- Hacking attacks increase in a time HR Strategy empowered of uncertainty – make sure you are prepared by running drills – what would you do if hacked? Phished? Data compromised?
- Read more about how Shift ONE’s approach to remote working during COVID-19.
Financial Strategy:HR Strategy empowered
- During a time of uncertainty and risk, it is critical that you cut costs and preserve cash flow.
- Act quickly and analyse your business’s financial situation as it is imperative to its survival.
- Negotiate with suppliers and try to turn korea email list fixed costs into variable costs where possible.
- Develop a financial restructuring plan, get key stakeholders on board and include a post crisis section to be ready for expected changes.
- Identify good revenue customers those who are loyal and consistent versus bad revenue customers who always try to drive down prices and expect more for less.
- Renegotiate payment terms and retainers with your loyal customers as some money coming in is better than no money coming in and you want them to come back once things return to normal.
- During the crisis try to bring in as much outstanding money as you can – even offering ‘improved’ terms to sticky customers, as cash is kind during a crisis and those with healthy cash reserves will survive the longest.
- Implement your plan and newly set financial requirements, track progress, and refine when and where necessary.
Sales Strategy
- Understand that sales may be slow but commit to a long-term sales strategy and create bite-size offerings as many may be interested in once off or assisted services during a crisis.
- Does the crisis present an the biggest advantages of social recruiting in the skilled trades opportunity for your company to service clients globally?
- Maybe it’s time to identify the markets and countries, perhaps in the same time zone and that speak the same language, and reach out to them, creating online ads and social media and websites targeting these countries.
- Build a strong referral system and provide ‘free’ sessions to help instil trust in new or potential customer
Operations Strategy
- The crisis may present an opportunity to restructure operations. Such as setting up a global organisation by employing freelancers in fax marketing different regions to service international clients while your headquarters remain local.
- Who are your backup suppliers? What happens if your suppliers can’t deliver? Are you aware of the risks your company is vulnerable to through its supply chain to manage your supplier security risk?
- What if your suppliers become sick, or locked-in?
- Is it possible to set up a flexible supply network?
Approaches to creating a dynamic business strategy
Below are the 5 steps management can use to establish, or amend, its current business strategy, based on the OOD loop which was developed during war as a method to adjust, update and implement strategies in a changing, high-risk environment.
STEP 1: Triage or emergency actions
Your strategy should detail the areas of your business where you can quickly pull, push or pause outgoing cash flow until you are able to adequately analyse the current business environment and put a strategic action plan in place to safeguard your business. This constitutes your business’s crisis plan .