In Chaos, Thrive

There are always going to be situations outside of your control as an entrepreneur. As much as we would like to set the tables exactly in our favor, that will never be the case 100% of the time. Market winds will sometimes be at your front, and others at your back. That does not mean you should just accept when the wind is not in your direction. You can control the forecast.

Thriving in Chaos

What can you do to control outside forces?  

Ready Yourself

First you need to ready yourself. This BLOG has often discussed how in times of extreme chaos, you must use that as an opportunity for growth and choose not to ride the bandwagon. You have to protect your business at all costs and ready yourself for the future.

Don’t Act in Fear

If fear is driving your decisions, you are not making educated decisions based on wisdom.  Fear is a terrific thing to feel. It can lead us to making stupid decisions and reacting poorly.  If you make a major decision to shut a business down, lay off employees, or make some other major change moments after an event, you are making a decision on fear.  If you do something because you are afraid if you don’t it will have adverse effects, it is a decision on fear.  Your decisions should be solely based on experience guided by intelligence.

Have a Plan

No matter what happens, you will always live to fight another day with a plan.  Most entrepreneurs have either a business plan on paper or in their heads on what they want to do to achieve their goals.  But these are almost always based on perfect scenarios which are impossible.  You need a plan for when chaos sets in your business.  When you experience a dramatic change, the first thing you need to do is prepare a plan for what you expect to happen, along with what your plan B will be if you are wrong. Once you formulate the plan and are resolved it is the best course of action, it is time to act immediately. The plan may not be perfect, but it will start the process to repair the damage and plug the hole. Only when you stop the chaos from driving your decisions can you rebuild and stabilize. It is possible to do this even when the outside world is still in flux. Just make sure you adapt as necessary as the rest of the world will not gracefully come out of the panic. Never hesitate.

Look for Investments

Once you calm the chaos and deny fear of driving your decisions, let’s start to rebuild.  This is where you will thrive.  It is time to look to places you can invest.  Maybe in some new technology, new capabilities, new education you need to spend time on, or perhaps it is in hiring a rock star who got let go in the chaos.  You should have a good idea where you are weakest, for it is time to lean in on that area and improve.  This way, when you emerge from the storm your clients will see you stronger and more viable than ever.  Your viability shows them it is possible.  You will show people the way and that alone will start to calm everyone’s chaos.

Communicate

Most of us do not communicate nearly enough.  My instinct is to not bother people, keep my head down, and work the problem.  This is not the right tactic to take!  Make sure your clients, employees, and vendor partners are all on the same page as you and what you are doing.  Make sure they know where you are at.  I would not overshare information, but I would not be afraid to be honest about the environment you are in and what could happen worst case.  Then make sure they understand your plan to prevent it and why you are going to fight like hell to make sure it never gets there.  Everyone wants you to pull out of the mess, so don’t bother pretending the mess doesn’t exist.

If a pipe busts in your house, it is chaos. You have to shut off the water, rip up the walls or floors, find the damage, repair the problem, then start the process of putting the house back together. This is a very expensive and messy problem.  The house is out of sync. And there was nothing you could have done to prevent this.  You can’t blame anyone.  There is no one who can fix this but you.  And worst of all, it needs immediate attention.  You need immediate access to resources, talent, and money. Your house cannot function normally until this is resolved.

That is not unlike any chaotic situation in business.  The scenario will look different but it doesn’t matter. You will not know what form a major event will take place.  Regardless, it will completely throw off your plans.  But if you make decisions based on a plan that are not born of fear, you will be okay.  If you do things to make sure this doesn’t effect you again the same way and you share your vision you will emerge stronger than ever.  

The odds your competition won’t survive a chaotic event are just as likely as yours. So when you thrive during and after an event you will be in a position to take market share.