Strategy

Last Updated: 25th June 2020

For many businesses, the strategies they adopt over the next 1-12 months can impact their growth for the next 5 years. With volatility high, finding an effective path forward has become more complex than usual. Yet whilst threats too many businesses increase, so do opportunities.

Understand your context

Businesses during COVID-19 will move between three camps:

  • Those comparatively unaffected
  • Those still operating, but with serious challenges
  • Those unable to trade

An effective COVID-19 strategy will, therefore, vary greatly across the spectrum of industries affected.

For many businesses, there is still great hope. Reduced available work has left staff unproductive, yet with the government helping cover wages, this can present an opportunity to put latent human capital to work and undertake new initiatives that could net strong returns after social distancing requirements end. For other businesses, access to cheap money can enable them to capitalise on opportunities not normally available. Whilst for others, remote working situations can create political momentum to implement new technology or HR solutions that wouldn't have been possible otherwise.

Some basic Steps

To both navigate and capitalise on COVID-19 we suggest considering at least the following basic steps:

  • Triage: Identify known and unknown risks facing your business, and implement the best possible short term stop-gap measures. Act fast. Prioritise core operations.
  • Plan: Come up with the best possible plan to maximise the next 18 months and find some way of validating that plan before you get stuck into it.
  • Build: Get the plan ready for launch
  • Launch: Launch the plan

Tools & Resources

What this looks like for each business will vary greatly. It could be as simple as locking up shop and hibernating the business for 6 months, or as complex as using that time to launch a new subsidiary company into a completely new market. Whatever your plan, the strength of your strategy design and implementation will be crucial. To boost your ability to do this consider the following:

Hire Support

For those after more tailored and in depth support, why not chat to one of these quality Australian businesses and see if you think they could help your business at this time.

Pay it forward

Why not consider how you could lend your own experience to support a business leader or business through COVID-19. Your local council, state or federal member may be able to connect you with someone. Alternatively you can explore other ways of supporting others through the Get Involved page.

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This platform seeks to provide the best possible support to improve both the health and economic outcomes from the COVID-19 pandemic. All contributions are welcome to better serve this goal. Please don't hesitate to send through relevant info using the form below. Before submitting, please make sure to check the accuracy of any information against reliable data sources, journals and other relevant publications.

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