Basic Survival Tools for Business Owners
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Not unlike a hiker who discovers he is lost and begins to panic, some business owners have experienced similar distress when their business fails to perform at an expected level. The hiker hopefully remembers some basic survival tools to help him out of his situation. For example, there is one very simple method for handling an emergency situation: STOP and assess the situation. S.T.O.P. (Sit-Think-Observe-Plan) is an acronym survivalists use to remember how to remain calm and keep a level head when trying to figure out how to get back to safety. Company managers of any business type can use this same acronym if they find themselves in an uncomfortable position and would like to get their business back to a safe place.
S.T.O.P. Sit – Think – Observe – Plan
SIT: When you realize that you are lost, take the time to sit down and collect your thoughts. You are not lost, you are right where you are; and everyone else is lost.
Sitting asks us to pause and take stock of what we have, what we lack and where we think we are. This is a checklist of sorts, of the facts surrounding your business. They need to be collected and used to help guide your next step.
I have a survey I ask prospective clients to fill out to help illuminate for them some of these facts. Questions I ask are: Do you have a vision? Do you have clearly defined short-term and long-term goals? Can you concisely communicate your competitive advantage? These should, in theory, be very easy to answer. If not, by looking at those questions you cannot answer yes to, it can help reveal where your business turned off the path and got lost. If you would like to take the full survey, click here: http://www.surveymonkey.com/s/TPHQ635
THINK: What do I have at my disposal, both physical and mental, that can help me in this situation? Take an inventory of your survival kit items and how you will use them. Remember what you always thought you would do if you got lost. Most of all remain positive. You will survive.
Once you’ve paused to consider where you might have gone off the path, now it’s time to think about what resources you have. How might you use these resources to get back on the right path? Remember there are both intangible and tangible resources for you to leverage. Intangible resources include: your intelligence and creativity, your past experience, and industry relationships you’ve fostered. Tangible resources are: inventory, cash, and staff (if any) to name just a few. Surely when you stop to take stock, you’ll find that you have more to work with than you first thought.
OBSERVE: Look around, is there shelter, water, high ground, an open area so the searchers can see you? It will be easier for those searching to find you if you can stay in one selected location that will allow you to build a fire, provide shelter, set out signals, and be in an area that can be seen at a distance or from aircraft .
Now that you’ve taken inventory of what you have, look around to see if there are external resources you can use as well. What you can use/do that you might not have originally considered could prove very useful. This is your opportunity to be creative.
One of my favorite examples is from Zappos. In a post 9-11 world with increased airport security, Zappos chose to lighten the mood by placing branded liners in the security bins. Here’s an opportunity where everyone is forced to think about shoes and Zappos cleverly uses it to remind us where we can get more. Not only did Zappos create thousands of brand impressions, they endeared themselves to passengers by commiserating with them about the new security regulations.
PLAN: Now create your plan of action. Be positive and take care of yourself. If it is late in the day, build a fire for heat and signaling, find or make a shelter against the weather, and most of all remain positive — you do have the ability to survive. You have conquered the major danger of not allowing panic to cast your fate. You can now conquer anything else that confronts you.
With all the information at hand you should now be able to make some informed decisions. You should have deduced where you possibly went off the designated path or least what direction you need to take to get back on the right track. You know what you have and what’s available to you. Armed with all the information, it’s now time to strategize. Put pen to paper and document what you want to do and how you plan to do it. Don’t just set off in a direction you think is right; keep track of where you are going so you can tell if you are actually getting where you need to be or just going around in circles.
Getting Back on Track
I can’t think of any business that has experienced smooth sailing the whole time. Even giants like Apple have had their struggles. It’s only natural from time to time to experience unexpected circumstances that cause us to lose our way. How we react and what we do will determine if we have the survival skills to keep the business on the right path when detours distract us. Just remember to S.T.O.P. and assess the situation. The best decisions are always made from a calm, clear point of view.
About Insights Discovered
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Based in Las Vegas, Nevada, Insights Discovered was founded by Penny Redlin in an effort to share her professional expertise within the children’s product category. The company’s mission is to give every mompreneur an opportunity for success. Insights Discovered exclusively services children’s products brands. The specific industry focus demonstrates a strong dedication to the unique needs of children’s products companies. Insights Discovered offers strategic planning, market research and traditional marketing services.
For more information, visit www.insightsdiscovered.com or call 702.218.5707.
