Business after COVID 19
It almost seems impossible to think right now of the resuming of the business after COVID 19 calamity is over and we will be back to our routine. The world has almost stopped and we are only concentrating on maintaining the personal hygiene, maintaining social distancing and observing a complete lock-down as directed by the government. But I feel it is very much necessary to start thinking on what next?? What after COVID 19 is gone??
In whichever business you are, you need to utilise this time available to plan for the future. The strategies that you need to adopt to so as to bring the business back to "normal" in the shortest possible time. The owners and the employees ( mainly the senior employees) need to start talking about it. It is very important that we start thinking about the customer orders are anticipated and the readiness that we have to execute them.
Think of all the resources needed like material, machines, money, human resource - the most important of all. Where will I get all the contractual people for running the show. some or most of them might have returned to their hometowns. What about my permanent employees? How will I manage them if the order load is lower than the capacity or optimistically thinking is normal to the capacity. We all need to retain their motivation levels so that we don't lose them to the competition or others.
Next most important is the state of the machinery. Need to check the status since the machines haven't been running for 3 weeks.
Money planning is also equally important. We need to plan for cash flow at least for next 6 months in light of the new situation.
Communication with your team is utmost important and the leader has to have a virtual meeting at least once every 3 days to take this strategy planning forward. The heads of the various functions need to start planning it for their deliverable based on the common inputs received in the management team meeting
If we are well prepared, then and then only, we will be able to bring the normalcy back in our respective businesses and will not be sitting thinking after the lock-down period ends.
In whichever business you are, you need to utilise this time available to plan for the future. The strategies that you need to adopt to so as to bring the business back to "normal" in the shortest possible time. The owners and the employees ( mainly the senior employees) need to start talking about it. It is very important that we start thinking about the customer orders are anticipated and the readiness that we have to execute them.
Think of all the resources needed like material, machines, money, human resource - the most important of all. Where will I get all the contractual people for running the show. some or most of them might have returned to their hometowns. What about my permanent employees? How will I manage them if the order load is lower than the capacity or optimistically thinking is normal to the capacity. We all need to retain their motivation levels so that we don't lose them to the competition or others.
Next most important is the state of the machinery. Need to check the status since the machines haven't been running for 3 weeks.
Money planning is also equally important. We need to plan for cash flow at least for next 6 months in light of the new situation.
Communication with your team is utmost important and the leader has to have a virtual meeting at least once every 3 days to take this strategy planning forward. The heads of the various functions need to start planning it for their deliverable based on the common inputs received in the management team meeting
If we are well prepared, then and then only, we will be able to bring the normalcy back in our respective businesses and will not be sitting thinking after the lock-down period ends.
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