Geoff Wilson asks the questions that make you think about your business strategy post COVID-19, identifies what you should focus on, and explains how you should move forward.
Hey, you there…the guy or gal with the life you always wanted. How does it feel?
You are working from home. Your computer screen has become your window into the world. And, you have realized that it is, in fact, possible to pack more meetings into a day if you just sit still and do everything by videoconference.
But, how’s your business? I mean, really, how is your BUSINESS?
I don’t mean how many COVID-19 cases do you have. I don’t mean how many furloughs, shutdowns, or capacity reductions do you have. I don’t mean how much stimulus cash you were able (or not able) to borrow. And, I certainly don’t mean how much sales have decreased (or, if you are lucky, increased) over the past couple of months. Those are interesting, good coffee chat items.
But they are the items in the spotlight. And, the spotlight in this case is searing. Everything–and I mean everything–is being cast in terms of the effects of COVID-19. Media coverage grasps at straws for something new after months of exhausting coverage and in doing so pulls ever more anecdotal evidence onto center stage. Statistics that we never knew existed (well, ok, some of us knew what an R0 was, but only kind of) are now part of the national discourse. And, yes, your employee base is focused on these same things.
But what about what’s happening with your business outside of the spotlight? How are you thinking about that? Because that’s really what you need to focus on.
Points covered in this article include:
- Shocks in the system
- Second-order effects
- The Uber example
Read the full article, The great strategic “wreck-oning”, on the Wilson Growth Partners website.
When Kaihan Krippendorff found his calendar clear due to COVID-19 cancellations, he, in collaboration with his team, decided to launch the Reimagine the Future summit. This article is a summary of all 47 sessions, reviewed recordings, and in-depth content analysis of the session transcriptions and audience dialogue from today’s most influential business thinkers who took part in the summit.
In March, as the reality of COVID-19 started taking hold, when my team received our fifth request in one day to postpone a keynote speech and my calendar was suddenly, unexpectedly, free for months, we sat down to discuss what to do. We figured that (a) other business thought-leaders are similarly, suddenly free and (b) many are wondering what would happen to the business they own or work.
So, we decided to link supply with demand and launch a series of virtual summits connecting today’s most influential business thinkers with the practitioners (strategists, executives, and entrepreneurs) who could apply the business thinkers’ insights to create a better future … with 100% of profits donated to COVID-19 charities. We called it the Reimagine the Future summit.
The response exceeded our hopes. Immediately, many of today’s foremost business thinkers signed up including Paul Krugman (Nobel Prize-winning economist), Renee Mauborgne (creator of Blue Ocean Strategy and ranked the #1 business thinker in the world), Rita McGrath (ranked the #1 innovation thinker in the world), and Liz Wiseman (ranked the #1 leadership thinker in the world). In all, 47 of the most influential management thinkers today agreed to speak. We attracted over 5,000 “Outthinkers” (innovators, executives, entrepreneurs) and raised $160,000 for charity.
Included in this post:
- Proximity: Rethink what it means to be close.
- Purpose: Find and align to a purpose that puts you and your collaborators into action.
- Options: Focus not on creating a plan but on creating options.
- Coordination: Create collaboration, finding ideas from non-obvious spaces.
- Work through the messy middle to create a new order
Read the full article, What Today’s Most Influential Business Thinkers Recommend For Managing Through Covid-19, on Kaihan.net
Eric Hiller provides a short introductory article and a link to a forthcoming webinar on Thursday, May 28, 2020, that explains how to keep a supply chain up and running during COVID-19 and into the future.
The old world…
So, you had a supply chain, and you thought it was pretty “optimized.”
Yeah, you could improve it here and there, but you had wrung out 95%+ of the addressable waste.
To really make progress, you would need to make MAJOR changes (new suppliers, locations, etc.), but there just is always other stuff to do.
The new world…
Then Corona happens!!!!
Your tidy and luxurious platform is now burning.
Now you have no choice but to DO SOMETHING different.
Cost was really important and you thought delivery and quality were assured.
Now delivery is a huge problem (maybe quality too.)
The future world…
What do you do short term? What do you set up in the future to stop this from happening again?
Read the article, Corona Supply Chain Blues — what to do about cost, when delivery is a problem, and find links to the webinar on the Hiller and Associates website.
David Burnie’s company has published a timely blog on the 21 common mistakes many companies make when rolling out their business continuity plan.
A business continuity plan is essential for preventing and recovering from emergencies and incidents that can disrupt a business.
We recently shared our top 13 priorities for a strong BCP. While not having a BCP is a sure-fire pitfall to successful business continuity, there are other things to keep in mind. Here are some of the common pitfalls to look out for when executing business continuity plans.
The mistakes covered in the article include:
- Business continuity preparation
- Communication approach
- Systems failover
Read the full article, 21 Things Companies Do Wrong When Executing Business Continuity Plans, on the Burnie Group website.
Luca Ottinetti provides an article that reflects on past recessionary crises to help business leaders move through the current situation productively with examples of strategies from TMSC, Ford, AB InBev, Home Depot, and Verizon among others.
