Now things are getting real, Covid 19 and the preceding drought, fires and flood are having an impact!
None of us like to contemplate the impact and aftermath of a crisis, but while we hope for the best, we also need to be prepared to change ‘business as normal’ as the last week has shown, it is no longer normal . . . The efficiency and effectiveness of your contingency planning will likely play a very big part in determining whether your business survives or actually thrives as the recession grows.
Most recessions even bad ones are short term and we have our fingers crossed that this remains true. So now is the time to step up and work out what needs to happen to ensure your business survives and evolves, as there is always opportunity during a crisis and this Covid19 spawned recession is no different.
The Chinese symbol for crisis is a combination of 2 elements WAY danger and GEE opportunity. And buy all accounts the Chinese are already treating this event as both.
As you can imagine Covid19 is the ‘Hot Topic’ on my clients agendas this month and I thought I would share 8 ideas one client had to ensure their business remains recession strong. In fact, my clients whole team refuses to participate in the recession and here are some strategies they will execute when/if needed (they are not in any particular order)
1. Attract competitor customers
2. Get leaner by finding and eliminating fat
3. Lift unit productivity by doing more with less
4. Fill a new market need or product offer to current customers
5. Hibernation – Put part of operations to sleep for a short period
6. Implement the 10P’s performance improvement program
7. Team audit and culture review, who stays and who can now leave
8. Lift margins where demand is actually price inelastic
A line I read in this morning’s news feed really resonated . . .
Panic is contagious; but so is Leadership.
As a business leader you can fight back and build a protective bubble around your business by pre-planning for a range of possible scenarios and setting up contingency plans to ensure your business doesn’t become a recession casualty.
At Business By Design we have always used our Disaster Scenario Planning process to protect our clients against the most destructive or surprising potential crisis possible. Our package is fast and easy to execute. It consists of four steps (miss one step and your doomed to fail). We use very specific proprietary tools to help tease out the risks and identify mitigating strategies you must implement in a timely fashion. All our clients are currently implementing their low severity scenario plans.
Imagine what having a robust set of scenario plans could give you and your team:
– Ensure you team moves from being reactive to proactive
– Confidence to make decisions that are not made in a panic mode
– Being well prepared before the crisis impacts really hit
– Less stress during any period of volatile and fast changing circumstances
– Be in a position to grab the opportunities when they arise (trust me there will be huge opportunities soon)
The Disaster Scenario Planning Package Details:
2-3 hour session offered face:face or via a conference call (conference call is becoming the preferred method – due to current social distancing policies) The cost is only $550.00 to book your Disaster Scenario Planning Package simply call Nikki our Director of Client Success on 02 66580775 or click the book now button below.
These clients happily share their experience working with us on scenario planning and risk management . . .
Right NOW is the right time for disaster scenario planning . . . because, whether your business is large or small, this Covid19 spawned recession will wreak destruction at an alarming rate. Having a comprehensive Disaster Scenario Plan will give you and your team the confidence to implement the changes needed to ensure your business is not a recession casualty