Being at the top of the decision chain in any business at any time is challenging. During the COVID-19 crisis, leaders across industries are having to face tough and unprecedented problems, questions and decisions. More than ever, a CEO advisory board will help you navigate crises and make the right decisions in times of stress.
Not only that, but TAB Denver West and the TAB global network helped innumerable business owners not only survive, but thrive during the Great Recession of 2008. Angus MacPherson, a member in the mechanical services industry, joined TAB in the midst of the recession. In spite of the grim economic times, MacPherson managed to nearly double his company’s business. TAB helped him move the needle from 2.5 million to nearly 4.75 million.
Time and again, our members will say that when business owners feel like they can’t afford to take on the expense of membership, the reality is that they can’t afford not to! The value they get from business coaching and peer advisory boards consistently yields a high return on investment.
Here are just a few of the challenges that TAB can help you navigate during uncertain economic times:
Making Major Decisions
Whether you’re having to make difficult personnel choices, trying to figure out how to adapt to working from home, or any number of the surprising disruptions caused by a global pandemic — you don’t have to make those decisions alone. If you had an exit strategy in place, current circumstances have inevitably disrupted those plans. You may have to take a realistic view of your company and its current valuation in order to create a plan for moving forward. All of these issues are better tackled with the help of outside perspectives from experienced business leaders.
Leading During a Crisis
In a crisis, employees and other stakeholders inevitably look to their leader to guide them through. But who do the leaders look to for help in navigating uncharted waters? Having the support and expertise of fellow board members and a seasoned business coach will allow you to feel confident and clear about leading your teams.
Managing Your Time
Delegation is one of the struggles we see business owners and CEOs consistently wrestle with. You might know you can’t “do it all,” but it often takes external accountability to help you let go of the reigns and focus on what really matters. Some tasks do require your time and attention. Many do not. A CEO advisory board and a business coach can help you sift through how to best manage your time to maximize returns.
Customer retention and acquisition are especially important with a potential downturn on the horizon. TAB can help you get a clear sense of your market position and what differentiates you from your competitors. You can then, in turn, create a positioning strategy designed to clearly communicate your company’s value and attract customers.
Mistakes are inevitable — especially in extraordinary times. And we’re firm believers that if you aren’t making mistakes, then you’re not growing and learning. However, we’re also firm believers in learning from the mistakes of others. That’s where a TAB business owner advisory board can really help you thrive in the midst of economic uncertainty. While COVID-19 is unprecedented, economic downturns are not. You can learn both from and with your board as you each make decisions about how to move forward.
Recessions are undeniably hard on businesses. It’s the nature of the situation. Yet, there are many leading companies across the world that began in the midst of difficult economic times. You can weather the storm as well.
Download our white papers on 9 Steps to Safeguard Your Business and 19 Reasons You Need a Business Owner Advisory Board, or reach out today to discuss how we can help you rise above these uncertain times!