Right now, business recovery and continuity plan is the main thing in the minds of business leaders, in light of the recent pandemic and the subsequent economic crises. What the world is experiencing will undoubtedly be remembered as a historical evolution in the way we do business.
The challenging economic conditions and ongoing uncertainty is forcing leaders, stakeholders, and CEOs to work on developing recovery strategies. Leaders are now forced to take tough decisions like pulling in investments, making cuts, letting go of employees, and focusing on riding out the storm. However, the strategic leaders and CEOs are working on taking decisive actions and planning for a recovery mindset to ensure that when the pandemic ends, they’ll be stronger than they are today.
How to Develop a Recovery Plan for your Business
When you begin your journey toward recovery, a direct road map is the first tool you need. Work on developing a road map that targets growth and digital progress. Plan migration of your business operations to digital. Incorporate remote and agile work in your workflows to ensure attracting a broader pool of talent. Gather your data analysts, DevOps engineers and AI experts to launch analytics and artificial intelligence (AI) initiatives in your business operations. Only with combined efforts of leaders and teams, you can pave a successful road map for recovery.
Focus on Three Critical Actions: Reflect, Restart, and Revitalise
Once you have a road map in place you need to focus on three critical actions: Reflect, Restart, and Revitalize. Plan these actions to bridge the crisis response to a successful future by laying the foundation to thrive in the aftermath of the crisis. Reflect on what impacts your business, what you have learned, and who your competitors are. Then work on a fresh Restart by identifying immediate actions and steps for your business. Once all of that is in place, aim to Revitalise by targeting new opportunities and workforce digital upskilling.
Answer The Following Questions to Kickstart your Recovery
Planning organizational recovery is a work filled with uncertainty which involves tests as you go. However, with the help of corporate leaders and experts, we can draw knowledge from their experiences and failures to ensure a smooth road to recovery.
Here are a few questions CEOs should ask themselves to help prepare their businesses for the recovery when it finally comes.
- Do you have a clear road map to developing value?
Having a solid, direct and clear road map for the development of value is essential to recovery, if you don’t plan for your destination, you are just going to end up lost in the fray.
- How can you rethink your workforce strategy to ensure your people are ready for recovery?
As the economic crisis gains full momentum, CEOs and leaders will be forced to make some difficult decisions regarding their employees. Retaining talent may prove difficult as leaders are forced to implement salary cuts and lay-off employees. However, forward-thinking CEOs are taking this time as an opportunity to train and upskill. They are working on developing a talent road map to develop critical skills in their employees so they retain for future growth.
How can IDMA help in the process?
At IDMA, our mission is to enable business leaders to navigate the complex process of digital recovery to ensure that your business will safely get through this time of uncertainty and crisis. Our team of experts works on establishing a sound recovery plan with a solid digital strategy geared towards the betterment and recovery of your assets, employees, operations, and organization.
