May 11th, 2020

Time to re-strategize during economic uncertainty

WOW! Did that really just happen??

Using our wildest imaginations, no one would’ve ever thought in a matter of days the US economy would be shut down coast-to-coast for weeks on end! The recent unprecedented global disruption has left a lot of confusion in its wake about what to do next as businesses begin the reopening process.

Where are you now?

In the current whirlwind of uncertainty, now is an excellent time to take a step back to look at the big picture … and to take a deep breath. While it’s true we’re navigating uncharted economic challenges, at the same time there are tremendous opportunities. All you need is an open mind and a willingness to make strategic decisions so your business is positioned to take advantage of the awakening marketplace.

Take time to figure out where you are now and develop an updated plan. Remember to include all parts of your business — materials control, production, logistics, administrative processes, marketing, and so on. What are your sales expectations? Use a range of best case where the economic floodgates open to worse case where activity is a trickle for a while. Between those two is likely a best guess.

Have you checked in?

While you’re developing your recovery strategy, be sure to include input from your teams. Find out from them how improvements can be made or at least where they’re needed. Checking in with your third-party partners is also a good idea so you know their status and their vision for the near future and the next quarter beyond.

Has your customer changed?

Do your customers want the same products or services now that they did before and delivered in the same way? Are you able to pivot so you continue to be a top-tier choice? Do you need to change your communication channels or marketing strategy? Ultimately, you need to know who your customers are, what they want, and how to reach them.

How has the marketplace evolved?

A grim reality is that not all businesses will survive. And for those that do, the marketplace landscape has undoubtedly changed. Be sure to keep informed about trends in key vertical markets, consumer behavior, and emerging technologies.

What else did we learn?

This is also an excellent time for reflection. Collectively, we learned that dramatic change can happen very quickly. We learned the importance of contingency planning, adaptability, and being determined to power through. And we also learned the people we work with are much more “family” than we thought.