Covid-19 Crisis Management: Change on the Horizon
Let’s face it, 2020 has been a Mike Tyson smack in the face kind of year. Tyson, one of the great strategists of our time once espoused that “Everybody has a plan until they get punched in the face!”
Yes, this has been the type of year to tear up the business plan, turn off cruise control and grab ahold of the wheel. Not even Waze can find an alternative route. The best plan now is a crisis plan that focuses on cash retention to slow your burn rate and save as much as you can to fight another day.
But, let’s not get lulled into the “It’s gonna be a long slow recovery” anthem either. The fact is, we don’t know all the facts. What we do know is those who use this time to develop a strategy for 2021 will fare better than those who stumble blindly forward. The coming year will present many challenges and obstacles, but a well-conceived strategy will prepare you for sustainability and growth.
Let’s all put this blessing of time to productive use.
Let’s begin the process of re-imagining our business.
Let’s assess products and/or services in a new marketplace with new competitors and solutions.
Let’s review team members, customers, suppliers, lenders or investors to see how they align with the vision of our new business.
Let’s get into the what-ifs, why-woulds, how-cans and who-cans and the other critical questions that need answers.
Let’s get operations, finance, sales and marketing teams together and collectively meld ideas into an execution strategy.
Let’s make the plan nimble and flexible; a living plan that is responsive to new facts and information.
As devastating as 2020 has been, it has provided an opportunity to evaluate every facet of operations. We have been able to share our expertise in building crisis plans; help management assess various scenarios and impacts on cash management, debt covenants, profitability and margin contributions; track consumer behavioral changes; review contractual agreements and many other financial components. We have assisted customers in obtaining PPP funding to salvage employees. We have helped build stress tests for 2021 strategies to ensure success. In the process, we have deepened our knowledge of businesses and of each other as people.
We are energized by the prospects of 2021 and beyond and we hope you are too. We are here to help you navigate these troubled economic waters. Reach out today and see how we can partner with your company to build a better path going forward. Together we can! Together we will!
Larry Felts has over 40 years of professional service and has learned that his greatest satisfaction is derived from being part of the successes of family, friends and colleagues and clients. This has fostered a focus on building relationships, not just a book of business.
Being part of a firm where the focus is on the clients' success, is a true blessing. For those that seek a firm and a seasoned professionals to help you achieve your visions, The KF Group is ready to serve.