Post-Covid-19: Where does my organization go from here?
You don’t have to look far to see the impact of the COVID-19 pandemic on the workplace. The transformation of a huge portion of the U.S. workforce to working remotely occurred basically overnight. In addition, physical distancing will change work in the field. Truly, we accelerated workplace environment changes more in one week than in 5 years! The actions taken today by businesses in response to this national emergency will become a great foundation of experiences to build upon when we ask the questions: What will the future workplace look like? Where does my business go from here? It’s these challenging events that make us stronger. So what should you consider when the next phase of your organization?
Post-COVID-19 – What’s the next phase of your organization? Consider these steps.
Gap analysis – Develop a task force to look at all facets of your organization, to understand the limitations you faced during this period. Areas of emphasis are technology, communications, human resources, personnel and supply chain management. Use innovative techniques to draw this information from your employees. Their experiences and input during this period will provide a wealth of business intelligence. Don’t assume that you have the whole picture simply from your perception of the gaps, especially in a remote work environment.
Receivables – Reset the receivable cycle and the collection process. Look at what your true key performance indicators are now and going forward, compared to historically.
Inventory – What is your cash to cash conversation cycle? Coordination of receivables, payables and inventory will become more critical than profits, at least for the near future.
Supply chain – Be prepared for long-term supplier disruption. Address the possibility of shortages, and locate back-up suppliers.
Facilities – Create an alternative plan for operations. Prepare for facility closures and rerouting of operations.
Contracts – Look for contract provisions that were missing, helpful or unfavorable in these times, so you can adjust them in future contracts—to avoid any issues that occurred as a result of contract terms or omissions.
Derivatives – Derivatives used correctly can reduce multiple risks across your organization. Reevaluate your risk mitigation plans associated with your materials, interest rates, foreign currency, etc.
Now is the time transform your organization and shape it into the way you want it.
To achieve the changes necessary for your post-COVID-19 organization, it takes focus and management’s support. Listen to your team to get their insight on the future. Good luck, and stay strong! Schneider Downs’ Natural Resources and Construction advisory professionals are here to help with questions and to share our insights during this time of transition.
Please visit our Coronavirus resource page at schneiderdowns.com/our-thoughts-on/category/Coronavirus for related content.
