Updated: Jul 15, 2020
The weather is warmer, the birds are nesting, the flowers are blooming, and the downtown Nashville construction continues. If you are just beginning to contemplate re-opening and you haven’t planned your strategy, you are behind many of your competitors. I can say this without reservation because we have been working with many companies to respond to changing business dynamics from the beginning of the shutdown.
As signs of life are appearing, the restrictions are lessening, there is pent up demand and investment money and plenty of pent up energy. Now it’s go time and it begins with a complete evaluation of your purpose, your priorities, your goals and objectives.
In this short period, significant changes in the demand for goods, services and delivery systems have surfaced. It isn’t starting over but starting in a new way. While it's tempting to just turn on the lights and get back to the normal rhythm, that is not what you need to do first.
Think about when you started your business. What problems were you solving and for whom? Has anything changed which redefine your purpose? If that answer is yes, then there is immediate work to do in addressing how to respond to the changes. Necessity is the mother of invention and the magnitude of disruptions during this crisis may have uncovered the need for new solutions. Any market advantage is at risk and speed of adjustment yields premium returns. Planning is critical and sets the stage for every following action.
With a plan, it is about the usual suspects:
People - Commit to have the best. Hire fewer people but pay them more and strive to surround yourself with experts and talent that can open new networks and lead new resources to your doorstep. To attract and retain the best, invest in great benefits ands build the kind of culture that attracts more people, more customers, more investors, more of everything you need to succeed.
Execution - Your plan has set out the critical priorities that become goals and objectives that is the focus of execution. As you execute, evaluate and use data to direct and reinforce your plan. Make sure your networks are adapted, your platforms are built to deliver and give you real-time information for decisions.
Cash management - Develop systems to manage and make allocation decisions. Track it everyday against expectations and be prepared to act fast to insure you retain adequate cash and access to cash to execute your strategy. Project and project some more and always evaluate the path forward to make sure you have the cash to execute.
We have invested significant hours advising clients during this crisis. We are not afraid to have tough conversations because we truly want to be part of the success story, not the distress story. We know how to assemble teams of experts who have traveled these difficult paths and can share survival stories. We commit to be in the game 100% and have the testimonials to support our assertion. This is what we are built for.
IT’S GO TIME!
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.