An unexpected crisis in business can be unsettling. Not only does it add uncertainty to the future revenue streams, but the current crisis is causing severe disruption in every aspect of business from the supply chain to the lives of your employees. Literally no element has been left unaffected.
Fortunately, most indicators are reflecting the potential for this to be a relatively short slow down, but the speed with which this hit individual businesses leaves managers and executives trying to figure out which concern to tackle first. Some items are going to have to be addressed such as updated sales forecasts, supply chains employees working location, IT changes to support new working rules etc. That list isn’t difficult as it is likely front and center in your inbox.
Don’t overlook the value of the crisis. For the first time in a couple of years, much of your teams have time to make updates to their direction, address strategy concerns, make decisions on product lines and service offerings or prep for lean initiatives. This is also a great time to get your sales and marketing teams extremely focused and aligned on those customers/market channels that will likely make the largest affect when business does come back. This is also a great time to question the products you are producing vs. the ones that will make the largest gains when the recovery occurs. Which product lines are long past their prime and have customers who need to be transitioned into new product lines? Building the wrong products post recovery would only add to the current crisis. Even worse would be having your sales teams not fully trained on how to sell in the post recovery time period.
The current situation is a prime opportunity to address many of these key elements. Now might be a great time for a limited engagement from an outside consultant who can help you gain a fresh perspective on these types of issues. Many consultants are also finding themselves suddenly having extra time on their hands and could be willing to engage in a short-term project to help you tackle these difficult decisions. It might just be the win-win for you and the consultant.
No matter what, DO NOT overlook the value of a crisis to make meaningful changes in your company. Take this time to preparing you for future growth and a fully energized re-start.