In my professional career I have been involved in four (4) downturns, seventeen (17) business closures, three (3) recessions, and maintained a small business during an entire state going broke during the late 1980’s due to the collapse of the domestic oil market. Over my forty-five-year career, I observed experts leading recoveries in these circumstances, so a learned a few techniques. As a result, I am sharing both “best practices” and strategies that I have advised clients who were facing disruption issues. Obviously,none of the above compare to our current pandemic.
Check out my LinkedIn profile: https://www.linkedin.com/in/bjmartinez/.
Beyond Coronavirus – Restarting Your Biz
The coronavirus is not only a health crisis, but an economic one. Each of us are also coming to grips with the two major efforts: saving lives and preserving livelihoods, while trying to achieve both results. Yet tremendous uncertainty remains about what to do next, on both fronts. Here’s how leaders can begin navigating to what’s next economically. Given what’s at stake, it’s not too soon to begin thinking about what it will take to restart your business.
Assemble your team to prepare your “Restarting Plan” now.
- What is your strategy for restarting your business?
- Who should be assisting you in developing your restart strategy?
- How has your strategic priorities changed, as result of the pandemic?
- What are your “core” processes? How quickly can they begin again?
What steps are you taking to bring back your old team?
- Have you agreed the date and your process for restarting your business?
- Is your IT team returning? Are there gaps that require replacementsin process?
- What changes to your workspace are necessary to protect safety of your employees, vendors, and support people?
- Have you assigned a team to reintroduce your business to your customers? Employees? Others?
- Are you virtually meeting personally with your largest customers, key employees, and major suppliers?
- How will you measure the effectiveness of your strategies?
What functions necessitate changes?
- What staff must have a physical presence at your work location in order to carry-out their duties?
- What will it take for your organization to become paperless, so files can be maintained online?
- Is reducing your space an alternative for your business?
- Are you meeting with your team leaders daily to modify your plans, as changes become apparent?
What changes are vitalfor your restart?
- Are you suppliers available to support your restart?
- Are in order to consider more local suppliers, so if there is another wave of the pandemic, you will be less venerable to disruption?
- Are you checking your “exclusive rights” contacts to verify you are getting the best prices?
- What will your processes or products might change as a result?
What has changed in the way you do business?
- What is happening in your industry?
- Are there new competitors?
- Is your forecasting being updated and modified as you your plans are developed?
- Are you informing human resources of policy changes?
Effectiveness of your organizational responses will determine how quickly your business recovers. Your eventual success will be your preparation. We were in a reactive mode, so far. Let’s move to planning and developing successful organizations for all our futures.
Rather than sighing in relief, let’s not squander a valuable learning opportunity. Even while the crisis is unfolding, responses and impacts should be documented to be later reviewed and lessons distilled. Rapidly evolving situations expose existing organizational weaknesses, which constitute opportunities for improvement. Thinking clearly and collaborating throughout your business will eventually yield quality results and sustained revenues.
AccuComp Enterprises is ready to advise and collaborate today with those who wish to begin the restart process now. Contact us at firstname.lastname@example.org. We are all in this together.