Resiliency: Thoughts from a Fractional COO
Raise your hand if you want to relive the trials that 2020 has brought so far.
Think about the number and breadth of issues that businesses have faced this year:
- Abrupt changes in how you conduct business or shutting your doors completely for a period of time
- Letting good employees go to keep the business alive
- Significant investments in technology and support for work-from-home arrangements
- Leaning how to manage and engage remote team members
- Changes to customer expectations and demand for your products and services
- Charting a new path forward given much uncertainty
Any of those changes alone are significant challenges to address. When compressed into a period of a few short months, they can be overwhelming.
While many businesses are still trying to recover, they can’t sit still. Business owners must fearlessly look forward to what the future holds. The trouble is no one can predict the future with any level of certainty. So what are businesses to do?
They must have resiliency. They must be able to withstand or quickly recover from difficult situations – because we may not know what challenges may come down the road, but we do know they are coming. The ability to bounce back is easier for a company that has sound plans, that operates with little waste or excess that can creep in when times are good, and that truly understands their strengths and weaknesses.
The ability to live to fight another day looks different for every company. For some, it means access to financial resources like savings or credit to make it through rough times. For others, it’s the ability for their operations to continue without access to the company’s physical buildings. Some businesses need to eliminate their least profitable products or services while some need to diversify their revenue streams. Operating lean and doubling down on what makes your company unique can help you maximize your efficiency and your returns.
What steps are you taking today to prepare your company for the future? How are you building resiliency? If you are just beginning this process and need flexible resources to help you, contact us. http://linkedin.com/in/cmatt or https://opalpg.com/contact-us/
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