Business as usual is over. Your current strategic plan is no longer relevant. Your KPIs, budget, and performance targets are no longer likely to be met.
Markets have been disrupted. Governments are frequently changing the rules. This is the reality faced today by almost every business and government agency around the world.
It seems quite likely that many organisations will face at least six months of market disruption and atypical consumer demand.
Managing through disruption is pointless without a strategy. For many organisations, basic survival is likely to be the key strategic goal for the rest of calendar 2020.
Questions for leaders to consider right now:
- Are financial accounts up to date and accurate?
- How much cash do we have?
- How much supplier and bank debt?
- What is actual current revenue?
- What is your current and projected monthly cash burn-rate?
- How many months can your organisation survive with that burn-rate?
Once these basic financial questions have been answered, it is time to take stock of opportunities, and re-configure your strategy and operations.
The goal of your strategic planning exercise should be to produce an action plan with clearly defined and measurable targets/outcomes. This is likely to require an examination and analysis of the following areas:
- Future business model
- Product and service offerings
- Organisational design and operating model
- Strategic partnerships and supply chain
- Risk analysis
- KPIs/outcomes and key deliverables