We may be in this for the long-haul. Three months may be best case, six months likely, and let’s not speculate about worst case. For most business, the COVID-19 pandemic and restrictions related to it represents the biggest challenge they may ever face. How they cope is likely to be a defining moment. So what can a business do to maximise their chances of survival? Well here, utilising the Vexamen Four Pillars of Business Optimisation, are a few considerations to think about. Pillar 1: Strategy and Execution. A good 3-5 year strategy is likely to remain relevant in the long term, but how it is being executed in the current year and what the environment means to the 1-3 year finances needs consideration. Ask:
Giving people a focus that is more relevant to these circumstances will help motivate the team and keep business momentum going. Pillar 2: Tools and Skills. If most of your employees are working from home, then how do you make this work best? Ask:
Some of this involves cost at a time when cash-flow may be weak but as we strive to be more flexible in working practices even without this terrible virus, perhaps this is an opportunity to make that investment in modernising your working practices that will bear fruit long after this current crisis has passed. I am sure the need to provide appropriate personal protective equipment goes without saying. Pillar 3: Organisation and Roles. Some hard questions need to be answered about the size and shape of your organisation. Consider:
Pillar 4: Culture and Behaviour. Now is the time for clear leadership, compassion, empathy, teamwork and great communication.
The bottom line is that those lucky enough to have a valid business model at this time can either just ‘get through it’ or adapt to survive. Those that do the latter will be the ones that thrive once this difficult period is over. Want help prioritising what to do? The Vexamen team is experienced in change and crisis management. Drop me a line at [email protected] and we can see what we can do to help you adapt and overcome. Vexamen is a Southern Highlands and Sydney based businesses consultancy.
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