A well known budget airline has predicted it will take a hit of more than £200 million blaming the plunging pound and, what they call ‘extraordinary events’, following terrorist attacks and air traffic control strikes.
Jet fuel is priced in dollars, so the falling pound has made it more expensive for this airline to run its aircraft. These extraordinary events are outside of business owners control and no doubt the airline are responding to these new challenges in a smart and efficient way.
What would you do if you were faced with such a large challenge that seems out of your control? Sometimes it’s easy to blame other things like the government, the economy, the media and even the weather. A few years back the large supermarket chains reported a loss in profits due to the bad weather caused by snow. It actually turned out to be that their customers were going to cheaper stores instead.
Whilst I’m sure this airline is facing challenges by the current markets and troubles abroad, when it comes to your own business and such challenges arise always look for solutions and other plans before looking for blame. It’s much better spent time and energy.
I personally produce what I call an “Action Plan” and I encourage my clients to do the same. This is a working document that is open on my computer at all times and which I review on at least a weekly basis. I therefore keep a track of deadlines and factor them into my daily task list or diary. This ensures that the plan gets implemented and equally ensures that I monitor outcomes. Thus, I ensure that I am achieving what I intended, and am not looking for who to blame if things don’t go accordingly.
Do you have a plan in place if/when such challenges arise within your organisiation? Do you monitor and track your businesses financial detail? Are you able to measure the success or failure of your business efforts? If the answer to any of the above is NO.. Why not get in touch with us for advise and guidance on these matters.
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