Three Activities That Make Business Recovery Possible
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
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.
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
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?