Leading entrepreneur #ScaleUp Champion and ScaleUp Group member Adam Hale has issued some key advice for ScaleUp Leaders facing the current COVID-19 crisis based on experience from successfully leading businesses through previous recessions.
1. Be closer to your #customers: One ScaleUp CEO I work with did this and spoke to one of his biggest customers who said “I’m so glad you called, you are the only Technology partner who has done that”. Talk directly to customer executives at the right levels.
2. Increase Quality. Customers will not forgive errors. For new projects focus on the higher probability opportunities. In baseball terms there will be fewer at bats so the batting average needs to be as high as possible. Formalise #customersuccess , there may not be another chance if you don’t.
3. Secure the financial future of the business. Tough decisions must be made early. Reduce the cash drain and every effort must be made to bring in more capital.
2001-2003 and 2008-2010 was very difficult. However, I saw firms emerge through those years as market leaders and sometimes dominant leaders. There was a definitely a flight to quality. You might not grow as much as planned but your business can always get better and might emerge stronger. When people look back on 2020 what will they say your business did?
Full article here.
To help ScaleUps grow, Adam has also issued “Five foundations of great ScaleUps – Lobster Tales”
ScaleUp Group members and clients are undertaking a number of activities to help companies through the COVID-19 crisis and so they are well placed to help drive economic recovery.
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