“The most important thing now is to act,” Natalia Kalinkina, СEO INDAX
Today, Lewis Carroll’s statement is more relevant than ever: “Now, here, you see, it takes all the running you can do, to keep in the same place. If you want to get somewhere else, you must run at least twice as fast as that!” It’s not enough for any company to reduce costs, change distribution channels, or go online. Also, the worst strategy today will be to “wait” and postpone the development and scaling of the company for later.
We in the production accelerator INDAX work a lot with manufacturers in Ukraine. Some of them chose the waiting position, and some — began to work three times more. Given the theory of probability, success is sure to be achieved by those who are already acting today.
It’s important to be flexible even in production where it seems too complicated. Giant companies, such as provider Apple, with complex processes and stages of production, were able to reconfigure their production lines and produce protective masks. So why are other businesses unable to change their own vector?
It is often said that a crisis is a time of opportunity. All this is due to the fact that the old opportunities no longer exist, it will not work as before, consumer demand is changing, past plans are no longer working. It is a time for a change, a time for development, and new ideas.
Where to start?
- New strategy
It may seem strange, but you need to turn off the phone for at least 24 hours and consciously accept that you are not able to change the situation, but just able to look for new opportunities. It will definitely not work as before. Analyze the current state of the business, select the vectors of development, and start implementation. What is always done is better than perfectly thought out — but not embodied
- Team and trust
Uncertainty creates rumors and chaos. Talk to the team first — your openness is extremely important today. The team must have a clear understanding of the situation and the problems it needs to address. If you cut staff and salaries, it is difficult for both you and the team. Your employees should be sure that together you try to do everything to save the business and each participant in the process of its formation.
- Partners, customers, and competitors
It is important to understand that we are all part of the economy. And only mutual assistance and support can level the situation today. Arrange with suppliers to defer payment for raw materials, help a competitor to produce products, and deliver them to the end consumer, give your customers a discount or defer payment. Today, the win-win strategy works more powerfully than ever.
- Tactical goals
Meet with the team for at least an hour every day, inform them about the tasks and problems to be worked with. Your team will be able to provide you with quality and timely assistance. Strategies need to be reviewed for the next 6 months, and tactical goals should be set every Monday.
Key aspect: generate conversion ideas with the team. They will not always be real, but sooner or later you and your team will find a solution.
Although planning may seem absurd today, planning is vital. The plan can always be changed if there is something to change. Plan your budget, product range and volume, additional costs, and more. Once the hypotheses have been tested and a new strategy has crystallized, you can confidently prepare the project for investment and scaling. And remember, the most important thing now is to act.