Covid 19 has affected and will continue to affect your business in ways you have not yet imagined.
It is going to linger with us for many months / years to come. As we emerge slowly into less restrictive lockdowns aiming to simultaneously safeguard our lives AND our livelihoods, key messages for ALL businesses and organisations are as follows:
1. Right Size your business to be able to cope with the current shocks.
Continue to furlough staff / adopt flexible furlough options, cut your variable costs to keep the business alive, renegotiate your fixed costs. Everything is negotiable in the current climate. Your landlord will want half of something as opposed to a whole lot of nothing. We are in this together it is time to take a collaborative approach to our collective survival. Beyond this current measure, take a look at your organisational structure in light of new ways of working given the new climate. What are the core capabilities your business requires in the next 12 to 24 months and how do you need to be organised to deliver this?
2. Reposition your business ready to take advantage of the new situation.
What business opportunities have been presented to you as a result of the changes? What adjacent opportunities could you re-orientate toward? What innovations are happening right now inside your business that could be scaled? You need a new strategy as the situation has fundamentally changed not a re-polished old one. That new strategy should answer questions about your resilience and sustainability if you want to be around in 5 years let alone 10 years’ time too many businesses have run too close to the wire for too long. If Covid 19 has taught us nothing else, it is the value of cash in withstanding unexpected shocks. All of us have realised we can live with a few less luxuries in this situation how will that effect consumers buying behaviour and is your product or service ready to respond to this luxury light trend. Your people are your greatest asset. It is a cliché and its true. If you don’t look after your staff now, they won’t look after you when you need them to. What are you doing to maintain connection with your isolated staff? What are you going to do make sure they can work safely? They, like you, will undoubtedly have been through a tough time, is now an opportunity to build individual and team resilience properly? You will need to talk with, listen to, reorganise and train your staff to be ready to work in a new way. They will follow you if you care about them and listen to them, they’ll go elsewhere if you don’t.
3. Refocus Let the world know you are back.
Marketing and Sales will have to be done digitally. Have you now got the right tools and skills in place to drive sales through digital platforms? Your competitors will be upping their game in this space as well so you will need to get creative and this might be one area not to scrimp as there will be a war for talent. Is it time for a brand re-fresh? How lived are your current values? How is your business helping the world at large? What messages do you want to put out there and across how many channels?
Lastly what you try to do won’t work perfectly the first time. You need flexibility, patience and the fortitude to try, try and try again because it’s all going to change.
Over the coming weeks watch out for our timely support blogs featuring top tips on how to support YOU (the leader), your TEAM and your BUSINESS to deliver the 3R’s ensuring an effective fight back strategy and building a long-term sustainable future in this new world.
Want some immediate help? Follow this link to see our 1:1, Team & Webinar programmes to help you lead during disruptive times or call Karen or Graham on 0208 7206991 to hear more.