On the heels of the COVID-19 outbreak, we keep hearing about the “new normal.” Not sure what that means since nothing is close to normal right now. So, as business leaders, how do we manage our businesses during the “new abnormal?”
Adjusting your mindset is step one. The rate of change has increased by factors, so knowing it, accepting it, and planning for it will align your mindset to the challenges to get your business through the new abnormal. Ok, what’s next – flex your planning skills.
Recurring and frequent scenario planning gives you the insight to change before it happens. What are the likely outcomes both internally and externally to your organization? Given these outcomes, what steps must be taken to leverage or mitigate this change?
As the saying goes – cash is king. No truer than it is today. Why? Cash gives you decision making options. Cash forecasting is an essential practice when business is good and critical when it is not. Analyze all sources of cash in-flow and develop multiple options for controlling cash out-flow. Since change itself is so rapid right now, cash planning on a daily or weekly basis will give you the insight and decision-making strength to adjust to developing scenarios.
All the anxiety and stress of the uncertainty that the COVID-19 outbreak has put on us as business leaders is at least equaled or felt more by our teams. Taking care of them is a strategic, operational, and moral imperative. Practice new thinking – take an exhaustive approach to things the business can do, both big and small to bring whatever relief possible to those you work with.
COURAGE AND BOLDNESS
The courage of a strong leader is best demonstrated in tough times. We cannot wish these challenges away – show your courage. Being intentional, relentless and bold is what our businesses need and more importantly, what our teams and customers need.
You are not alone – contact ClearPath Strategic for support.