Critical Actions Businesses Need to Take Now
With the reopening of the US economy, every business needs to reassess its strategy and operations to position for the recovery properly. Fortune favors the bold, and to get through this crisis, organizations must take decisive action.
Business Model Assessment - The first step is a comprehensive situational analysis of your business.
Financial Check - Managing cash flow is always a priority, but the current backdrop has elevated it to the forefront.
Health/Safety/Legal - The cornavirus crisis means the way every business operates will undergo some change. This will have a significant impact on every constituent of your business. And it will require a diligent look at all health, safety, and legal issues that arise.
Scenario Planning - Forecasting is hard at regular times, and in this environment, it isn't easy. Even so, it would be best if you built out a handful of scenarios that are based in reality and assume a wide range of outcomes.
Customer Retention & Acquisition - New customer acquisition might be trickier, but this is where low-cost, guerrilla marketing strategies can come into play for both business-to-business or consumer sales.
Organizational Alignment - Ambiguity and uncertainty about the future are fine, but your business can have clarity in its strategy, tactics, and objectives. Make sure you frequently communicate with your employees and present a clear vision externally to both customers and partners.