We recently distributed a survey to better understand the impacts and setbacks that Covid-19 has created for varying businesses. As a result, we have identified where organizations are currently situated as it relates to the five stages of recovery: React, Assess, Stabilize, Recover, Reimagine.
More than half of the respondents are currently situated in the Stabilization stage.
More than half of respondents believe it will be anywhere from 4-12 weeks to transition to the next stage of recovery.
Primary concerns identified:
1) Economic impacts
2) Managing employees & clients
3) Long term impacts on businesses
There is more to our current situation than simply damage control. Amid the chaos there are opportunities for improvement, growth, and transformation that we were unable to see before.
As you move through the stages of disaster recovery at your own pace, consider some of these potential strategic actions to strengthen and improve the health of your organization:
1) Sell a business/product line to generate cash
2) Change your product roadmap in response to market changes
3) Consider a merger to leverage cost-sharing and grow revenue
4) Consider an acquisition to expand and grow your market reach
In addition to these strategic actions, here are a few resources that we’ve been finding helpful both internally and with our clients:
Employer Programs. A summary of the programs available from the federal and provincial governments to support financial security
Employee & Individual Programs. A summary of the programs available from the federal and provincial governments to support financial security
Business assessment. A secure online tool to uncover the key drivers of your business, identify gaps and provide an estimated valuation.
The results from this survey were also shared and discussed during the webinar for Ottawa Board of Trade delivered by Stratford’s CEO Advisory team. In the video below you can learn more about the 5 Stages of Disaster Recovery and how better prepare for “what’s next”.
We understand everyone has unique challenges they’re facing during each stage of the recovery process. Therefore, we are here and ready to meet you where you are right now to help you successfully complete your journey to recovery.