Embracing the tools of change to master change | Steve Sammartino | Resilience
Business resilience in the time of COVID-19.
At ICMI we are fortunate to have Australia’s best business thinkers in our stable. Our speakers are experts in change management, dealing with disruption and guiding businesses through uncharted waters.
The current health crisis presents several challenges in both protecting our staff’s health today, and protecting their income tomorrow as business realities set in. With this in mind, we’ve asked our speakers to share their insights on how businesses can ride the shockwave and minimise the impact.
About the Author:
Futurist, tech entrepreneur and growth hacker, Steve Sammartino shares his insights on what tools big business must learn to embrace to strengthen their organisations in this time of disruption.
Here’s what he had to say:
Embracing the tools of change to master change
For me this is a time to for businesses to finally act on embracing emerging technology. Often, it’s the stuff we know we should’ve done some time ago.
Working remotely: Help staff manage the transition to remote work as it becomes a reality. While we need to embrace the digital tools available so that work can continue to get done, we should remember that this will be a first for many staff. They’ll need to stay connected and feel support even if from afar. The biggest challenge will be coping with the emotional shift. The good news is that the current necessity will become an asset later, with a more flexible team tomorrow.
Cross-train your staff: Take this as a moment to remember that flexible workforces adapt better to situations where people need to gap fill.
Over communicate: This situation is changing minute by minute. Ensure customers are aware early and often of the challenges this situation will present to your business and how it affects them. Set up an internal information hub with frequent team conference calls so staff can be fully up to date with your company and industry situation.
Understand supply chain: In shocks like this it’s not the immediate impact of workers being available and on hand, it’s how those who supply your business and buy from you are affected. There will often be a lag effect. Think through your supply chain and revenue sources – how would you set up a contingency plan for the next pandemic?
Ecommerce: While we may need to work remotely, we may also need to generate revenue remotely. If your ecommerce strategy isn’t up to scratch, now is the time to review your capability for tomorrow.
The planning cycle: If people are isolated, then use down time to start the planning cycle early to free up resources when the economy is back at full speed – this situation might be best handled by changing the time of year when different things get done.
Cashflow challenges: Get ready for cashflow challenges now. Assess the impending impact and work with staff to manage their hours to minimise longer term impact later.
This article is part of our blog series on business resilience.