In our three-phase series, Survive to Thrive, we outline specific steps you can take to prepare, re-position and take advantage of emerging opportunities to accelerate your business through the current economic downturn.
Our Phase I: Survive article, we laid the foundation with a 7-Step crises management process to help you weather the initial storm. In upcoming articles, we will introduce you to Phase II: Revise (in two parts). In Part A, we will share common mistakes businesses make when coming out of a recession and what they can do today to either avoid or mitigate its impact to be better positioned to thrive during the recovery and subsequent boom.
In Part B, we will show you how to identify, prioritize and make the most of future opportunities by repositioning your company for growth. This requires a master strategy plan and an honest skills and capabilities assessment to ready your organization to capture as much market share as possible.
Whatever your “normal” was before the pandemic, one thing is certain – your customer needs and organization capabilities will need to evolve. This requires different thinking and a willingness to make changes.
Phase II: Revise (Part A) – 7 Blunders & Key Mistakes:
- Industry cycles – Misdiagnosing industry changes;
- Timing – Missing the boat;
- Risk – Misunderstanding your personal and the company risk appetite;
- Liquidity – Missing Investment Opportunities;
- Business Model – Lacking the understanding of your business model ratios;
- Boom Packaging – Product offerings for last business cycle; and
- Energy Management – Unexpected issues preventing the team to move forward effectively.
If you prefer video – you can find a webinar here where we discuss the 7 Mistakes.
Phase II: Revise (Part B) – 3-Step Process:
- Assess: Assessing what impacts the pandemic has had on your customers, brand, products & services, markets, channels, systems and people;
- Design: Creating a strategy and understand the capital required to execute successfully; and
- Evaluate: your plan by testing your assumptions and modifying strategies based on feedback and analysis.
In our final series, Phase III – Thrive, it’s all about implementing and capturing the growth in value, revenue and profitability to move ahead of your competition and gain market-share.
If you would like assistance in any phase of your planning, implementation or recovery, just press lets connect above.
The Destined team are leaning in with our clients to help them through this crisis, being true to our mission of helping business owners achieve their legacy. Look for the next Phase II: Revise-Part A (7 Blunders and Key Mistakes), Phase II-Part B (Revise) & Phase III (Thrive) coming soon.