For most business owners, 2020 has been a year filled with the unexpected. Perhaps you’re one of the fortunate businesses whose products were in great demand this year. Or maybe you were able to quickly pivot and adjust to new market requirements, which may have saved your year. If you were fortunate, you had sufficient cash reserves built up to get through any downswings in your business.
Has your business been severely affected by the 2020 recession? Did you lose your largest customer, one that produced over 30% of your revenue alone? Chances are, your business is in the phase I refer to as Rebuilding.
Do you feel like your business has lost momentum or is in a slide that you can’t stop? Not sure what to do? Chances are, your business is in the phase I refer to as Regressing. Last week, I shared the five phases I believe companies find themselves in—what I refer to as the 5 Rs: Regressing, Rebuilding, Restarting, Resuming, and Rocketing. Today, I’d like to talk more about Regressing.
In my 30 years working with CEOs and executive teams, I’ve found five phases that a company is typically in. And while years like this one certainly seem to exacerbate some of the issues companies are dealing with, once you recognize which phase your business is in, you can take the corrective steps needed to right your ship or propel your growth to the next level.