The COVID-19 virus has brought both uncertainty and evolving challenges which has caused us to take steps to adapt our businesses to this new environment. As business owners, being resilient is part of our DNA – and yet this crisis is testing us all in new ways.
CRISIS MANAGEMENT HAS 3 PHASES:
1. Stabilize - assess impacts and determine how to best operate, rally our team to ensure financial stability.
2. Recovery - shift to transition back to a restored future in a post crisis environment.
3. Reflection - opportunity to evaluate how the crisis was handled and create greater resiliency against future crises.
We have worked with business owners for many years to create strong contingency plans to proactively build resilience in their operations. If our insights can assist your organization in these uncertain times, please reach out.
CRISIS MANAGEMENT
-
Contingency planning proactively prepares for a crisis trigger that may interrupt the business (i.e. external factors like natural disasters and internal factors like a privacy breach or the death of an owner operator).
-
During crisis management, we first stabilize the business, and adapt as needed. Ultimately, we need our businesses to be in a place to hit the ground running when recovery comes. And recovery does not come in a straight line.
STABILIZE
-
During the stabilization period, we assess the impacts, determine what is critical and adapt to the situation at hand.
-
We are in fire fighting mode and reviewing how every decision impacts all areas of the business.
-
As new information emerges, our plan evolves.
-
Our #1 goal is to survive the crisis. Then move to how we will thrive through the recovery.
RECOVERY
During recovery we shift our teams from thinking about today and
considering tomorrow. We need to decide how we can best restore our
business operations and be prepared to hit the ground running.
-
Monitor signs of recovery: to ensure you recover at the right time (too early and confidence could be lost, too late looks like we weren’t prepared).
-
Readiness for recovery: verify how our team is coping in the aftermath and the availability of resources. Review projected capacity levels including pent up demand, backlogs, and projects on hold.
-
Evaluate post crisis environment: how do we address shifting customer needs? What operating adjustments can we make to create greater resiliency? What opportunities can we leverage to create growth?
REFLECTION
After a crisis, we return to what we deem as normal (because the definition of normal shifts after any sort of crisis). We have the opportunity to take time to look back and reflect on how we managed through the crisis and how we can be stronger moving forward.
-
Where were we strong?
-
What surprised us?
-
What redundancies did we see that we can stop doing?
-
Where did we see weakness?
-
Are there risk areas we need to mitigate?
-
Where do we need to invest, and what can we alter or divest ourselves from?
-
Assess the resiliency of your business with the Post-crisis recovery worksheet.
A copy of the PowerPoint for our webinar entitled Emerge Stronger After a Crisis is available for download.
This presentation was delivered as a webinar from Park Place Advisory Partner Kim Siegers-Robinson. It explores the overall crisis management process including:
· Emergency planning cycle
· Living your values through the stabilization period
· Shifting to the recovery phase
· Measuring your businesses level of resilience
PLEASE
REACH OUT
We have worked with business owners for many years to create strong contingency plans to proactively build resilience in their operations. If our insights can assist your organization in these uncertain times, please reach out.
PARTNER
BUSINESS
ADVISOR
KIM SIEGERS-ROBINSON,CPA
PARTNER
FAMILY BUSINESS ADVISOR
DARRELL WADE, FEA
ASSESS THE RESILIENCY OF YOUR BUSINESS
