If you think your business won't survive the coming months, it won't.

If you think there are opportunities to thrive, there are.

The difference? Preparation.

My research over the last few weeks and my experience of working with companies in the first lockdown show there are four areas to look at: budget, client journey, workforce management, and digital tools.

Recessions are a high-pressure experience but really are an exercise in change management. To navigate one successfully, a company needs to be flexible and ready to adjust. Let’s discuss each of the elements I mentioned.

Budget: don't cut them, reorganise them, introduce flex so that you can channel funds to where they are needed, when they are needed. Flexible budgets equal flexible operations, tactics and freedom to make fundamental shifts when needed.

Client journey: dig deep into what your clients want. I mean really want. What's their utopia from you and then do go there. Go big. Look at new markets, as changing consumer behaviour may present an opportunity to access a whole new client base previously beyond your reach.

Workforce management: when there is a change in service or product offering, the team also need to adjust and focus on other areas, on a change of role. When you reduce your workforce it damages morale for those that are left as they wait for the other shoe to drop. And it adds to their workloads and increases the chances of them taking time off because you have overloaded them. Plus it's darned expensive to hire and onboard staff when you need to expand. Instead, consider reducing to a 4-day week and adjusting salaries accordingly - you keep your skill set, staff keep their job, clients keep their supplier and everyone wins.

Digital Tools: invest in technology. Operations need not be kept going at maximum capacity, and if sales are slowing. This is the perfect time to get the team up to speed on a new system, or in an exercise to adapt processes.

The pandemic forced the most radical change management experience and saw many new companies emerge and some companies doing a complete 180.

It showed companies who made an investment in digital technology, analytics, and agile business practices were better able to understand the threat they faced and were able to respond more quickly. And taking their teams with them meant they were able to grow with a highly skilled and able team.

If you think your business won't survive the coming months, it won't.

But, if you think there are opportunities to thrive, there are.

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