business continuity
Innovation, Optimization, and Business Continuity
Originally posted on LinkedIn.com/in/chipn
Recently I read that the U.S. is experiencing a significant jump in unemployment claims. Much of that is understandable given the recent decline in many businesses, concerns about how long this crisis may last, and the need for business owners and executives to protect ongoing viability. But, in the near future, business activity will resume, and it will be very important that businesses maintain a business pipeline and retain qualified staff to deliver their products and services.
Now could be the ideal time to challenge your team to focus on improving your business. Look at business processes and identify:
- What works well today? Can you identify what makes it work so well? Simplicity, automation, and a lack of friction are typical attributes of effective, efficient systems and processes that positively impact any business.
- What could be improved and why? Specific examples and real data will help quantify the impact and support prioritizing follow-up activities.
- What is missing today?
- Good ideas have likely been raised in the past, so why not revisit them?
- What are competitors or businesses in other segments doing that could be helpful?
- Brainstorm and consider something completely new that could help your business.
- Start a list, describe the needs and benefits, provide specific examples, and then estimate each idea’s potential impact and time to value.
- Take the ideas with the greatest promise and estimate the cost, people/skills needed, and other dependencies to see how they stack up.
Another option is to create or update Business Continuity Plans. Now is a perfect time – while everything is fresh in the minds of your team. This will help in the future, and you may also find several useful ideas for the coming weeks.
For example, do you have enough documentation for someone who isn’t an expert in your business to take over with a relatively short ramp-up time? How will you maintain quality and control of those processes? Are your plans stored in a repository that is accessible yet secure outside of your organization? Do you have the processes and tools to collect documentation and feedback on things that did not work as documented or could be improved? Are your Risk Management plans and mitigation procedures up to date and adequate?
Investing in your business during this slowdown could have many benefits, including maintaining employee morale, enhancing employee and customer loyalty, retaining employees and their expertise and skills, and increasing sustainability and long-term growth potential.
Could this Pandemic Create New Business Opportunities?
Originally posted on LinkedIn.com/in/chipn
For most businesses, now is a time of caution and uncertainty. Mitigation and emergency planning are likely underway. The CDC has provided solid guidance, and new information is forthcoming daily. Communication Plans are being rolled out and revised as needed. Travel and meetings are being curtailed. Disruption may become the new normal for the next several months.
Alexander Fleming, the Nobel Prize winner who invented Penicillin, is quoted as saying:
“The unprepared mind cannot see the outstretched hand of opportunity.”
More people will be working from home, face-to-face meetings will be limited, large gatherings will be avoided, and travel to those meetings or gatherings. Working from home can be challenging for people not accustomed to it, so helping them transition may be very important to your financial bottom line.
Collaboration tools like Slack, Basecamp, and Asana can help maintain productivity and foster necessary interaction. Some tools include video conferencing; tools like Zoom or Webex can help internally and externally. Seeing the person you are speaking with increases engagement and leads to more effective communication by helping you spot nuances, such as facial expressions, that could otherwise be missed.
Secure, easy-to-implement tools (cloud-based solutions have an advantage here) that are easy to learn and use can be a cost-effective way to keep your business on track. Another benefit is building an effective distributed workforce.
But wait, there is more!
You may have important projects you can pull in and start now. That is another way to keep your teams engaged and focused. This could also be an opportunity to enhance skills with online training or research new technologies or business models.
This could also be a great time to buy and sell products and services. Business demands could temporarily decrease in many market segments.
- Sales organizations could use that opportunity to offer appealing deals to customers and prospects.
- Buyers could use their ability to purchase quickly to secure better deals during this lull in business.
Reasonable concessions can be mutually beneficial and a boon for both parties.
Negative events like a pandemic are not ideal and should not be taken lightly, but they can create opportunities to advance your business and position you for even greater success once the situation is under control. It is like that old saying, “When life gives you lemons, make lemonade.”
Where Ideas, Experiences, and Lessons Learned Intersect 