1. Strengthen & consolidate stakeholder relationships
As business operations take a hit during the slowdown, you will have more time on your hand. Use it to build stronger and meaningful partnerships with all your stakeholders, both internal & external. Focus your energies on strengthening these relationships through structured engagement programs. Relationships nurtured during this phase will be the seeds for your growth in future.
2. Drive productivity enhancement programs
Productivity is the act of bringing a company closer to its goal. This is the time for building a high performance culture. Invest disproportionately on productivity enhancement rather than capacity expansion during this phase. Allocate budget to continuous training, specialization, efficient process workflows and automation, performance improvement initiatives and team building.
3. Drive operational efficiencies & strengthen delivery capabilities
Review your operational KPIs based on your strategy and benchmark them with the best run organizations in your industry. Strengthen capabilities to deliver on your customer promise consistently. Ask yourself, what can you do to consistently get a quality product out of the door on time at the cost that can beat the competition?
4. Initiate brand transformation journey
A lot would have changed by this time. As a business, you would have undergone significant improvements while introducing new focus areas for your future growth. In order to be effective in this journey, your brand, both internally and externally needs to be in perfect alignment with your long term strategy. This is the right time to upgrade and update your brand to meet the new market reality and customer expectations.
5. Initiate digital transformation journey
This 14-month period should be utilized to identify processes and capabilities that can be simplified and automated with technology. The current crisis has a silver lining. It has been a little kinder and even beneficial to digital first businesses. This is also the perfect time for you to evaluate digital centric business models. Depending upon the size of your organisation, this may or may not be long enough to bring about a complete digital transformation, but it’s certainly enough to get started and plan ahead.
6. Develop business plan (For Year 21-22)
By January 2021, you would have more clarity about the state of the market and your organization’s position in it. If you have followed this blueprint in spirit, you should be cautiously optimistic by now as you gain confidence from the fact that your business successfully withstood these testing times. This is the time to create a growth-oriented plan for the next financial year.