1. Stay calm. No rational decision was ever made in an emotional frame of mind. Although everyone feels like panicking around (and including) you, make the effort to remain calm. Be the one to lead positively and assertively – listen, take in all the information, remove all subjectivity from the situation and then proceed to make your decision. How do you do this? I knew if we all panicked, we would end up a lot worse, so I blocked the worst case scenarios out of my head, listened to advice and opinions, then physically got out of the warzone (decision
room), gathered
my thoughts, analysed the situation and committed to a justifiable decision as quickly as I could.
About the author: Mark Williams has started a new business Strategic Productivity, and consults to many companies, including Tsogo Sun, SAFCOL, the dti and DoJ. As the South African reseller for Forrester Research in South Africa, he works in Business Development, and is also involved in business coaching, mentoring and entrepreneurial initiatives in numerous NGOs and SMEs.
2. Everything in writing. Always, always draw up an agreement and get all parties to sign it. If there is one thing that entrepreneurs do not do well, it is the governance and administration side of business, especially when you are in business with friends or family. Encapsulate the basics down on paper for all to sign before starting the business. And do not forget to spell out who owns what, and what you are going to do in the event of the company going down / closing, and consequences of default. Sounds very gloomy, but believe me when I say that this is where the majority of company problems emanate from in most of the SMEs who are in existence!!
3. Make a decision. Rather make a wrong decision than no decision – you can always change a wrong decision if you realise it is wrong. Remaining
in limbo increases
the
emotional turmoil and you will surely bleed a lot more and faster!
4. Communication is vital. When you have got your back to the wall, communicate with the people who count in your business – suppliers, bankers, clients, as many as you deem necessary. No matter how uncomfortable you feel, this really is the time that you need to test your comfort zone, because it is a painful yet worthwhile exercise! Rest assured that you will not be sorry – your suppliers (at least the ones that count and are worth doing business with) will value your honesty and loyalty, your
44 Management Today | September 2012 The Innovation Journal
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