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5 Tips on managING challenges in GOOD business

Operating in the world of business is never without steep challenges… but it’s when faced with adversity that your purpose and values speak the loudest. 

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If experience has taught Hatched anything, it is that occasionally bad things happen to good people… well, good businesses…

We’ve heard it all… challenging situations with leaders who may not be living by their values; store expansions in new countries that didn’t quite work; business activity misaligned with purpose.  However interestingly, instead of these being stories of woe, they are often recounted as uplifting moments of triumph, and confessions about how challenging situations makes a business stronger. By doing the hard stuff well, and making tough decisions and doing it in a manner aligned to your values and purpose, it actually creates a better business.

No matter how purposeful or good your business is, it will experience its fair share of challenges. The key is not to assume this will never happen or to tuck it away under your ethically made mat. The true test of any purposeful business is how you respond when bad stuff happens.

Here are Hatched’s 5 tips for managing challenging situations:

  1. Let your purpose and values guide you. It will become very clear, very quickly when things are misaligned. Feel it, listen to it, talk about it. You know when it’s happening, don’t ignore it.
  2. Act quickly.  When something bad pops up, you need to take quick decisive action in a way that is true to your purpose and values. If you let the issue linger, it causes more problems.  But be cautious that if you act in a manner that is misaligned with your values, your integrity will be questioned.
  3. Be 100% transparent with your team and other stakeholders. Share how and why a decision may be misaligned with your purpose and values. Tell the real story. Speak directly to anyone impacted, spend time with your teams, speak from your heart and don’t use a boring business voice.
  4. Set up space for the team to learn or heal.  Especially those impacted directly.  Space for the team to talk openly, and share their thoughts and feelings. It stops all the hallway chatter and enables people to connect, learn from the situation and realign themselves to why they are there in the first place.
  5. Embrace the learning’s from the situation. Include your team in setting a new direction or strategy to make your business even stronger.
  Doing hard work well pays off!

When the dust has settled, we recommend 3 things:

  1. Purpose Check-In.  Get your team together, reconnect with your purpose, celebrate what you are doing well, but bravely ask yourself, what are we doing that doesn’t align with our purpose?
  2. Collective Sensing.  Ensure your team has a forum to talk about anything that is popping up in a very open and honest way. ‘Collective Sensing’ is your in-house radar for picking up issues early, giving you time and space to deal with them effectively.
  3. Individual Purpose Journeys.   It’s all well and good to have a business purpose, but oftentimes employees are disengaged in their work because they haven’t taken the time to figure out what drives them, or develop their own idea of a Purpose Journey. True magic happens when individual Purpose Journey’s and business purpose connect. This is a key element when enabling your people to grow and equip them to make better decisions.

 

Best of luck. We believe in you and your purpose!

From the Hatched Team : )

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