After the first shock: A Recovery Plan for your business in 4 steps
Yesterday, Minds&More kicked off its first Mingle&More live session. By organizing a bi-weekly online webinar program, we want to ensure you make the right business decisions during this unstable COVID-19 period. For those who could not attend this first session, we are pleased to share the key takeaways, including a checklist of the right questions you should be asking yourself during 4 phases of recovery.
Don’t worry, we have plenty of other tips and topics to discuss in the coming weeks. So brace yourselves to attend the next live session about the best practice reactions on your website this Thursday, on the 9th of April.
Companies will need to be creative and be focused on how they will use their resources during the different steps of their recovery. From our point of view, there are four steps that a business will go through. The duration that a business stays per step will vary in function of the industry, the strength of their business model and resources they have. Some business may not recover. Some will thrive. Some will just survive.
RESPOND: Prioritize internal and external communications
It is fair to say that the first step to the recovery should be RESPOND as let’s face it, no one really prepared for the scale of this sanitary crisis. In times of uncertainty & confusion, it is primordial to formulate a crystal clear and aligned messaging framework towards internal communities & external stakeholders.
– Assess the current situation as best as possible and identify priority needs.
– Internal communications should include transparent safety guidelines, organizational changes, working conditions policies and interpersonal updates. We should provide our teams with clear answers.
– The role of Internal Communications should include to pre-align with management & stakeholders, but also centralize new insights & government updates within the organization.
– Is there a platform in place to centralize communications updates, such as an Intranet page, Yammer, or another one?
– In terms of major, acute impact on your business’ continuity, you might want to make use of an experienced Crisis Communications support to best respond from a Corporate standpoint.
– Identify other measures to put in place, especially in relation to your customer value proposition, your customers, your sales channels, your team. Follow our virtual Mingle&More live sessions on these topics.
STABILIZE: Anticipate customer network’s questions
In this step, a business will need to focus on activities that bring more stability, predictability and financial health to its business.
– External communications should be adapted to current conditions: you rather not just stick to the content calendar you made in less worry-minded times.
– Staying top of mind during remote times is now key.
– Reach out to customer networks in any case. Even though you wouldn’t have the answer to all their questions just yet, at this time they need a word of attention and a SPOC. Transparency on the next steps in the process will ease customers’ minds.
– Help your customers in the best way possible. They want a solution to their problem ASAP and will remember your help within this process.
– Evolve the commercial mix. Determine where to invest commercial resources
– Be alert to capture (potentially) positive customer value propositions & sales channels within your businesses’ reach.
RECOVER: actively rethink our customer value and offering
A business that has already accomplished the first two steps and able to stabilize can then logically progress to the stage of RECOVERY. In this step, a company will have as ambition to sustain its profitable situation and take its business growth to the next level.
– Time to start rethinking revenue streams before redirecting MarCom and commercial efforts. How can we innovate in reaction to his new reality? What projects are within our reach to start up immediately?
– What is the value our customers are currently looking for? The Value Proposition Canvas of Strategyzer is a great tool to facilitate this reflection/exercise.
– What target audiences can we best address given current circumstances, and through which Sales & Marketing channels?
– How do we re-allocate our business resources in this new direction? How do we temporarily re-organize teams?
– What would digital transformation mean for our business, and how feasible is it for our current organization?
– Which are the metrics & KPI’s to keep track of change plans we decided upon in this stage?
PREPARE: MT & LT future
Next, you should think through the different future scenarios that can happen and focus on how they could be organized in the best way possible. Is this new reality here to stay for your business?
A fox is not caught twice in the same snare.
– How can we prepare best in case such extreme, unexpected conditions occur again? Did we centralize the learnings from this crisis?
– What processes should be redefined, and did we formalize a Business Continuity plan?
– Risk Management Committees in place?
How can we help you:
Minds&More boosts your business growth with flexible and pragmatic services in different formats: Consulting, Interim management, Digital Marketing & in-company training.
Minds&More has a track record of providing best-in-class advice in Communications (both internal, external & crisis communications), Change & Project Management, Innovation Ideation, Customer Value Proposition tracks and other domains. Check out our full services offering here.
For any doubt or question, please feel free to contact us right away through this form.
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