Rethink business
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Rethink business
Businesses will always face challenges, whether from the impact of the current COVID-19 crisis, future global slowdown, changes from Brexit or environmental changes. This page will help you think about the stages of taking your business through a crisis, and focus on coming out strong.
It is also important to take time to learn the lessons and rethink how business is done. This will drive innovation, productivity and build future resilience.
To help you through these steps, we have designed business resilience workshops so that business owners can build the steps they need to take to achieve their goals. Our workshops can also build scenarios, identify funding sources, refine business plans, improve go to market activities and pursue international growth.
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React
When a crisis first hits, the initial response needs to be quick and definitive. You must:
- Establish emergency decision making process
- Define communication channels (single source of truth)
- Prepare short term cash flow forecast
- Identify critical resources (eg. cash, network, suppliers)
- Design staff engagement strategy
- Build a client care programme
- Control or mothball non-critical activity
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Resilience
After the initial shock, it is important to stabilise the business and design the next steps. You need to:
- Assess resilience and growth potential of each business unit
- Manage debt and liquidity
- Model and prepare cash forecasts
- Protect customers through a suitable engagement programme
- Provide employee support and welfare
- Review supply chain for exposure or weakness
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Recover
Now you need to design the best strategy for the come-back and consider various scenarios. It is also imperative that you plan for success by allocating the right resource to ensure success. You need to:
- Design and impact possible outcomes and scenarios
- Secure stakeholder buy-in to options
- Identify responsibilities and resources for recovery strategy
- Obtain funding and other resources needed for success
- Design and monitor key performance indicators
- Maintain regular performance management
We can help you plan your recovery
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Realise
Once you have designed the come-back strategy, you need to realise the full potential of the business, refining and improving the business to build future success. You should:
- Identify new ideas to drive future growth
- Drive efficiencies and performance improvement
- Focus resources on resilient business segments and operations
- Reward and re-engage teams
- Refine business resilience plan for lessons learned
- Define the “new normal