Whilst we move through the ever changing landscape of COVID-19 it is pleasing to hear there is a decline in the number of new cases. Here are share ideas for Corporate Survival through COVID-19.
Whilst we know we are all dealing with unprecedented economic challenges during the Covid-19 pandemic, the debate has begun as to what the right approach to reopening the economy will be.
We have witnessed our Government scenario modelling over the course of the last few weeks, and Patrese People believe that businesses should take the same approach in order to survive.
Engaging in business modelling not only gives your management team time to look at the existing operation but provides them the opportunity to re-evaluate your strategic options. By doing so now during the Covid-19 situation, they can plan ahead and develop robust and flexible business models/plans ensuring your business is able to move forward confidently and successfully.
Business impact assessments and scenario modelling can be challenging. Senior executives need to think through how the restarting of the economy will impact their business.
Things to consider:
Financials / Cashflow
If business has no increase in sales, how long will you survive?
If the economy worsens and you see a decline in sales, how long will you survive financially before you introduce cost cutting?
Plan at what level this would occur and be sure to implement level monitoring steps into your modelling.
What will the impact on your business be if distancing becomes the new norm?
What can you do to ensure you can still operate?
How will you manage your workers remotely what impact will this have on clients?
What people do you need in your business to move forward?
Whilst your business may have employed senior operations people, perhaps you need to consider hiring people with more strategic skills.
Where will you need to invest?
Increasing sales and marketing activities?
Developing new products or offerings to diversify?
Investing in your people to ensure you have a different skillset to get through the crisis?
Investing in your people to ensure your team is a multi-task skillset.
If travel restrictions aren’t lifted, what does this mean for the business and supply chain viability?
How will your business perform long term with people working remotely?
Are your platforms secure and robust?
The months ahead will probably be quite volatile and dynamic. Taking steps now to ensure your business can continue, regardless of given outcomes and despite disruptions, will assist you to stay on the right path in achieving your strategic objectives. Burying your head in the sand will not help. If you require assistance in either workforce planning or support in business modelling & coaching, please contact us for more information. We can point you in the right direction. contact us for recruitment agency services in Lismore.