Refine business: From ‘Surviving’ to ‘Thriving’ with an expert IT Support team
The rapid spread of COVID-19’s rapid spread leads to strict social distancing and quarantine steps around the world. Businesses, while manipulating financial and organizational challenges, are re-thinking tactics. Work-life lines are becoming blurred and as a bleak economic scenario unfolds, there is an intensified sense of anxiety. The idea of ‘business as normal’ is shifting rapidly even as the world emerges from COVID-19.
Proactive efforts will be critical as businesses mull on the road to recovery. A ‘Think Ahead’ squad is the need of the hour. While in-house planning teams concentrate on new markets, goods and services, and risk management, as they steer through the crisis, strengthened customer interaction processes, and transformed mid- and back-office activities will help companies balance growth and profitability. This is where a team from ‘Think Ahead’ will help. To build a more strategic approach that will go a long way in building a brand that keeps consumers at the center throughout and after the crisis, this team will provide invaluable insights.
Here are some ways a ‘Thriving’ team can help businesses navigate a new and uncertain landscape.
Stuart Slatter and David Lovett described the fundamental areas and measures that have proven critical in transforming firms in the right direction in their book Corporate Recovery: Managing Companies in Distress. This team should be made up of business experts with a detailed understanding of macro, combined with sound cash management strategies, and you will have a road map for real change. The main areas to be tackled start with taking control of the money and end with “fixing.” the balance sheet. Without a credible, well-vetted strategy that is credible, it would probably be challenging for management to attempt to start at the end.
Let’s review each step and discuss it.
- Crisis Stabilization.
It is about tackling a deteriorating situation and managing cash flow and short-term funding. This begins with a thorough comprehension of all liquidity sources and minimizes cash outflows before we have a recovery plan. If appropriate, short-term sources of bridge funding will be identified and aimed to fill the gaps.
Leadership involves making sure you have the right talent in the right seats on the bus, especially at the top. To gain continued support, its members will need to reprove themselves to their stakeholders if current management expects to stay in place by leveraging IT services providers’ expertise.
- Supporting Stakeholders.
This is all about contact, internally, and externally, in the business with those concerned. It’s often not easy, but companies need to communicate progress and trials when they arise to prevent stakeholders from being caught off-guard or shocked.
- Strategic Concentrate.
This move focuses on asset reduction and the core business. The harsh decision on where to concentrate and what to use is part of a company rejuvenation. It also means that you can have to sell some non-core assets to raise cash.
- Change of Organization.
This entails developing new terms and conditions of jobs and making operational improvements to operate with a smaller team. If the organization’s strategic strategy is set, to execute the plan, the team needs to be shaped. The laying-off of teammates is never easy… But re-energizing the remaining group with confidence in a simpler and more focused strategy is a constructive way of looking at this move.
- Improvement in Critical Process.
This focuses on decreases in expenses, quality improvements, and growth in sales. The organization got into trouble for a cause. This move includes taking a hard look at the core business processes and finding ways to work more efficiently while accelerating sales. This will be an excellent time to explore incorporating lean manufacturing principles in a production environment, and for administrative and service operations, similar lean business concepts could be of use.
- Financial Reorganization.
When we hear of restructuring, this move is what many of us think. It includes exercising liabilities and putting financial commitments at a level that the revived company will fulfill. It could mean raising capital or seeking longer-term bridge sources for funding before the business can return to predictable profitability and positive cash flow. This move could also open the door to the conversion of some equity obligations and the renegotiation of the current terms of debt.
Another significant criterion is a powerful skill in technology. Multiple technical interventions would need to be identified and implemented by the team and fast wins for companies launched. The virus has highlighted the gaps in initiatives for digital transformation and many businesses’ capacities for innovation.
The team should re-design future customer interactions with empathetic improvements through strategy, process, and customer journey. This includes proactive customer service management and discovering ways and means to make it more intimate, personalized, comfortable and omnichannel. Integrated domain leadership strategy and digital consumer engagement are critical.
As COVID-19 continues to alter life daily, it will also change limitations, rules, and policies. Now is the time to re-group and re-strategize to set the stage for clients, staff, and other stakeholders to create newer interaction channels. It might be too late to wait for the crisis to blow over; the actions we take now will decide how we catapult from ‘survive’ to ‘thrive.’