Exploring Business Opportunities and Overcoming Fear: Insights from Pathway Consulting Ltd
Discover valuable insights on assessing your business, overcoming fear, and exploring opportunities from Pathway Consulting Ltd. Learn how to review your business holistically, challenge assumptions, and find opportunities for growth and success in uncertain times.
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Presentation Transcript
Assessing your business, exploring opportunities Aoife Healy
The Paradox of Fear Fear can prevent you from acting - your worst fears come true fear of failure! Fear needs to be overcome in order to succeed fear of success! Pathway Consulting Ltd 2020 2
Establishing the facts There is 5000 in the bank, 20,000 in outstanding receipts My weekly payroll is 3000 I have 500 connections on LinkedIn Assessing your business 1. I have no sales channel on my website. Look at your whole business. Review sales channels, marketing activities, finance, HR, production, development, logistics . Whatever applies to your business Pathway Consulting Ltd 2020 3
Itemise your key assumptions This virus is going to get worse before it gets better. My sales are never going to recover. My business model isn t suited to online sales My business can t operate with remote workers. NB some of your assumptions will only emerge as you explore your facts! Note them!! Assessing your Business 2. Pathway Consulting Ltd 2020 4
Question your assumptions about the facts eg. My cash is going to run out in 2 weeks Is that if I do nothing and keep everything the same? Is there any product that I could sell more of now to generate cash? Could I avail of government amnesties on taxes to free up cash? Could I get an extended line of credit from my bank? Could I mothball the business to save cash and emerge intact when the crisis is over? Could I radically rethink how I generate cash at the moment and adjust to how I think people are going to buy and sell in the coming months and years? Finding the opportunity examining your thinking around the facts: Pathway Consulting Ltd 2020 5
Finding the Opportunity examining your assumptions and how they make you think, feel and act Explore your assumptions about the business or the situation and question what your reaction is to it: Eg. Assumption is that the virus is going to get worse before it gets better Is that true? Do you really know that its true? If you think that, how does it make you feel? Do you feel that this is a challenge or is it hopeless and there is nothing you can do? What way do you want to feel? Or Assumption: I can t afford to spend more money on marketing. Is that true? What happens if its true? What happens if its not true and you do spend more money on marketing? Could it generate more money than it costs? Which is worse? Pathway Consulting Ltd 2020 6
Use critical thinking to explore every aspect of The Facts of your business The assumptions about your business Accept how you feel initially but question is that the attitude you want to adopt going forward No right or wrong answers just make an active decision on what course you want to pursue. Summary Pathway Consulting Ltd 2020 7
