In mid-April we published an infographic detailing our expectations around the business activities we would all need to engage in following the initial impact of the COVID-19 crisis.
The three phases of activity we expected to follow the initial impact were: survival, protection and emergence.
Our take was that 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.
For most of our clients and other businesses, with the exception of those significantly impacted by the ‘Stage 4’ lockdown announced this week for metropolitan Melbourne, we’re currently in the ‘protection' phase of our predicted timeline. We thought this might be a useful time to publish a reminder of what we believe businesses should be considering at this time.
The infographic below includes links to resources we’ve created to help you work through this 'protection' phase.
Plan now and reduce risk
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.
While not wanting to be overly pessimistic, what’s happening in Victoria is not just 'over the border and out of sight' for businesses in other states. It will have an impact on economies and sectors nationwide, even if the COVID-19 spread is largely contained to Victoria.
Our approach 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.
While the COVID-19 second wave impacts and threats are affecting some states more than others – as well as our international trading partners – we all need to ensure a vigilant and ‘circular’ mindset of continuous observation, active learning, reassessment and action.
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 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.