From a business operations standpoint, we are entering a new phase. Call it the COVID Reset. The first phase, the initial response to the pandemic, has now become a two-headed challenge: a transition to the resumption of business in an uncertain environment and unclear timetable, while simultaneously preparing for a widely predicted “second wave” of COVID-19.
Operational Reset
At this point, midway through Q2, organizations should have established the basics – working out the kinks in technology, an established COVID-19 task force, implementation of a communications plan updated frequently, WFH and travel protocols, recalibrated expectations for the delivery of services – all closely linked to financial data that is mined consistently and applied to the business with greatest effect. For many, all of this and more was put in place with the up tempo of a crisis plan. That’s no shocker. It was a response to a crisis.
Now, as businesses begin the process of reopening, an altogether different gearing is required. Unquestionably, the safety and health of co-workers, customers – all stakeholders – must now be the top priority. Decisions must be made with a longer view and an equal balance of sustainability and preparedness. If you are contemplating a business reorganization of any kind, there are many online resources available. One of the best is a toolkit from Johns Hopkins Bloomberg School of Public Health. You can access it here:
Brand Rx
An operational reset also provides an ideal opportunity to put your hard-earned brand reputation through a reality check. Consider these steps:
- Start with Purpose. It sounds basic, but that’s the point. Ask your leadership team, “What are we about? What are we trying to do? Related to this, has our Mission changed?” During times of disruption, people are looking for meaning and connection. Don’t waste this opportunity.
- How is COVID-19 affecting your colleagues? Try to deeply understand this. Like 3D chess, there are multiple layers and complexities to consider. Every individual’s experience is unique and personal. Augment surveys with one-on-one and small group discussions via Zoom.
- How is COVID-19 affecting clients, prospects, your industry sector. As in Question 2, go as deep as you can here. Try to project buying patterns; think about how technology and the residual effect of social distancing have altered the landscape, perhaps permanently.
- Again, within the context of brand reputation, how can your skills help the greater good, on a large or small scale? Can you “give back” in some way? Now here’s the strategy move – tie this back to Purpose. What are you about? Think about this as it relates to your colleagues, then your clients and then everyone else. How can you use this time, this unprecedented break from normal, to set up for success? Start by looking at what’s working. What is showing potential? What gaps in the industry sector can be addressed by you? Revisit Question 3.
- It’s fair to say most businesses are grappling with significant to severe constraints on cash and working capital. Assess any revenue changes to determine if declines are expected to be short-term or long-term. Estimate your cash and liquidity needs and model them in 3 month increments for up to a year. Anticipate potential trouble spots such as borrowing thresholds or a covenant breach. Use this time to identify process improvements along with scenario planning. Set controls on outgoing payments.
Armed with insight and data gleaned from the above, you and your leadership team are ready to put together a Next Phase plan. Shape it with these stakeholders in mind: Board of Directors, investors, employees, clients, suppliers, prospects, friends, “alumni.” Consider the components below, and prime the content pump with these sample questions:
What changes that were adopted in Phase One should remain in place?
What health and safety considerations must be implemented before your business reopens?
Reimagine the workplace. What are the new rules? How can you create and instill a culture of safety and health?
What enhancements can be made in the next phase that could make for a better product, a better experience?
Do you know what your customer might mean by a “better product” or “better experience,” or would you be guessing? (If in doubt, conduct a simple survey.)
What does success look like? Make sure your stated goals include metrics in order to avoid ambiguity. Accountability can’t hide when real numbers are the measuring stick.
Overwhelmed? You’re not alone. It all boils down to this:
Employee Engagement
A resilient organization faces the next phase in better shape than expected and is in a stronger position to deal with what’s next. Have each other’s backs; celebrate every “win;” reinforce a sense of community whenever possible.
Customer Engagement
Be generous, be kind, be flexible. Do what it takes to be an indispensable partner.
Measurement
Listen, measure and track stakeholder response at every step possible. Trust and understanding are two of its best by-products.