Begin Planning for Recovery Now

To say the past week has been challenging would be an understatement. It's been full on. We've all had to put our multitasking abilities to the test- doing all we can to ensure our families are safe, while working feverishly to shore up our business and support our clients - helping them to effectively navigate these uncharted waters.

This morning I read the EY article titled: COVID-19 business continuity plan: Five ways to reshape. 

The article focused in part on the importance of planning for tomorrow, for when the current wave of adversity passes. Which of course it will.

"...companies should be making decisions and taking actions during crisis with recovery in mind. When the crisis is over, it will be clear which companies have the resilience and agility to reshape their business strategy to thrive in the future. Longer term, companies will need to consider how robust their business, management team and initiatives were in facing the crisis."

This week I also fielded tons of calls and emails from colleagues and small business owners asking if I had any insights on announced and pending government support. (I've been involved in government / civic affairs for many years)

As it happens, I'm currently leading the crisis response team for one of my clients in the restaurant sector and have engaged government policy experts to provide advice and distill relevant information that can positively impact their business. So, I've been able to point many in the right direction.

These touchpoints also provided the opportunity for us to discuss what happens post the crisis. What will their business look like in 3-4 months? What are they doing today to plan for tomorrow? Of course, it's tough to get your mind focused on tomorrow when you're in survival mode.

But at some point, it’s going to be imperative to make space for strategic planning - to develop revised tactics to get a running start when the gun goes off for all businesses to once again race towards growth.

When I was just out of college (during a recession) and interning at an advertising agency in Vancouver, my mentor at the firm shared advice that I've carried with me all these years. "It's what you do during the down times, that will partly shape your success in the good times".

If nothing else, just put a placeholder in your mind for now that you can revisit in a few weeks. Your future success depends on it.

So, for now, be well and stay safe in your home with your loved ones. Better days are coming.

Stephen Dorsey, Principal Consultant @ The Fractional CMO.