The future is coming and companies need to be ready. While no one can fully predict the new normal, a corporate recovery plan is the best way to rally a workforce and streamline operations as a company emerges from the crisis. The team of operations experts and business strategists at professional services firm RKL LLP explain that a recovery plan helps organizations move from short-term survival mode into longer-term sustainability. Corporate recovery planning benefits overall company performance in a number of ways, including serving as a beacon of hope and security for employees and providing a structure for efficient and effective decision-making.
RKL consultants share 10 considerations for owners and executives as they develop their corporate recovery plans:
- Target to have a plan ready within weeks of reading this.
- Accept that the plan will not be perfect or complete.
- Keep a strategic mindset while identifying short- and medium-term tactical actions.
- Identify ways in which practices put in place over the past few weeks be expanded or modified.
- Take a fresh, critical look at the supply chain.
- Consider adopting zero-based budgeting after the first round of expense reductions.
- Perform a deeper analysis on cash flow by doing scenario planning on your customer base and markets to identify weaknesses and opportunities.
- Evaluate past levels of efficiency and identify process and technology improvements that can be accelerated to meet customer demand with a lower staffing complement.
- Conduct an objective company-wide assessment of performance to identify drivers of revenue and cost and underperforming areas.
- Develop marketing messages and sales plans that align to the plan.
When it comes to executing a recovery plan, a few key factors are critical to its success: accountability, communication, flexibility, and recognition. Make sure set expectations and hold team embers accountable for carrying out tasks or overseeing parts of the plan. Remain in regular communication with the plan task force to quickly identify issues and maintain momentum. Remember, the plan is a living, breathing document and it is important to adapt as needed based on feedback and changing circumstances. Finally, take the time to acknowledge milestones and celebrate succession. It has been a long few months and everyone could use some wins.
RKL’s strategic advisors facilitate sessions with owners and leadership teams and helps clients execute on their plans and improve performance. Ready to create or revisit your organization’s recovery plan? Contact Practice Leader Bob Pozesky at email@example.com to start the conversation.