Back in 2008, we found ourselves dealing with some pretty serious financial events. Sometimes these experiences are collective; the whole economy felt the impacts of the 2008 crash. The same was true in 2020.

Because of the 2008 crash, Bill had tools and strategies already prepared that when 2020 hit, he was able to pull out his toolbox and adjust accordingly.

The first step is to triage the situation. Where can you buy some breathing room to really assess the situation? You want to begin to preserve cash, and hold on to the core of your business as best as you can.

The next step is to use the SWT tool (say "SWEAT"). It’s a little bit of a more strategic version of the SWOT analysis tool. SWT focuses more on upcoming trends and gaps in the company. And then finally, we want to connect the dots. Now that you have this information, what’s the most logical move forward?

Resources:

Scaling Up for Business Growth Workshop: Take the first step to mastering the Rockefeller Habits by attending one of our workshops.

Scaling Up Summits (Select Bill Gallagher as your coach during registration for a discount.)

Bill on YouTube

Did you enjoy today’s episode? If so, then head over to iTunes and leave a review. Help other business leaders discover the Scaling Up Business Podcast so they, too, can benefit from the ideas shared in these podcasts.

Scaling Up is the best-selling business growth book by Verne Harnish and our team of coaches. My name is Bill Gallagher, host of the Scaling Up Business Podcast and a leading coach.

We help leadership teams with 4 Decisions around People, Strategy, Execution, and Cash, and the 5th Decision about what kind of leader you want to be. Our purpose is helping you Scale Up successfully and beat the odds of business growth success.

Tuesday’s Tips — Helpful Tools to Better Deal with a Crisis

Scaling Up Business with Bill Gallagher