To effectively navigate this difficult crisis, business leaders need to adapt rapidly to current market conditions. Adapting could include exploring innovations, pivoting strategies, adapting delivery or business models and developing new products or services for an evolved marketplace. Being in an aggressive position as the market slowly returns in some areas and rapidly returns in others and being ready with improved capabilities, clear strategies, and a stable business to meet emerging market needs will allow your business to thrive going forward.
Survive
- As a leader keep calm, be strategic, and regularly communicate with your team, suppliers, advisors, and customers.
- Have a disaster scenario plan in place based on your circumstances for business continuity. Receive quality financial direction to develop an appropriate survival strategy.
- Create a core group from the leadership team for a daily “war room” discussion on priorities, strategies, and actions.
- Embrace online technologies for all communication.
- Have a clear 30-day one page plan for the business reviewed weekly (if not daily) and adapted monthly as required with the core leadership team.
- Watch stress levels and mindset for all (you and team) and take time away for mental health and fitness.
Pivot – Adapt
- Review your business vision. Has anything now changed due to the crisis?
- Where are opportunities to pivot into new markets or new products/services? Are there opportunities for growth in new markets?
- Review innovation/technology opportunities around your products/services you can fast-track or bring-forward in your planning during this time of high disruption. Review best practices and competitors.
- Where are opportunities to evolve the structure of the organization?
- What capabilities and resources are required for potential innovations? Is there new talent or training required for future success?
- Experiment before making a big investment. Watch making big decisions too quickly.
Thrive
- Have a growth plan to accelerate new sales with lessons learned and evolved products and services offered.
- Support the development of highly targeted marketing activities (around high growth, high profit service offerings) with an evolved sales process.
- Implement an authentic contact program for customers.
- Evaluate change success probability to guarantee success.
- Use a strategic SWOT to help as you return to normal to leverage what you learned through the crisis into strategies that should be included in your strategic plan.