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 to protect ongoing viability by business owners and executives. But, in the near future business activity will resume and it will very important that businesses have maintained a pipeline of business and retained the qualified staff to deliver its 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? Are you able to identify what makes it work so well? Simplicity, automation, and lack of friction are typical attributes of effective and efficient systems and processes that have a positive impact on any business.
- What could be improved and why? Specific examples and real data will help quantify the impact and support the prioritization of follow-on 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 need and benefits, provide specific examples, and then estimate the potential impact and time to value for each idea.
- Take the ideas having the greatest promise and estimate the cost, people/skills needed, other dependencies for each to see how they stack up.
Something else to consider is the creation or updating of Business Continuity Plans. Now is a perfect time – while everything is fresh in the minds of your team. Not only will this help for the future, but there could also be several useful ideas for the coming weeks.
For example, do you have documentation that is sufficient for someone who is not an expert in your business to be able to take over with a relatively small 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 in place 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 time of slowdown could have many benefits, including maintaining good employee morale, enhancing employee and customer loyalty, retaining employees and the expertise and skills they have, and increasing sustainability and long-term growth potential.
Originally posted on LinkedIn.com/in/chipn
For most businesses now is a time of caution and uncertainty. Mitigation and emergency planning is 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 few 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, and large gatherings will be avoided as well as travel to those meetings or gatherings. Working from home can be challenging for people who are not accustomed to it so helping them make the transition may be very important to your financial bottom line.
Collaboration tools such as Slack, Basecamp, and Asana can help maintain productivity and foster necessary interaction. Some tools include video conferencing, but even so, having tools like Zoom or Webex can help both internally and externally. Seeing the person you are speaking with helps increase engagement and lead to more effective communication by spotting nuances such as facial expressions that could otherwise be missed.
Tools that are secure, are easy to implement (cloud-based solutions have an advantage here), and are easy to learn and use can be a cost-effective way to keep your business on-track. An additional benefit could be the creation of an effective distributed workforce.
But wait, there is more!
There may be important projects that you could pull in and start now. That is another means of keeping your teams engaged and focused. This could also be an opportunity to enhance skills with online training or to conduct research on 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 leverage that as an opportunity to provide appealing offers to your customers and prospects.
- Buyers could leverage their ability to quickly purchase products and services to secure better deals during this lull in business.
Reasonable concessions are mutually beneficial and could be a boon for both parties.
Negative events like a pandemic are not ideal and should not be taken lightly, but they can provide opportunities to advance your business and be positioned for even greater success once this situation is under control. It is like that wise old saying, “When life gives you lemons, make lemonade.”