Scaling Up Business with Bill Gallagher 197: Rich Manders — Creating Your Plan B Without Panic
How do you move from surviving to thriving during the worst pandemic crisis we’ve seen in a very long time? You can write your own breakthrough growth story right now. Today, you’ll learn how to use the Strengths, Weaknesses, and Trends (SWT) tool to help accelerate your growth.
Rich Manders was the Co-Founder of iAutomation, which started from $0 sales in 1998 and grew to a $90 million run rate with 185 employees. He is currently the Co-Founder of FreeScale Coaching Systems, a leadership team coaching firm focused on helping scale middle-market businesses.
Rich works on a quarterly rhythm with his clients and they are stuck in uncertainty due to the Coronavirus. Clients are unsure how this pandemic will affect their business model going forward, but to help them get unstuck in this process Rich is helping them get their Quarter 2 plans done.
The first step is to do an SWT analysis and update it. Rich estimates that 3/4 of his clients are severely impacted by the virus. Key conferences and flights are getting canceled, leaving a lot of people homebound and unable to work. Rich is working with clients on a backup plan. It is always good to develop a plan for the downside.
Take your current business model and your income statement and broadcast ‘doomsday’ scenarios. Rich recommends three: 10% cut in revenue or sales, 25% cut, or a 50% cut and rework business plans around each of these cuts in advance.
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