<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=349935452247528&amp;ev=PageView&amp;noscript=1">
Search
word-map-thumb

The Alternative Board Blog

Tips on Pivoting for the Eventual Business Re-Open

Dec. 15, 2020 | Posted by The Alternative Board
Reopening Businesses

While it may seem hard to be optimistic about the business landscape, inevitably things will improve, and businesses will re-open. For this to succeed on an individual basis, most companies will need to review and reassess their current business plan. (Many companies may have done this already, tossing out rosy plans for 2020 expansion first put together in 2019.)

Carrying through on this review and reassessment means approaching what you have in place with an open mind and a willingness to think (and act) outside the box.

Here are factors to keep in mind if and when you decide to give your business plan a fresh look:

Why a Business Continuity Plan is Vital

As we have noted elsewhere, there are compelling reasons to have a documented business continuity plan (BCP) in place. These reasons include (a) enhanced operational efficiency, for a clearer understanding of how operations work now; and (b) the need to build trust by letting the public know you have a BCP ready for the eventual reopening.

While it’s impossible to foresee every potentially calamitous effect (i.e., a global pandemic few of us saw coming), businesses must have some recovery plan to go into effect at the right time.

Want additional insight? Read 9 Steps to Safeguard Your Business to learn more

DOWNLOAD

Preparing to Pivot

Basic elements that factor into any plan to pivot your business include:

  • Retaining functions and operations that still work
  • Improving communications with key constituencies (your workforce, suppliers, customers)
  • Identifying areas where cost-cutting makes sense

As we noted back in March, “Business and uncertainty never make for a good mix, but like it or not, uncertainty is where we are at this time.”

Strategies to Consider

Redirecting your business plan can encompass a variety of strategies. For example, as Forbes notes, “if you previously relied on foot traffic to a brick-and-mortar location for sales,” it could be time to “look at a digital expansion to accommodate the higher numbers of people” shopping from home.”

Other strategies to consider:

  • Expansion of capacity to offer products or services remotely
  • Identifying a customer need that’s been disregarded over time
  • Reduction or renegotiation of fixed expenses

Businesses need to “strategize, communicate, and act with compassion,” notes The Economic Times. This may well require “a revision of sales revenue goals and product timelines along with a new operating plan.”

Explore a “relaunch map.”

McKinsey & Company suggests businesses contemplate a “relaunch map” that will “guide production, supply chain, and marketing and sales efforts, and help determine a recovery timeline for each site.” They offer the following actions to take:

  • Development of a baseline reopening scenario (with plausible alternatives)
  • Discontinuing business practices that lack efficiency, stifle revenue growth or otherwise fail to impact operating costs
  • Reassessing staffing needs and numbers
  • Diversifying into new types of products and/or service offerings

When the time comes, what will the “new normal” look like? While many of our prevailing assumptions about business operations have been tossed aside by the COVID-19 outbreak, businesses will still need to “define a solid framework for action in a highly volatile environment.”

TAB offers members and visitors to our website a vast array of COVID-19 resources—from workplace readiness and managing risk to leadership guides and preparing for the rebound. Check out our “COVID-19 Resource Center” today!

Read our 19 Reasons You Need a Business Owner Advisory Board

DOWNLOAD

Written by The Alternative Board

Related posts

8 Business Lessons From TAB Members
Sep. 29, 2021 | Posted by The Alternative Board
Business lessons learned from the real world are far more valuable than those learned in school. As a result of the pandemic, we have learned more in the past year than at any other time. Faced with...
Part Two: Benefits of a Peer Advisory Board: Board Members Tell All
Sep. 7, 2021 | Posted by Phil Spensieri
In Part One of Benefits of a Peer Advisory Board: Board Members Tell All, you learned a little bit about what it was like to be a TAB member, from the time commitment it takes to the many reasons why...
How to Reduce Organizational Complexity and Boost Productivity
Sep. 2, 2021 | Posted by The Alternative Board
  As in our daily lives, the world of business has grown a great deal more complex in recent times. Generally speaking, every organization finds itself challenged by innovations in technology,...
Why Your Business Needs Standard Operating Procedures
Aug. 26, 2021 | Posted by The Alternative Board
Running a business is a costly, time-intensive process. Costs and time can grow exponentially if an organization lacks a system whereby products are made, or services rendered in a consistent manner....
5 Ways To Tell When Your Business Needs a System Overhaul
Aug. 17, 2021 | Posted by The Alternative Board
We all know that businesses need to accomplish many tasks each day for their companies to function. And they need to complete those tasks efficiently, smoothly, and quickly to thrive. As an...
Part One: Benefits of a Peer Advisory Board: Board Members Tell All
Aug. 9, 2021 | Posted by Phil Spensieri
Over the last 15 years, I have dedicated my professional career to helping business owners design and implement strategies with sound, reachable growth and profitability goals. I have worked with...
3 Ways to Successfully Transition Your Business To New Owners
Aug. 5, 2021 | Posted by The Alternative Board
Transitioning your business is one of the most critical and life-changing decisions you'll make as a business owner. If you handle the process well, you will be helping not only yourself, your team,...
Tips on Grooming Your Business Successor
Aug. 2, 2021 | Posted by The Alternative Board
It may not seem possible now, but the day will come when you no longer run your business (either as a CEO or business owner). Recognizing this inevitability is the first step towards selecting and...
What to Tell Your Employees When Selling the Business
Jul. 29, 2021 | Posted by The Alternative Board
Selling a business is often a complicated process. One complicating factor for any CEO or business owner is determining what to tell employees about the pending sale, as well as when and how much....
When It’s Time To Sell Your Business
Jul. 15, 2021 | Posted by The Alternative Board
After all the hard work that goes into starting and maintaining a business, deciding years later to sell that business can be among the biggest challenges in a CEO or business owner’s career. You’re...