COVID-19 as a trigger for strategic change - Succession Plus

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COVID-19 as a trigger for strategic change


COVID-19 as a trigger for strategic change

By , March 31, 2020

Sometimes you need a trigger to force change.

After twelve years of consulting, it is quite interesting to see the many common problems that affect companies across all industries, be those companies small or large. Of course, there are differences and nuances in each company but there is a red line that runs through the problems of the majority of companies that I have dealt with over these twelve years.

The situation we now find ourselves in has exacerbated all of these problems of lack of productivity, no or inefficient systems and operations, poor sales and marketing, and in many cases low profitability. In such a short time the knock-on effect of the Coronavirus has and will continue to plague many companies, and, like the Virus itself where a company isn’t as fit as it should be, the curtailing of commerce and the structures placed by the Government will cause some to fail.

Most companies do not have clearly defined goals or outcomes, which means they can’t develop a strategy. We are for the time being in circumstances that will require most, if not all businesses, to have a very clear understanding of how they can adapt to the restrictions that have been applied because of the Coronavirus and then a strategy to implement to achieve those goals that they set themselves to survive.

In many cases, survival will be the main goal and in others, it will be not only survival but also an attitude of adaption, change, and flexibility. It is not always easy to be adaptive and flexible as we are often bound by our history and past experience. However, this is a time of revolution and we must adapt accordingly.

Change by evolution is the preferred way for us all, however, in times such as these and with the prediction that they could last for at least six months and perhaps a year, it will mean a completely different business environment that we must all adapt to and do so successfully. This may mean a revolutionary approach must be taken. Change is always difficult and at the moment we don’t have time to spare.

Our role at Succession Plus is to work with our clients to make a plan and make changes to meet their goals. We have the tools to asses the business and define the issues, we have the experience within our Advisers to partner with you to find solutions, implement them while mentoring the Team to change and adapt.

Call us and chat to one of our advisers about how we could work together to ensure your future.

"Change is always difficult and at the moment we don’t have time to spare."

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Vic Dorsen

Vic Dorsen

Partner - New South Wales

Vic has had the opportunity to work locally and internationally with many organisations in order to help them build, transform and increase growth and profitability. He passionately believes that to get the best from all within a company, one must be able to articulate the goals and explain what each person’s responsibilities are and what they need to do to achieve those goals. This means to support, coach, encourage, mentor and reward them. The end result is a stronger company with improved profits now and a greater future value.

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