The Velvet Hammer: 10.21.20
I’m looking forward to a post-pandemic world and have begun initial conversations with my core team on how our business model will recover. Any guidance on how to proceed?
In order to make smart strategic decisions moving forward, you need to assess your current standing in the market, the role you currently play and will play in the future ecosystem. Only then can you take the necessary steps to map out your probable position to develop a doable, profitable plan when the pandemic eases.
Consider these questions when developing a strategic business plan:
- Who are you in the market?
- What role does your business play in the current ecosystem?
- Who are your main competitors?
- Where do you see your business heading?
- Will you be able to reopen your business unchanged?
- If not, can you regain lost ground?
- If so, will you emerge as a market leader fueled by development
during the lockdown?
- Or, will you have to file for bankruptcy?
- How do you plan to communicate your new business model with
your clients, employees and other stakeholders?
A few precautions:
- Be careful how many new initiatives you come up with as this might result in a struggle for resources, delays or could even derail your strategic plan.
- Keep in mind that in all likelihood, your culture and identity may have changed as a result of the pandemic.
Will this ongoing crisis bring your employees together or drive them apart? Will they see your business differently when this is over? The answers to these questions should drive your decisions and help you understand how prepared your staff is to deal not only with this crisis, but also the post-pandemic environment.
The challenge is to understand your team dynamics and prioritize and coordinate initiatives to future-proof your organization. Be aware your customers will remember how you reacted during the crisis and if you proactively addressed their needs as well as the needs of your employees. Knowing you have treated all concerned thoughtfully, fairly and with their utmost safety in mind should put you on solid ground with your clients’ and employees’ ongoing loyalty.
Bottom line: If your business is to rebound, being resilient, thinking broadly and deeply are a must.