Survival, Success and Beyond!
August 12, 2022
The key lessons learned during a period of global crisis
It’s useful to periodically reflect on business decisions from time. This article summarises the valuable lessons we learned at Pre-met, as owners and as a business, over the last 2 years. Although very difficult and demanding from time to time, you will hopefully see how we faced the challenges and overcame them with a more robust business with our whole team more valued and engaged than when we started this journey.
Three Core Management Issues
Looking back to January 2020, Pre-Met was facing three core issues. Imagine the scenario as a business owner where:
- You have a decision to take on a substantial volume of new business which didn’t work out quite as expected.
- You find out, during the integration, two executives made a personal decision to retire.
- You were just getting your head around these first two points when a major global pandemic hit with an anticipated 40% drop in sales.
These were significant challenges facing Pre-met. It took great tenacity and level-headed management to steer through this period, and come out the other side stronger then when we went in.
Key Lessons Learned From An Ownership Perspective
Having reflected on the obstacles, there were three main takeaways from the situation:
Taking decisive action
In a time of crisis it is essential to make informed decisions and not flounder in the face of adversity.
Don't be afraid to seek outside help
Seeking advice outside of the company gives a fresh perspective.
Putting the right team & mix of skills in place immediately
Getting the balance right in the team was paramount to endure the pandemic and a potential drop in sales.
Key Lessons Learned From A Business Perspective
Whilst it was a very demanding period, we learned some beneficial lessons:
- Even when facing immense, challenging decisions being credible and trustworthy as a senior management team is a fundamental foundation.
- Don't assume anything - analyse, validate, make changes and re-validate. A methodical and consistent approach is needed in times of crisis.
- Show empathy in equal measure to implementing critical business changes and take your team with you on the journey. Empathy shows clients and staff that you value them and the pressures they are facing.
- In society today, the words "sorry" and "thank-you" are very underused but in fact they are very easy to use as long as sincerity accompanies them. Old school values go a long way in building strong relationships.
- Talk to your customers and suppliers, even in the midst of adversity. Communication is what holds an organisation together during adverse times.
- Costs don't reduce themselves - reviewing business processes is the single most effective way to understand the scope for improvement.
- Doing the basics well should never be under-estimated!
That’s all folks. Next month, we will examine how Pre-Met does the basics well, delivering consistently high standards to all of our clientele.
Stay tuned for more insight into the Pre-met story as we look to pave the way for others to hopefully achieve a double century.
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