Three Activities That Make Business Recovery Possible

 In the midst of uncertainty, stability is anything but a buzzword. It’s a hot commodity. Your business must have it to move from crisis to recovery.

At MAP, we’re actively coaching our clients on how to stabilize even though no one knows how long and to what degree the impacts of the pandemic will play out. What we do know is that the odds of recovery and resilience are more possible if you do the following:

1.    Focus on what’s vital. You just gotta do it. Whether you use the Pareto Principle or some other method to determine what really matters and is the most vital to your business’s survival, pursue the discipline around this assessment and get it done. Nine times out of 10, clients are telling us cash—or financial stability—is what’s most vital right now. So what are the “vital factors” or KPIs tied to financial stability? Accounts payable. Accounts receivable. Sales. Revenue. Payroll. Business relief funding and more. Discipline yourself to really look at these and other vital factors, getting clear about how long you can survive given your true financial picture.

2.    Create accountability. Call it scenario planning, contingency planning, emergency planning—the name is irrelevant. Point is, you need a “Plan B”—and even “Plan C.” Why? Because if you’re like most leaders out there, your business will never look, feel or operate the same post-crisis. With that plan, establish goals and controls, meaning goals assigned to people and/or teams, with clear strategies and measures that provide motivation and can be tracked, achieved and addressed (if necessary) through corrective action. Also, build into your plan what “triggers” you will pull when certain internal and external circumstance play out. For more on establishing triggers, check out this deep-dive article by MAP Senior Consultant Lee Froschheiser.

3.    Build alignment. Always lead from the front, consistently communicating and being transparent up and down your organization. Share the organization’s vision and plan, then the accountability system to support that vision and plan. Make sure you’ve got the right people in the right positions “on the bus” and that they know what’s expected of them. Then execute the plan and its activities, holding regular (e.g., daily or weekly) check-ins to review and address performance and productivity. If your people need resources and training, get them those tools and reinforcements—pronto! And, finally, if you must terminate some of your best people to survive, keep communicating and sharing your vision and plan with them. Business as usual may never be the same but after you stabilize and move into recovery, you may find yourself able to bring them back onboard. Always in the loop, they will be better aligned, inspired and ready to work.

What Vital Factors are you focusing on right now—and why?

ARE YOU READY TO GO TO THE NEXT LEVEL?

Map's INTERNATIONAL BEST SELLER:
​ The Disciplined Leader

What do the best leaders have in common? The answer is one word: Discipline. A disciplined leader is one who identifies and focuses on the Vital Few: the 20% of activities that will drive 80% of the results. Learn More

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