Over the past few weeks we’ve published a number of COVID-19 related blogs to assist our readers in navigating the new and emerging business landscape.
Like most people, we didn’t see the new coronavirus coming, so the blogs and resources we’ve shared have been a result of pretty ‘on the fly’ thinking about how we could best support you.
This week we’ve consolidated those resources into a presentation format to show you how they tie in together and can be used in your business.
This presentation will grow and change as we respond to the changing business landscape and develop new resources, so we suggest you revisit it from time to time.
Adapting your business
There are no direct comparisons in this situation, but for many involved in the recent bushfires there are some similarities in the phases of tension, anxiety, uncertainty, hardship and change that such an event can force upon you without warning.
However, one further reality of the COVID-19 initiated crisis, and flow-on impacts, is that we will all be impacted by these events. Some more than others right now, however there will not be an industry, or sector, or business that misses out in some way.
So that’s where the analogy with the bushfires ends; this global event is indiscriminate and all-pervading. Some in business will fare better or worse than others, but all of us need to heed and take account of the new reality of the economic and social climate post COVID-19.
So, what to do in a circumstance like this?
Working through the phases
Following the trigger/initial impact stage, where the world seems to be falling apart around you, three phases of activity will typically follow: survival, protection and emergence.
If you want to stand a chance of getting out of crisis mode and through to the other side, intact and ready for a viable future, you need to explicitly understand each phase and work your business, strategies and decisions within their constraints and conditions.
In business – whether a small player, mid-cap firm or corporate, and no matter the sector – your ability to navigate the current uncertain situation will most likely be ‘make or break’ for the prosperity of your business in the coming months, and more importantly for many years ahead.
Our approach, outlined above, is designed to reduce risk and incrementally focus on the key aspects of your business that will contribute to its vital signs – from survival through to emergence into a new, changed operating environment.
This new environment will have risks and challenges, but it may also present significant opportunities for those who do the planning now and are ready to act in a deliberate and considered way when those opportunities arise.
If you would like some support, sounding board advice or external independent advice, analysis and facilitation help to work through any of these difficult issues, please contact the JPAbusiness team on 02 6360 0360 or 02 9893 1803, for a confidential, obligation-free discussion.
James Price has over 30 years' experience in providing strategic, commercial and financial advice to Australian and international business clients. James' blogs provide business advice for aspiring and current small to mid-sized business owners, operators and managers.