Managing through a recessionary crisis requires more than laying low and waiting for the storm to blow over. It takes proactive management to prepare and then take advantage of the general economic weakness.
Recessions come from different starting events, for example (1) stagflation from OPEC’s quadrupling oil prices in 1973-1975, (2) the Fed’s elevated interest rates to combat inflation in 1981-1982, (3) the savings and loan crisis in 1989, (4) the boom and bust of the dot.com businesses in 2001, and (5) the sub-prime mortgages in 2007. Today, a recession is starting to take hold, triggered by the COVID-19 pandemic. Whether V-shaped, U-shaped, or L-shaped remains a subject of speculation. But the real question now is: What needs to be done today
to get through this crisis and come out ahead?
Areas covered include:
- Expanding market share
- Mergers and acquisitions
Read the full article, Managing Through A Recessionary Crisis, on the Great Prairie Group website.
Andrew Hone’s company has developed a 6-week program which takes businesses through each step of our three-stage framework for responding to COVID-19.
COVID-19 represents a formidable challenge to businesses of all sizes. Necessary policy responses have caused significant disruption to the global economy, with simultaneous demand, supply and financial shocks. Most businesses are experiencing a sharp decline in near-term revenue, requiring actions to mitigate the impact on cash flows and potentially to secure additional funding.
Based on our own experiences with clients on turnaround and performance improvement programs, we have developed a strategic framework to assist businesses in working through their response to COVID-19. There are three key elements to this framework:
- Ensuring immediate business continuity
- Securing the near-term financial viability of the business
- Positioning the business for medium-term strategic opportunities
Read the full article, Responding to COVID-19, on Zenith Strategy Associates’ website.
James Bowen takes a look ahead to the end of this year, and shares his thoughts on four likely scenarios that may come to pass.
Today we live in an environment of extreme uncertainty. More than 26 million Americans who had jobs a month ago are now unemployed. No one can tell you whether that number will be bigger or smaller a month from now. We have seen negative prices for the West Texas Intermediate oil contract, but that same barrel traded yesterday for $28.82 for December delivery, giving a tremendous premium to anyone who can store crude oil. As I previously posted, the expectations of risk priced into equity markets have unquestionably increased; it’s difficult even to estimate how much, because any estimate of future cash flows at this point is mostly guesswork. Point estimates are worthless and even probability distributions of future outcomes are likely based on shifting sands.
The four outcomes explored are:
- International Competition
- Prolonged Recession
- Robust Recovery
Read the full article, Four Scenarios for Year-End 2020, on LinkedIn.
As more employees work from home, it is important to establish clear guidelines and routines, this post from David Burnie’s company provides ten questions businesses should ask to ensure the switch to working remotely runs smoothly.
Establishing a work from home (WFH) program is an essential part of a business continuity plan.
In the current COVID 19 crisis, executing a work from home (WFH) policy is a top priority for organizations. A robust work from home policy will enable an organization to continue operating during a significant disruption while limiting the impact on employees and customers.
A WFH policy requires a broad set of considerations to ensure it is adequately developed, including the provision of tools (e.g., laptop, headset, increased VPN capacity) and revised processes and practices. To assist organizations in making the shift to working from home, we developed ten questions to consider to build an effective WFH policy.
Points covered in this article include:
- Tool required
- Secure access
- Tracking and managing performance
Read the full article, Work from Home Best Practices, on the Burnie Group website.
Sean O’Toole explains why there will be no going back to normal and why the current disruption provides opportunities for companies that can redefine themselves for the future.
The world post-COVID19 will be very different from [the one] we just left a few weeks back!
Each crisis has brought dramatic changes in consumer, business and social behavior. At the time, some of the changes accelerated what was already in motion. Others were entirely unanticipated.
Whatever changes this crisis will wrought will take time to play out. However, there will be no return to business-as-usual.
We Are All Changing Right Now!
Consumers, employees and businesses are adopting to this our new reality at speed. We have no choice.
Read the full article, COVID19 is Your Permission To Shift To The Future, on LinkedIn.
While the businesses community is working hard to deal with the current difficulties of the COVID-19 pandemic, the next step is recovery. This post from David Burnie’s company shares ten priorities for a strong business recovery and business continuity plan.
With the spread of COVID-19 and the establishment of corresponding emergency measures, now is a crucial time for organizations to review and update their business continuity plan. While the organizations fortunate enough to transition to a work from home strategy are just adapting to this new way of working, the next phase of the COVID-19 pandemic will quickly be upon us. High absenteeism will soon become the norm due to sickness and the need to care for loved ones who are ill.
We expect that the COVID-19 pandemic will result in business interruptions for at least six to eight months, with a worst-case scenario of interruptions lasting for twelve to twenty-four months. With that in mind, we are sharing our top ten considerations for planning, developing and executing a business continuity plan and a business recovery plan.
The steps covered include:
- Establish clear succession planning and assignment of authority
- Prepare for reductions in resource availability
- Plan for large swings in demand
- Establish rules to triage requests
- Ensure critical systems are redundant
Read the full article, Top 10 Priorities for a Strong Business Recovery and Business Continuity Plan, on the Burnie Group website.