“Planning to Recover” a phrase that can be used as a question or an action. Choosing the latter will provide the best opportunity for success after this emergency subsides and normalcy starts to form. Similar tools used in starting a new endeavor will guide to where you were before being abruptly interrupted by the national emergency.
A SWOT analysis is a good example consisting of identifying Strengths, Weaknesses, Opportunities and Threats. No doubt this exercise two months ago would look much different than today. The key to using this information wisely is to remember that you have control over strengths and weaknesses where with the opportunities and threats you do not Look at what has made your company successful in the past and how you can use this during recovery. Consider what weaknesses now exist and start a mitigation plan for each For example, some business may now have new cash flow issues while still having a great product or service to offer.
Plan new ways to deepen your hold on market share once buying regains momentum. Others may have seen revenue drop substantially but know they have a loyal customer base that will be available once the economy opens up. Develop ways to let your customers know status of your company when the shutdown is lifted. You may have had to reduce your staff but this may allow for a more lean running company. This may be an open door for developing a new and improved operating plan that includes better growth initiatives for the future. Take these new strategies and place them into your recovery plan. Include goals and milestones so that you have metrics to watch and measure progress.
To get started, consider some of these thoughts. If “restart” funding will be required, where can you find assistance? Will you be eligible for any type of government aid and if so how to use it most efficiently? If you’ve been operating at reduced levels, what has worked and what has not? What will a rehire plan and its timeline look like? What really is in your control? What might a new operating plan look like?
Large companies I know of are planning right now. They want to be ready to execute as soon as the opportunities are available, good advice at any level.
Ted Saul is a business coach that assists with Business Plans and Project Management. He holds a master certificate in project management and has earned his MBA from Regis University. Ted can be reached on LinkedIn, TedS787 on Twitter or emailing Ted@tsaul.com.