5 Sets of Strategy Questions to Ask Yourself NOW

on
By now some of the flurry of necessary activity to mitigate the impact of Covid 19 disruption is behind you. There are weeks (months?) to go until some version of normalcy returns. The ProActive CEO is not satisfied to wait and see. After acknowledging and dealing with the truths of the current situation, the ProActive CEO starts planning for now and for the time after the crisis passes. Before the crisis passes.

Here are some questions to contemplate while you and your business are in this place between:

  1. Business Model - What has been the recent impact on my business model? Are there other models that can get me through this interim period? Are there changes that I may want to make now and maintain for the future? Will these changes better manage my risk, create a competitive advantage, or both?
  2. Customers - Who have been my core customers? Is there something that they particularly need right now? How can I help them? Are there new potential customers who need our products or services now?
  3. Team - Can I afford to keep them in place? If not, how will I determine who can stay on board during the toughest time? Who is so essential to the future success of my business that I need to prioritize keeping them active in the business? How can I help them stay whole so they are happy to return when this is over? What strategies will help the business operate effectively even if I have to make a reduction in staff?
  4. Supply Chain - Am I seeing disruption now, or do I anticipate disruption in my supply chain? Do I have a well-developed list of backup sources? How can I maintain good relationships with key vendors while I am financially strained?
  5. Markets and Trends - Disruption creates opportunity, so what patterns or market openings do I observe around me? Where do I expect to see growth? Where do I anticipate contraction or even elimination?

Comments

Post a Comment