Due to the pandemic and resulting economic meltdown, businesses are facing an unparalleled assault on their ability to stay viable. While these are anxious and unprecedented times, business leaders must focus their energy on addressing the acute issues that will impede their ability to stay in business. Now is not the time for perfection, but it is the time for clear, focused thinking, about decisive actions to drive immediate results.
To help leadership groups successfully navigate through this situation, Hewat Strategic Edge has created a guide, “Build a Short-Term Plan for Business Survival”. It is a step-by-step process that arranges all of your ideas in one place. It provides a set of critical questions for you to consider, helps you
recognize the impact various choices could have on possible outcomes and leads to the identification of those actions you need to take urgently.
Strategic Framework Program for Associations
The seven questions are set within three areas: Current Financial State; Revenue Considerations; and Cost Considerations.
Quantifying the Financial Gap – Current Financial State
Question 1 – What is the Current Financial Gap?
A realistic appraisal of our expected revenues and costs in each of the next six months?
Bridging the Gap – Revenue Considerations
Question 2 – What Products/Services delivered to what Customer Segments are a priority?
Opportunities to maximize short-term profitability.
Question 3 – What Channels are an immediate priority?
Reaching priority customers to drive immediate results.
Question 4 – Which types of our customer relationships need urgent attention?
Focus on those relationships which can quickly boost customer acquisition, customer retention and sales.
Bridging the Gap – Cost Considerations
Question 5 – What cost reductions can be obtained from current Key Activities?
Reduce non-core Key Activities with the aim of finding short-term cost reductions.
Question 6 – What other Key Resources require immediate acquisition or elimination?
Decide which Key Resources can be scaled back, or additional ones needed, to address our challenge.
Question 7 – What Key Partners do we need to acquire, eliminate, or modify?
Review our current partnerships, or the need to create new ones to navigate quickly to greater profitability?
The answers to these seven questions enable us to create four useful products: A Six-Month Financial Target; A First-Month Action Plan; A Five-Month Action List; and A Six-Month Cost Reduction Forecast.
This free resource is our contribution towards helping business leaders successfully navigate through a time of great upheaval. To download a free copy of the guide go to hewatstrategic.com/SurvivalPlan.