I recently joined the team at Coraggio. The focus of the firm is to build resilient and strong private businesses by providing specialist expertise and guidance on how businesses can scale. This is all done by working with like-minded business leaders across different industries within a mentoring environment (Coraggio Board).
Resilience is the process of adapting well in the face of adversity, trauma, tragedy, threats or significant sources of stress — such as family and relationship problems, serious health problems or workplace and financial stressors. It means “bouncing back” from difficult experiences.
The COVID-19 pandemic has created massive and rapidly changing challenges, disruptions and some opportunities for all businesses. It is normal for any business to feel unsettled and concerned about their future. Coraggio was born out of the GFC where the current directors of Coraggio came together to help each other to survive and figure out how to focus on ways to save their businesses and then build them back into highly profitable entities.
I therefore wanted to share with you my learnings of being part of Coraggio in the current environment. This includes the learnings from witnessing first-hand the positive benefits of being part boards and seeing the members working together to :
1. Reframe the challenges. Members realised to solve the key challenges they could not rely on the same strategies from six months ago. The experience in the Boards highlighted that we may need to look for different solutions in these different times. Each member of the Board brings real world experience in running successful private businesses. The ability to access the thinking and ideas of a wider network of business owner can suddenly open your eyes up to a range of new ideas on how to tackle a key problem or provide you with the ability to stress test your existing thinking. A lot of the discussion focused on how to speed up the shift to digital tools, services and methods of servicing customers.
2. Remember to be leader : In times like these, we all need to remain positive and supportive of each other. A small silver lining is the increased engagement and support of from the employees in the various business’s. Their shared focus to save the business and therefore their jobs. Being in it together. So as the leader of the businesses it was about demonstrating a calm mindset being extremely honest and frank and sharing their future plan of attack even if it means short term pain!
3. Radical times require deep community support. Coraggio was born out of the GFC when businesses were struggling to adapt to a new world order. A similar, if not deeper, situation has developed today and in the last few weeks I have witnessed businesses of all types sharing problems, ideas and information about how they are coping. The relationships around the tables have been vital for everyone on both a personal and business level.
4. Look at the Opportunities – Reinvent parts of the business. Develop the habit of using challenges as opportunities and use the existing skills to build on.
Now is the time to be part of a business owner community with trust, vision and experience.
I am wishing the best for all businesses and I know we can help through these challenging times. Move quickly, pivot hard and keep your head up and seek the right advice.
Contact me if you would like to start a conversation firstname.lastname@example.org