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COVID-19: Business Survival Kit
The coronavirus is not only a draconic health catastrophe, it’s also an enormous re-establishment of the global economic order. Here’s how business leaders can start navigating towards the new normal.
Speed trumps perfection. That’s why this survival kit is written in bullet points and offers practical tools to accelerate. These tools include a cashflow simulator, an overview of governmental aid policies and several checklists.
The Business Survival Kit is focussed on four topics; (1) assessing your risk, (2) revitalizing your business, (3) planning for recovery and finally (4) seizing the new normal.
There has been no better time to benefit from an outside perspective. We support the decision making of all kinds of organizations, from SME’s, over hospitals to large corporations.
Assess your risk
To enable a quick and effective response
When facing a crisis, you must make multiple high-stake choices with uncertain outcomes. Even during the best of times, fast decision making is challenging. To avoid being paralyzed, the best way to start with a core risk assessment.
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Take a deep breath and give yourself some time to step back and anticipate. It might seem counterintuitive, but it will save a lot of time in the weeks to come. Select a multi-disciplinary team to support you throughout the assessment and decision-making process.
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Once all necessary measures for workforce protection are set in place, there are four main topics to assess: (1) financial stress testing, (2) the weak points in your supply chain, (3) the impact on demand and (4) the continuation of your operations.
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We have created 3 accelerators to help you frame the assessment and save valuable time.
Most relevant questions:
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Finance: How much time can sustain with reduced cash flows?
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Supply: Can you isolate the likely points of disruption? What mitigating actions can you take?
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Demand: How is the demand of your products likely to evolve? Can you provide additional, adapted services?
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Operations: What are your critical operations which can not suffer disruption?
Revitalize your business
Speed trumps perfection
For most companies, the first concern is to maintain cash liquidity. In the short run mitigating loss of demand and government aid are the first items to tackle.
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In order to safeguard liquidity, the first course of action should be to adapt output capacity to the new level of demand. Output capacity should become as flexible as possible to evolve in sync with the demand curve.
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Small but critical choices with a short implementation time could loom very large over the long term as the crisis unfolds. We collected several inspirational actions to mitigate loss of demand.
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The Belgian Government(s) aid policies can have a significant impact on the continuation of your company. We compiled the most relevant ones and integrated them in our cash-flow simulation model. (see previous slide)
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Now is the time to communicate transparently and with confidence to your stakeholders. Keep it simple and clear. In the added link you find best practices and a few examples.
Most relevant questions:
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Which immediate actions can you take across the business to ensure liquidity?
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Are you monitoring your sourcing options, demand changes and the governmental policies?
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What are the main messages towards employees, customers, suppliers, creditors, shareholders and the government bodies?
Plan your recovery
Be in pole position after the crisis
Nobody knows exactly how long the acute disruption of the crisis will continue, nor what the aftermath will look like. However, there are measures you can take now to ensure a pole position when the global recovery starts.
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Set-up a recovery leadership team to ensure the best chance of getting ahead of events rather than reacting to them. This will allow for single source of truth, issue identification and sufficient resources where and when needed.
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The leadership team should align among cross functional roles in an agile structure to manage opportunity scouting, solution design and rapid execution.
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To conquer a crisis your company must be fit. Now is the time for deleveraging your financial and operational position.
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Supply chain stabilization will be key in the coming months. This means diversifying suppliers, re-examining ‘just-in-time’ strategies and introducing near(er) shoring
Most relevant questions:
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Does your current company structure allow for quick decision making? How can you make it more agile?
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Who are the key players within your organization that can create new sources of revenue?
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Which measures can you take to built a buffer, without hampering future business?
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How can you mitigate supply chain risks?
Knowledge sharing & senior coaching make an essential part of our model. Through a mix of coaching and cutting-edge personal development program, we are committed to develop the full potential of our young talents into future business leaders
Seize the new normal
The world will never be the same. But maybe, it can be better
We just want this to be over, and we are all making plans for what we’ll do when things go back to normal. But what if this epidemic is a turning point, and after it the world is never the same?
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There will be a large economic recession, and there will be issues with our healthcare systems. These are just the predictable things. But we will also see significant second and third-order effects.
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However there are always hidden but significant opportunities nestled among the bad economic news. Forward looking organizations take lessons from previous crises and explore for opportunities:
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The acceleration of emerging trends, such as increased reshoring enabled by robotics, 3D printing and automation or the virtualization of events, activities, and interactions.
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A change in customer preferences with a renewed cautiousness about health, e-commerce and a focus on the ‘feel-good factor’ of products and services.
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A shift in your industry structure, e.g. a sudden drop in competition caused by protectionist measures or consolidation.
Most relevant questions:
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Have you sketched out at least three scenarios—a modest downturn, a more severe recession, and a full-blown depression?
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How will your organization anticipate on emerging trends?
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How can you tailor to the shift in consumer behavior?
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What are strengths and weaknesses relative to those of your industry competitors?
