The Pandemic is a humanity issue first and foremost. It will have devastating consequences on businesses, but when a deadly virus infects and kills millions of humans, it is a humanity issue. And it needs to be addressed on a global scale, and vital solutions have to be shared. I had a friend who could not say goodbye to his dying father in the hospital, because of Coronavirus. He said it was the most painful experience of his life.
A vaccine may never be found. I hope I am wrong on this one. If not, then remote work, online sales, virtual meetings will be a fact of life. Office Real estate will be sold off and an investment in IT will be a priority. Can you afford to have your New E-commerce platform crash now?
Sales will be done virtually now with online Sales Specialists making real time connections with clients.
Cash is supreme.
Decentralization is essential.
Referenced From the Book – The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success
Cash and capital allocation are crucial now, and the most successful CEO’s run their operations efficiently and deploy the cash generated by those operations. Focusing on managing operations is crucial but secondary.
Organize decentralization with wafer-thin corporate staff at headquarters and operational responsibility and authority concentrated in the general managers of the business units is essential “Hire the best people you can, leave them alone and keep costs, fighting and turmoil down”.
Resource allocation does not mean stop investing in projects. Projects, such as Digital Transformation require investment now more than ever. Digital Transformation as well as creating your online platforms (e.g., Google, Amazon, and Facebook) will significantly influence your relationship with clients and their buying habits. Your Digital transformation is a journey to re-invent your business.
Right now, is the time to start planning the future, and the companies that convert to a Digital future will be connecting quicker with employees, clients, and suppliers. Creating your amazing digital environment and connecting the entire company will promote cost effectiveness, data optimization, automation, mobility, lighting response, and flexibility, with decisions built on facts and trust.
Terry Vermeylen is President of Terry Vermeylen Enterprises and owns Worldclasssupplychain.com
Terry@worldclasssupplychain.com