1. Develop business expansion strategy
Select the right PMR fit (Product-Market-Region) such that the business would expand and grow profitably during the much anticipated growth cycle. This should include diligent deliberation about entering into new business lines, new ventures, new markets, new products and new regions.
2. Develop business plan for growth (22-23)
Develop a comprehensive & highly focused Business plan by clearly identifying the direct, indirect, fixed & variable expenses required to grow the business during the rebound stage. Decisions should be prioritized and planned for in order to capitalize on increasing demand generation.
3. Create hiring plan for growth
Rapid growth in the months to come will place strain on your existing team members who have dedicatedly preserved during the tough times to help your organization reach a stable state. It is time to provide them relief and reinforcement. Create a hiring plan for leadership, managerial and entry level positions. The recruitment timelines & budget should be clearly defined to match with your growth forecast.
4. Develop marketing strategy for aggressive customer acquisition
In the last few months you learnt to maximize productivity and ROI on your expenditure. The marketing focus and capabilities you built has put you in a strong position to capitalize on growth opportunities in front of you. This is the time for rapid growth and will need fresh allocation of capital to support new customer acquisition. Do practice the hard learnt prudence in spending but don’t hold back on your instincts to move swiftly and capture market share.
5. Raise growth capital
Develop a timely plan to raise growth capital necessary to capitalize on the opportunities on offer. However, focus on maintaining the optimal capital structure and don’t over leverage your organization to meet growth needs. Prioritize strength of balance sheet over reckless growth. Be aggressive in planning for a high growth momentum but balance it out with the prudence of positive unit economics and sufficient profitability to ensure you are positive on cash at all times.
As a business leader you might be in the ‘Respond’ mode already with the future of your organisation on your mind. This strategic blueprint should help you prioritize the work streams important for your organisation. There may be some reprioritization of work streams and the duration allocated to them both within and between stages based on how the Covid-19 situation evolves over the next few weeks and months. Utilize this slowdown period as a wonderful opportunity to reset, reimagine and reinvigorate your organisation to steer it in the right direction for the future.
As a leader, how are you responding to the current crisis? How is it going to impact your organization’s future? If you feel alone navigating these tough times or feel the need for a structured approach and an active professional support in order to implement this blueprint for your organisation, do not hesitate to reach out to TCGL for a conversation.