Question

What are some ways that companies can be flexible during these abnormal times yet not make rash and quick decisions that could effect their company long-term?

Answer 1

​Here are some ways that companies can be flexible during these abnormal times yet not make rash & quick decision that could affect them in the long run - ​

• It is important for the firm to be flexible about cost reduction and not take immediate drastic measures. It will be great to check & assess the fixed and variables expenses.
• The assessment can help understand the finance status & helps managers, leaders and owners to plan the scenarios.
• It is important to review and check the feasibility of the current business model in place. The reassessment of the business helps to understand the revenue, cost part & helps maintain the cash flow.
• The new sales, collections, debtors, credits & possible bad debts should be well assessed.
• The firm should not rush with monthly survival and plan for the next 3 months, 6 months and 18 months as it is not aware of how long will the pandemic and its impact last.
• It becomes important to review the recruitment, travel, marketing and sales etc.

It is important for the firm to be patient during securing of investment & the capital source should be planned patiently & taking into consideration that it will have positive impact on the motivation of all team members at the firm.

Here are some other ways to make sure rash and quick decison are not made & flexibility is maintained -

• It is important to communicate honestly and transparent manner with customers & they can relate to the crisis & support the firm.
• The contracted parties should be followed up with frequent and healthy communication methods. The focus should be towards maintaining relationship & supporting each other.
• It is a good idea to make the salaries of high paid executives to have more courts as it can help retain the larger staff.
• Various methods must be adapted to support the retention but in some cases, the call should be taken offering adequate support to team members.
• It is important to keep the team engaged & involved in the process. Such a crisis helps the team to become stronger & learn from the process.
• The communication with various stakeholders should not be cut off and rather be we'll maintain. Be honest about the situation & also develop faith that the sustenance will happen.

The business location, business model, ways of running and managing teams, building virtual culture, evaluation of supply chain, having scenario & risk analysis are other ways to remain strong in the game.

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