide range of personal branding, image management, customer service, leadership, business etiquette and international protocol topics.
You can contact Stacia Williams at 325-5992 or email Stacia@totalimagemanagement.com or visit staciawilliamsblog.com.

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