Darwinism in Business: Survival of the Fittest

August 8, 2020 - 3 minutes read

Tom Murrell from 8M Media  recently interviewed Justin Davies from Emergination for the Media Motivators Podcast on the topic of Darwinism in Business: Survival of the Fittest.

 

 

Justin shared his insights on how to get ‘business fit’ and gives a rundown of the 5 things that business owners need to do to help their businesses survive and thrive during Covid-19.

Here is a summary of the podcast:

Be business fit – get on a fitness kick for your business.

  1. Make sure your mental state is right
    1. Stay positive – clients are attracted to people that are positive. Your staff are looking to you. Positivity helps in
      whatever you are doing. Have a good music playlist to fire you up. Listen to good podcasts. Avoid sensationalist news – and social media conspiracy theories
    2. Protect yourself with good habits – exercise, meditation, journalling, have good routines and eat well
  2. Get better with your time
    1. Work out your priorities
    2. Track your time
    3. Review where your time is going – find business improvement opportunities
    4. Hard work – focussed work – is rewarded
  3. Get the current state of your business clear
    1. Get your strategic plan current, valuable and action oriented
    2. Cashflow forecasts – know where you are, that you can meet payments, and do check the impact of investing in your business
    3. Tighten up on your sales forecasts
    4. Check on staff performance and what you expect in utilisation, satisfaction and sales
    5. Use trigger point budgeting – determine the triggers to take action based upon what your business is doing and decide well ahead of time the action you will take
  4. Go hard on marketing and sales
    1. Now is not the time to turn it off. It is the time to reassess what is working and what isn’t
    2. Keep the communication up – call, email, LinkedIn messaging – be personal and considered
    3. Get close to customers – check how their needs have changed
  5. Get help
    1. Two types of help:
        1. Specialist: very specific on a challenge eg a legal agreement, or social media. Skills needed to add value for a specific period of time – narrow focus is their value
        2. Generalist (wide range of skills across all aspects of business – like your GP) – deep long term relationship, strategic – broad problem solving is their value, and know when, how and who to bring in when necessary
    2. Different types of help: Mentor, business coach, business advisor, advisory board, board

You can listen to the podcast below:

  • Darwinism in Business: Survival of the Fittest (Media Motivators Podcast)

 

If you would like to find out more about Emergination’s business advisory and coaching services, contact us for a free 30-minute discussion.