Weathering the COVID Storm – Part 1
We all know we are in a time of real uncertainty with great risk to many businesses. Success comes out of how we respond to threats & risks and turn them into opportunities for business recovery.
Watch John’s video for an introduction into how to weather the storm for business recovery.
Weathering the COVID Storm – Part 2
Start with the familiar SWOT analysis to work out the current position of your business. Organise information in terms of consequences, not causes, as consequences that are similar need similar mitigating and recovery actions. As a result, this is where you need to ask some tricky questions such as “Who we are? What do we do? What do we do well, what not so well ?”.
Part 2 sees Louis focusing on analysing the risks and how to respond to them.
Weathering the COVID Storm – Part 3
With a market that has shrunk, growth is key, and therefore a strategy for increasing opportunities to identify and generate new income channels is needed, e.g. through online marketing (optimising digital presence), asset disposal even diversifying if necessary (such as the F1 teams building respirators) – be innovative and aware this may require a change in your business model.
Part 3 and James takes a different approach and as an avid Leyton Orient fan, looks at how they have looked at growth opportunities beyond the football pitch.
Weathering the COVID Storm – Part 4
Many Projects will have been put on hold as lockdown kicked in. Some projects may no longer make financial sense, and other new initiatives may have come into play. As a result, finances are also likely to be tight. The first thing to focus on is to review and clearly identify the project and investment as this will rebalance the portfolio to address the new strategic priorities. As a result, it ensures the potentially restricted finances are invested in the right areas to secure the business’ future, and this needs to happen quickly. In these circumstances there are four key ingredients the organisation needs to have in place which Neil shares more on:
Weathering the COVID Storm – Part 5
Finally, as the strategic plan gets delivered, you need to test, review and closely monitor the outcomes ensuring the plan meets the evolving needs of the business. Things that work well and things that don’t need to be identified quickly. To keep it relevant, this is then fed back to the analysis stage allowing the strategic plan to be refined. As a result, this will deliver the greatest value from your investment and ultimately, success. So the best way to weather the COVID-19 storm? It is to use it as an opportunity to create a business that is fit for the new world.
Dean brings our Weathering the COVID Storm video series to an end with tips on risk management and monitoring.