#MidWeekMessage #4 — Government Funding, Business Models and …
Here we are in the fourth week of the #MidWeekMessage. Hope that you are finding them useful. We’ve had some great feedback and so will continue now week by week as long as they are purposeful.
HERE’S the vid version from this week #Enjoy
By way of recap, these briefings are put together for CEOs, Founders and Leaders who are currently involved in Canopy programs. We also publish them more openly in the same day so that they can be of use to a wider audience. As with the events series we try to keep everything free to attend and open access for all. Hugs and huge thanks to all the members of #tribe that helped to shape today’s edition with their thoughts and feedback.
The key guidance for today:
- Government Funding Options -> there are now special government programs in the UK and PT for startups. These include some innovative voucher and funding programs. Take a look. There may be something there to help with the short, medium and long term challenges.
- Lessons Learned -> within this lock down period there have been a number of lessons learned about our teams, our customers and ourselves. There are obvious ones about the remote working, but deeper ones too which may influence our mission, vision and values going forward. Take some time this week to reflect on these, write them down and share with the team. It will be a great feed into the next strategy day. Don’t let yourself walk back into the same norms after Covid19, in a lot of ways we may have been forced to find a better way in some areas that we never even expected.
- Business Models -> Take a moment to think about some other companies who are facing really big challenges right now. What would you do as the CEO of McDonalds, WeWork or Hilton Hotels? Where would you take their strategy. It may help to then think about your own. Have you been forced to find a new business model already? Do you think the post Covid19 lock down world will need you to adjust further? An area we are exploring at the moment is how to embrace employee ownership to the centre of the economic recovery efforts. In particular we’ve been looking closely at Employee Ownership Trusts in the UK and are taking a couple of companies through the process over the next year. Innovative, tax efficient and empowering. The democratising of the ownership structure is something that we feel will make for a more successful business. Take a look and see how some of the elements may be useful to you.
- Cash Flow -> one thing is for sure you will never leave a #MidWeekMessage from Canopy without hearing at least a little something about cash flow. In good times and bad this is the core activity that must be drilled into a successful startup or business. As the CEO, Founder or Leader now is the time to take an active and proactive interest in the detail on this. Own the actions. Make clear the goals and look at it every day. It will pay you back 10 fold! Use the 13 week cash flow forecast to contextualise the decisions you are making now. Try to keep at least a three month runway at all times and if you find yourself struggling give us a call as early as you can. We have 20+ experienced coaches ready to help you find some answers.
For most people the lock down has already presented them with a few, if not more than a few, challenging days. Me included! If you are struggling with something and need a hand don’t hesitate to reach out to me at Stewart@CanopyCoaching.co Our mission is to provide life long support for entrepreneurs and innovators. Now more than ever, it’s about how we come together to help each other.
Stay safe. Be well. #tribe
Stew
