3 signs that your business is ready to take the next steps

Where is your business and where you might be heading it? Are you already discovering and designing
new challenges and opportunities?
How is the future of work looking like? Are you ready to take the next steps for your company to stay relevant? 

It is known that government measures are still to go for more weeks. But, it’s time to start planning and preparing our business to continue with operations in order to restart the economy. Here are three signs that your business is ready to take the next steps.

1- Where is your business and where you might be heading it?

By now, you know where your business is. But, where are you heading it?
By now, you know where your business is. But, where are you heading it?

 

It’s clear that there are still many questions from leaders and entrepreneurs about how to protect businesses, companies and employees. By now, you know where your business is. But in order to make a clear scenario about where you might be guiding your business, we want to invite leaders and entrepreneurs to think and act across five horizons.

1- Resolve 

It hasn’t been easy to address the challenges that COVID-19 brought. Not only in terms of the business but also about employees, customers, technology, supply chain and liquidity.

Decisions must be taken to resolve those challenges. Your priority as a business is to maximize the engagement and productivity of your employees, setting commercial strategies to prioritize B2B and B2C channels and sales as well as pricing and discounts.

2- Resilience

Resilience is the capacity to recover quickly from difficulties. Resilience is a key factor to identify and to be aware of the strengths and weaknesses that a business is facing right now. These are the clear factors to create and establish resilience:

      • Identify and prioritize the risks that your company is facing based on exposure and impact
      • Create different scenarios based on your top priorities risks
      • Create different financial scenarios
      • Identify your interventions and trigger points
      • Improve cash transparency and cash control

With this, your business will track record of growth, margin, costs, sales and decision- making in order to take the next steps.

3- Return 

Where your business might be heading too? It’s time to create a detailed plan to restart or continue business operations and to make it scale as quickly as possible. Think about:

      • How are you going to contain the domestic virus spread within your workplace?
      • How your business is going to protect and restart the economy?
      • How are you going to follow and implement protection policies for your employees?

4- Reimagination 

Reimagine and reinvent the “next normal” scenario. When, how and who can lead to transition.

When: Reimagine your plan of when you can go back to operations including your workforce. Picture scenarios where you map it in one, three or more than three months.

How: Reimagine how your employees and customers can stay 1.5 meters apart, sanitize surfaces, and all the healthy and human interactions as well as how you will bring back and manage business operations.

Who: Are all your employees ready to rejoin the workplace? Define plans of who should stay working remotely and who should return to the workplace. Be flexible and transparent with your workforce to preserve the company’s future.

5- Reform 

After reimagining how the next normal is looking like for your business, create a plan of the regulations that your industry might have and which new skills, talents, actions or budgeting you need as which are the elements that you are lacking off to take the next steps.

 

5 horizons to think and act. Source: McKinsey
5 horizons to think and act. Source: McKinsey

 

2- Challenges into opportunities 

It is hard to admit but the main challenges for companies have been:

    • Low cash/budget on hand
    • Employees are eager but scared to lose their jobs
    • Supply chains are missing a link to connect
    • Consumer confidence is low except for staple products and all services and consumer habits have shifted to online channels or gig economy practices.

How to convert challenges into opportunities?

Communication

By now, you have discovered that increasing communication will lead your business to strengthen bunds with your employees, clients and customers. Communicating what the company is doing will make your workforce feel proud of the company they are working for as well as your customers and clients. It is no longer time to stay quiet.

Discover

What does your business do well and what doesn’t work any longer? Discover ineffective practices, methods, plans and activities. Change them into highly effective plans. Also, discover new innovation models that you could implement to bring your business back in the market.

Decide 

Something that we have learned is that technology allows us to continue working and operating. As I said before, liquidity is one of the main challenges business are facing right now. But, it’s also an important time to invest in new digital platforms and innovation that will allow business continuity and operations. Accessing the capital you need and maximizing liquidity now are the most important things to survive.

How to convert challenges into opportunities?

 

3- Actions for the future of work 

COVID-19 definitely will drive changes. We still might not know which are going to be the protection policies or how fast our teams can rejoin the workplace again. But for all this, your business is already looking to accelerate change. For example, the gig economy:

  • Gig economy contracts are a good way to benefit your business. You can read more about the benefits in our  “The Gig Economy: Rise and growth” white paper.
  • As I said before, it’s a good time to discover and bring technology and innovation into companies. Choose between different tools or digital platforms that lead your business to grow.
  • Think about how you are planning to recruit and hire new talent for the new skills that you identified on the reform stage or for normal operations.

By now, you have more clarity about the signals that your business needs to be ready for the next steps. With these 3 signs, you are probably more aware of where your business is and where is heading.

Are you ready for the future of work actions? Innovation is one of the key factors that will lead your business to stay relevant in the current market. We invite you to connect with our team and schedule a video call to know more about how you can bring and implement innovation within your business and departments. Remember that the main aim is that you are ready to take the next steps to restart/continue operations and for economic recovery.

 

Source: McKinsey, Forbes, Harvard Business Review,

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