While the various phases of this pandemic progress, organizations globally are attempting to stabilize their business to the point where they can recover.
As we shift from response to recovery, changes are being made to the way businesses operate; some are forced while others signify the height of innovation amidst this crisis. Although the outlook for most may vary significantly across industries, it is crucial to start making strategic decisions that will ultimately lead to your business’ renewed future state. It is essential to consider what your recovery plan will look like; thus, having a strategy will help your company rebuild.
But the critical question lingers; how do we recover from this?
If you are uncertain about what your recovery plan looks like, here are three recommendations to help you with your comeback:
1. Respond by preparing your central operating unit
2. Reevaluate and recreate your business plan
3. Rebuild with resilience in mind
Respond by preparing your central operating unit
After weeks of working remotely or in isolation, your company should have an idea of the departments that are the foundation of your company’s functions and are crucial to getting your operations running again. Consider assembling your core team or teams and prepare them for the long road ahead. Your immediate efforts should be focused on your safety measures and policies for keeping everyone safe and crafting a list of workflows to ensure your essential business functions are operational.
Reevaluate and Recreate your business plan
Although your business plan worked great pre-COVID, it is worth taking another look at it and doing fine-tuning to recreate one that best caters to this new market. You may need to take the required actions to restructure and find ways in which your company could pivot to change to this new normal and remain competitive.
When developing your rebuilding plan, it is crucial that you assess your financial damage. Apart from looking at your sales, profits, and cash flows, your company should consider other impacts on the business and analyze the overall industry and how it has been affected. You may look at the current trends by paying close attention to your competitive set and industry to find opportunities. Finding a gap or need that your company can fulfill is vital to recovering and expanding your client base as you move forward.
Rebuild with resilience in mind
This pandemic has proven to be an eye-opener for many businesses and has taught us quite a few things. The ability to adapt and keep your business fluid is an important lesson that can improve your chances of survival during these tough economic times. Another is that technology should be a significant part of your survival kit, as conducting business during this crisis would have been far more complicated without it. Therefore, implementing technology intelligence within your company is vital for its future.
Attempting to do everything right now may not be realistic, thus developing a roadmap or timeline for rebuilding will prioritize your most important actions first. This pandemic may seem like a once-in-a-lifetime occurrence, but emergencies do occur, and creating a contingency plan for any future crises or emergencies will help minimize and insulate your company from any further disruptions.
The pandemic has left with it many changes for which we must adapt. Having a recovery plan is important, and these recommendations will get you started.
Let us help!
At ITS Global, our expert team is available to help you with your recovery plan!