How does business recover from CV19? – What they are saying

A common theme I am reading for any business trying to phoenix back from corona virus is the relationship between the business leaders/owners and the staff. Many are saying the future for companies will be based on the trust between the employer and the employees. It will be this trust that will enable companies to source knowledge and ideas that will either differentiate them from their competitors or allow the company to improve its ROE (return on effort). Having a few good ideas will no longer cut it as many of these will be based on pre-covid-19 virus (CV19) models. Ideas will need to be uninhibited, dynamic and rapid. The “I know best” attitude will become the antithesis to gaining ground after the CV19 period, it will probably even be before that.

Another theme is to use this change in business dynamics and market to take or even make your own opportunities. Business will not be the same as it was, for a multitude of reasons, so waiting to see what happens will be a bad decision> some businesses are now in survival mode, they are in their death throws and there may be nothing they can do if they stay the same. It will not be a case of jumping on the band wagon and make masks, or hand sanitiser. Yes, they were good ideas at the time but after CV19 is gone something else needs to take its place.

And many are talking of the change in relationships, people will begin to be more aware of others, to help and to care what happens in their community (at least a lot more than before CV19). There is also a lot of conversations at all levels – including Govt – about the need to acknowledge those who actually carry and hold up the economic and social world we live in, the nurses, the teachers, the supply chain people as well as the emergency service personnel – all those who have been typically paid the least. It behoves humanity to look after all those who add so much value for so little compensation.

More, very valid and informative information and articles have been written. I have found the following great, some have been enlightening:

After coronavirus: ‘We can’t go back to business as usual’  https://www.theguardian.com/money/2020/apr/04/coronavirus-business-finance-work-property

Why companies need a role-based model in the Covid-19 paradigm
https://economictimes.indiatimes.com/jobs/why-companies-need-a-role-based-model-in-the-covid-19-paradigm/articleshow/75139253.cms

How To Reinvent Your Business To Thrive After The Coronavirus https://www.forbes.com/sites/tedladd/2020/03/26/how-to-reinvent-your-business-to-thrive-after-corona/#6b0675e043e2

How the Coronavirus Is Already Rewriting the Future of Business
https://hbswk.hbs.edu/item/how-the-coronavirus-is-already-rewriting-the-future-of-business

COVID-19: Implications for business
 https://www.mckinsey.com/business-functions/risk/our-insights/covid-19-implications-for-business

Coronavirus: your guide to winners and losers in the business world
https://theconversation.com/coronavirus-your-guide-to-winners-and-losers-in-the-business-world-134205

Finding the Hidden Business Opportunities Around the Coronavirus Pandemic
https://www.inc.com/david-finkel/finding-hidden-business-opportunities-around-coronavirus-pandemic.html

Missing opportunities?

It is always interesting and sometimes surprising to find the number and quality of opportunities to be found in companies that continue to go unnoticed. I suppose a large part of being able to see opportunities is to see things with different eyes (or glasses). I have found that people that are new to a company are a great resource that is often not tapped into.

These people whether new employees, contractors or consultants – or even for that matter, visitors, will often ask some basic questions or have ideas that seem “silly” or not realistic. But it is just these questions and ideas that should be recorded and reviewed, before an arbitrary answer is given, such as “It’s just not possible, you don’t understand our industry/market/equipment/culture/etc,”

Seeing issues and other opportunities without the incumbrance of “history” gives weight to the benefit of these ideas. If effort is taken to turn these ideas into reality, or find the final reason why they won’t work will put your company ahead of the competition, they too – more than likely – will have the same blind spots or issues. Does your company have a full and clear induction program for new employees? I don’t mean those that state “this is where you sit and these are the OH&S practices we follow”, but one that covers all their requirements as well as asking them to document after one week and again after one month what they see as issues or opportunities. In fact, it may also be to your benefit to ask visitors the same thing!

Don’t be caught out, don’t let your competitors get the jump on you. Working on these, often, obvious questions will put you in the position of being forced to review the situation actively. Use the “5x why” method (drill down 5 times, don’t just ask 5 questions at the same level.) Yes, it is agreed, everyone has an opinion but learn how to manage these and put them to good use – plus the fact that just by listening you encourage other ideas (and respect). It becomes a win win for all.

Cheers Mark