3 Tips for recovery planning for the new year
Given recent economic and market uncertainty, many businesses will be seeking to recover what they have lost during this time of great uncertainty. This means re-embracing larger transformation projects and remaining flexible to opportunities that may arise, while keeping business lean and costs low.
Recovery will include returning to a ‘new normal’ that will require a balance between growth plans and returning employees and processes back to an office environment safely and cost-effectively. Assessments, risk mitigation and open communication between external and internal stakeholders will be vital.
Considerations for your business recovery plan:
Assessment of workspaces – what do you need to install to ensure people can stay safe when returning to the office environment?
Communication with employees – employee wellbeing is crucial to maintaining business goals and returning to normal. What has their experience been like this year and what do they need to ensure they feel rewarded, motivated, safe?
Collaboration with external stakeholders – All businesses have been affected during this time, which can lead to more meaningful and honest communication and to collective support towards common goals. What is needed for and from your clients, partners and suppliers that will result in greater dividends for all?
Honest dialogue also means the opportunity to gain useful intelligence to help inform your business plans.
Business analysis is crucial – what elements of the business have suffered more acutely and therefore need adapting? Where are your weak points and areas for opportunity? Now is the time to consider any change and transformation to the business - rather than change being unduly disruptive to a business it’s crucial to adapt during challenging times in order to survive.
Investment in the future – this should be focussed on maximum impact for minimal costs. Effective business analysis should highlight what is feasible and what is important.
3 tips for successful recovery planning:
- Keep costs low
It won’t benefit any business to become risk averse to the point of paralysis, however if 2020 has taught us anything it’s to prepare for the unexpected. This means applying caution when it comes to business spend. Combine effective business analysis with risk assessment to understand what can feasibly be achieved.
- Remain agile
Not just financially, as per the above, but agility should be the goal for all aspects of your business. Having a flexible business that can easily adapt will be of benefit in stable times as well as times of crisis. It will make your business healthier, more responsive and more dynamic.
- Only resource for what you need
Being too cautious means businesses won’t recover at all. You will need to invest in specific projects, headcount, growth plans, tech etc - the key will be to do so as leanly as possible. Assess what’s needed to help you grow and don’t deploy more resources than is absolutely necessary.
Interim management can be a great way to ensure you cover all bases. Interim managers are a cost-effective way of deploying senior-level insight and manpower for a finite amount of time, removing the ongoing operational costs of permanent employees.
Furthermore, interim managers are themselves incredibly agile and adaptable, utilised in moments of critical business need and often working in high pressured situations. As businesses increasingly use the lessons of this tumultuous times to assess their business needs and plan transformation projects as appropriate, the greater the need for interim managers who can steer them through such changes.
Oakwood Resources can help to accelerate your business requirements by sourcing interim managers who are assessed based on their skills and experience and who can work alongside you to deliver successful outcomes for your business operational needs.