Going forward it will be vital business owners and teams have a strong culture of communication to ensure opportunities of innovation are embraced and executed for ongoing business survival.
Business leaders will need to factor in individual circumstances while providing clear direction as we navigate this uncharted territory. Awareness of personal situations, environmental and economic climates will provide valuable insights to build a business that can respond rather than react, that can evolve rather than stagnate, that can grow rather than try to do what they have always done.
Now is the time for new working environments, greater understanding of suppliers and customers needs and re-alignment of our priorities especially our most scarce resource – time.
Here are some key learnings and actions taken by my clients during this lockdown period:
- Have short meetings often with a clearer agenda
- Reduce turnaround times for quotes and followup within a set time frame
- Review work flow procedures for resource efficiency
- Re-address budget and cash flow cycles
- Review terms of trade/engagement agreements
- Recognised value of alliance networks and identified where to strengthen network
- Identified where software was not adequate for new way of working
- Analysed marketing activities that were overlooked, now clear on outcomes and ROI
- Made an effort to complete End of Year March 2020 and discussed with accountant for tax planning purposes
- Looked at online servicing opportunities
- Assessed stock levels, debt levels, risk management and ways to minimise cash gaps.
Business leaders will need to rebuild their teams, their position in the market and in some cases their operational ways of working. This will take strength, courage and vision with an engaged team. For a strategy that will deliver consistent execution and get cash moving throughout your business operation once again contact Jerome today.