The Academy for Chief Executives, a leading provider of experiential business learning® facilitates groups of CEOs and Managing Directors who meet together every month to network and take full advantage of experiential learning. Part of membership involves members taking their issues to the table and discussing them with their peers.
At a recent meeting CEO members discussed the following issue :
“The bottom has dropped out of my business”
The business concerned operates in 3 market sectors, all of which have been hugely effected by the downturn (property, haulage and construction). A number of employees had already been made redundant and the business is now operating on a very low core staff.
Fellow CEO members first gave a metaphorical hug to the individual with this issue. There seemed little to say at first, but the mood switched to one of positivity… and ideas began to flow:
- Cash is king – what can you liquidate?
- If land is owned which is currently vacant and not being developed… could it be rented out? (for example, what about storing unsold cars / or refuse awaiting shipment to land fill?)
- Talk to the council about a Business Rates reduction/holiday
- Be open with your staff and request their ideas/suggestions
- Can any of your equipment or skills be used in a different way (for example, what about selling some of your equipment direct to the public?)
- Can you move out of your office and rent it to someone else?
- If you have massive amounts of equipment, what can be safely moth balled, and what could be sold to raise cash
For confidentiality reasons we cannot divulge all of the advice provided by our members – however, we do hold open meetings where guests are able to attend and experience for themselves the real power of shared experience and experiential learning alongside fellow leaders, CEOs, MDs and entrepreneurs. To find out how you can take advantage of advice like this every month, visit www.chiefexecutive.com.