Los Alamitos, CA (April 30, 2020) – Our nations economy is still reeling from the disruption of the Covid-19 pandemic. While there’s no way we can tell when the pandemic will come to end, all we know is that eventually it will end and all of you will be open for business again. Here are a few tips we compiled from business experts to help prepare your organization now for when that time comes.
Understand your organizations position in the marketplace. To make smart strategic decisions, you must understand your organization’s position in the marketplace. Who are you in your market, what role do you play in your ecosystem, and who are your main competitors? You must also understand where you are headed. Can you shut down your operations and reopen unchanged after the pandemic? Can you regain lost ground? Will you be bankrupt, or can you emerge as a market leader fueled by developments during the lockdown?
Many firms are understandably questioning their viability post-pandemic, including those in the travel, hospitality, and events industries. There are also firms whose current growth is accelerating because their value propositions are in high demand; think of home office equipment, internet-enabled communication and home delivery services. Because of such factors, firms will differ in their resilience. You should take steps now to map your business’s probable position when the pandemic eases.
Have a plan of action for reopening your business. You’re plan of action for reopening should point the way to the position you hope to attain in the marketplace. Your plan should explicate what you need to do today to achieve your objectives tomorrow. If you don’t have a business plan yet, now is the time to come up with one. Lacking a plan for your business after an economic crisis only exacerbates disorientation in an already confusing situation. When drawing up the steps you intend to take, think broadly and deeply, and take a long view.
Ask difficult questions about your business strategy and your organization. Top business leaders see the current crisis as a dress rehearsal for a new normal: a world of climate change, accelerated digital disruption, radical shifts in national alignments and more. They know they can’t return to the way they were before Covid-19. Instead, businesses must retool to emerge stronger and more resilient than before. To get there, business owners should address these four important strategic questions:
- What is our new definition of “risk management”
- How will our strategic priorities change?
- What does our operating system look like?
- How can you become a winning firm of the future?
Recognize that every single action is a communication. Be aware that every action you take now, big or small, during and after the crisis sends a loud message. It signals the leadership team’s values and priorities to every employee and customer. Of course as businesses try to survive the pandemic, every leader will face difficult decisions. Some operations may stop discretionary spend, lay off employees, or slow recruiting. But how these decisions are made and communicated will show your employees and customers who you are and who you aspire to be.
Covid-19 has had unprecedented impacts on our nation’s economy – no doubt. Taking the necessary steps today to prepare your business for tomorrow will help you get up to speed again quickly. Doing will help our nation’s economy recover as a whole – and, we hope, become more resilient in the process.
sources: www.hbr.org – Preparing your Business for a Post-Pandemic World by Carsten Pedersen, www.bain.com – Preparing Your Business For The Post-Pandemic World by James Allen