Do You Have a Strategy to Overcome Business Challenges?
By: Melonie Boone, MBA, MJ, PHR, Founder, Boone Management Group, Inc.
For those of you who know me well you know that this has been a year of highs and lows for me as a business owner. I want to share my story and the strategy I used to overcome one of the biggest business challenge I have faced.
My year started out with lots of optimism and excitement. In January Boone Management Group Inc. was Complete Concepts Consulting. We had done all the planning necessary to launch a sales campaign that increased revenue month over month from January to April.
That all changed however with one phone call on a Saturday morning. It was my business partner. She told me that she had decided to take a full-time job which started on Monday, so she would no longer be a partner in the business. It felt like the floor had dropped from underneath me. Over the next few months client turnover hit us hard. Un-budgeted legal fees for the partnership separation, refunds to clients for service failures and a pipeline that had dried up took a toll on the business and me. Our revenue dropped to nearly nothing and Complete Concepts Consulting no longer existed. In the blink of an eye (so it felt), I was back to square one.
So many questions began to swirl in my head. Do I abandon my dreams and go back into the corporate world? Do I forge ahead alone and try to make Complete Concepts Consulting work? Can I do this alone? Complete Concepts Consulting is â€œdead to meâ€ so what do I do next? At times I was not sure if I could continue, but the story couldnâ€™t end here!
With this strategy, like me, you will be able to overcome challenges and succeed.
Give yourself time to deal with you: So this I think is an important first step. You have to acknowledge the problem and how you feel about it. While a little on the touchy feely side, a tough business challenge does affect you personally and you have to deal with those emotions before you can move on. I had to deal with a myriad of feelings beginning with anger. Emotions are not easy to get past but you have to acknowledge that you have these feelings and deal with them before you can move forward.
Reach out for advice: It is hard to tell people that something has not worked, especially if you feel like you have failed. It is easy to keep it to yourself and try to fix things on your own. Humility is not easy but when faced with a challenge you need an objective viewpoint that you cannot provide yourself because you are in too deep. Identify the people who can take a look at your situation and help you map out your strategy to overcome the challenge. I was fortunate to have an amazing group of trusted advisers who helped me face this head on.
Plan, Plan, Plan: The best way to deal with a challenge is to create your plan of attack. Now that you have gotten feedback from your trusted advisers it is time to make decisions on how you will deal with the situation. Will you accept defeat or will you fight. Whether the challenge is big or small, you have to have a strategy that addresses how to solve the issue and that strategy must be realistic and executable.
Execute to Succeed: It should come as no surprise that execution of your strategy is the key component to overcoming a business challenge. No matter how big or small, the solution to your challenge has to be implemented. Donâ€™t forget to consider what financial resources are needed. Do you have internal capabilities or do you need to bring in an outside expert? Plan execution is the hardest part of this whole process so stay focused and hold everyone accountable including yourself.
Bottom line is you have to do whatever it takes. You have to stay motivated, driven and determined to succeed no matter how discouraging it can get. For me, Boone Management Group was born in August 2012 (2 years after Complete Concepts Consultingâ€™s inception). Now working with clients in five states; we are making a difference in each client that we work with by providing them with strategic direction that helps no matter what stage of business they are in. From launch to mature; we help our clients reach their goals and succeed.
Melonie Boone, MBA, MJ, PHR, Founder of Boone Management Group Inc., is a business strategist and executive leader with comprehensive experience in business optimization and human resources strategy. She works as a member of senior management to optimize strategic planning in support of organizational growth, bringing proven results in business strategy advising and directing human resources operations in diverse organizations across multiple states. Contact Melonie directly: email@example.com.