Getting Back to Work (4/17)
This unique time allows us the luxury of viewing our organizations in the core delivery stage. It provides an important window into your operation. When circumstances forces us to strip down our delivery models, we get a chance to test market truths. IP encourages our partners not to get stuck in survival mode, but rather use this moment to test models that help you ensure that you are providing the best outcomes in the most effective way. Here are 5 initial steps you can take to position for the ramp-up that you normally may not make time to focus on:
Stability Check - Your teams are nervous. The question you need to be able to answer is, "Should they be?" One way to provide immediate assurance that your organization is safe is through the implementation of safe, systematic, and rapid testing in the workplace to alleviate any fears that your teams may have about returning to work. Read more here. Beyond providing confidence in the health of your employees, organizations will need to lead their teams through structure and decisive action. This starts internally, and response planning, exit strategy, and relaunch action plans all require a real effort right now. When we help clients, Intelligent Partnerships focuses on directional measurement: structure your plan based on the outcome you want to achieve, evaluate it against where you are today, and created the step-by-step process to transition to the new state. Once you have outlined your plan, you need to communicate it. Sharing your vision creates trust, and that's what engenders confidence.
Transparency Check - This is no time to be a one-person show. Bringing your team into the process builds credibility, gives them ownership, and allows you to create accountability. In addition to reducing your level of effort, delegating work efforts gives you additional insight into what is working or not working. As you test market response to a more streamlined delivery model, getting feedback from the people who deliver it provides real value towards future planning.
Liquidity Check - Emergencies force us to make real decisions about financial priorities. Use of cash is often only reviewed when times get tight, since that is where we are evaluating your cash position against your business model is mandatory. It is not just about payroll; do you have cash and credit access to meet re-engagement requirements? Considering that the new normal means less people in your existing space (you may need more square footage or adopt a work-at-home long-term, if that is working for your organization). Here is a tool from the Federal Reserve that will help you understand the cost of cash access as you make financial decisions.
Insurance Check - Chances are that you didn't have pandemic coverage or maybe your employees didn't have medical coverage. It is a good time to evaluate all of your insurance needs, benefit structures, and coverages, as Force Majeure won't always be an available option in your contracts. According to Hartford Insurance, your review should include (a) Business Interruption Coverage and (b) Workers' Compensation Coverage.
Planned Next Steps - At this point, we recommend a solid round of "If, Then Planning." This requires you to lay out scenarios and generate options that your organization can take once the time arrives. For example: IF we don't get stimulus support, THEN we will stagger crew schedules, create shared work opportunities, and utilize our credit line to support the short-term cash needs.
These are the initial organizing inventory steps we recommend as you begin the long journey back to full re-engagement. Take advantage of this time to answer the tough questions with solutions, and remember: we are here to help. More to follow.