Six Steps To A New Roadmap For Your Business To Recover From The COVID-19 Crisis
Things will be different here on. At least for a while. A call to action is required to cope with the changes and restructuring initiated within organizations.
When will things go back to the way it was? That’s a question that lingers in our minds as we’ve isolated ourselves to help prevent the spread of COVID-19.
The real question, however, is: how can we recover from this?
Things will be different here on. At least for a while. Restrictions will loosen over time in multiple stages. Not all operating departments will receive a green light at once. A call to action is required to cope with the changes and restructuring initiated within organizations.
So, what is your recovery plan? Here are six steps to help you get started with planning your post-COVID-19 comeback:
Step 1: Prepare your core operating unit
As we test the water to recheck the safety of free movement, a part of the workforce will be allowed to resume back to their old routine. Who is it going to be?
Following the 80-20 rule currently enacted in the UAE, to get 80% of operations reengaged, 20% of the workforce is required to commence their duties.
After weeks of isolation, you have an idea on which department holds the key to kickstarting operations. They are the foundation of your organization’s functions.
Assemble your core team, and prepare them for battle. Run a checklist on workflow and safety measures. With your core unit in place, all other departments can pick up where they left off.
Step 2: Reevaluate your business plan
Remember your first business plan? It must have focused on the following factors:
- Finding opportunity in the market
- Narrowing down your target audience
- Creating a dream team
- Researching pricing structures
Well, start again.
We’re in a new playing field. A new roadmap is in order. Look for new opportunities. Reconsider your audience. Create a plan that caters to this new market.
You’ve done it once. You can do it again.
Businesses have taken necessary actions to restructure during this time. Bridge the gap by planning out how operations will hold itself with these missing links.
Set out new annual goals. Construct a new vision and mission statements to motivate your team and for this journey.
Step 3: Tackle the honest reality
Let’s face it, 2020 budget and targets are tossed out the window. So, what should you expect moving forward?
Don’t be afraid to ask difficult questions. There are new challenges to follow that need to be addressed now. These include:
- How long will this continue?
- Are people willing to spend?
- Will these prices work in this market?
- How can you increase sales conversion?
A lot of questions need answers when creating a robust recovery plan. Think in terms of flexibility. It is crucial to identify when the market isn’t responding and have the ability to switch over to a new plan quickly.
Draw various scenarios to these plans. Establish control measures to each of these challenges, and set milestones when evaluating the market’s reaction.
Step 4: Ask yourself: “What would you do differently?”
The pandemic has been an eye-opener for businesses. Weaknesses are left exposed within an organization. If you’ve felt your business wasn’t ready for this, you know some areas can be improved.
Like your new year’s resolutions, list out organizational goals for the business based on its current flaws.
If it weren’t for technology, this pandemic would have been a lot more complicated than it is. Technology has become the business equivalent of a survival kit. Prioritize implementing technology intelligence within your organization for future operations.
Step 5: Pick a winning marketing strategy
Every organization experiences different levels of success with online marketing. Factors vary between target audiences and the platforms used to introduce customerbrand engagement.
Marketing is about creating awareness. Customers need constant reminders of your brand, and what you have to offer. Breakdown your achievements to tiers and set goals.
With restricted budgets, a careful analysis of previous success will bring to life a competitive strategy. Dig into the data of old campaigns with high response rates. For instance, look into:
- Why did it work so well?
- Will it work in this market?
- What did the audience like about it?
- How can we recreate something similar?
Stay one step ahead of the game. Get your marketing plans in order. Prepare for launch, and be ready to execute.
Step 6: Recreate a new financial projection.
We’re back to square one. So, what is now your five-year plan?
You’ve asked yourself the hard questions, and put your plans in place. Now, it’s time to evaluate your financial projection against the same.
The purpose of a financial projection is to represent plans and outcomes in monetary form. It builds a clear path and identifies setbacks.
Create a detailed financial structure for this year, as well as the ones to follow. Take a closer look at where the company is heading, and what you require to achieve your targets. So, consider:
- How does the cash flow projection perform against your plans?
- Are your targets achievable?
- What are the effects of unachieved targets?
- How can you improve the projection?
The key to a healthy cash flow comes down to one simple principle. Speed up your collections, and spread out your payments.
An additional benefit of a new five-year financial projection is fundraising. When seeking new investments, a financial forecast paints a clear picture of how the business plans to succeed for years to come.
This pandemic will pass, leaving behind changes for us to adapt. A new roadmap for an organization’s future will set itself up for success. Planning is a vital stage for businesses right now. And the aforementioned steps will build your organization’s new foundation and growth plans for the future.
Nicholas Joe Correia is a freelance finance professional working with SMEs in Dubai focusing on building their financial position, strengthening their performance, and preparing them for stability and growth. You can learn more about his work on www.financemanager.me.