The year 2020 is one we will not soon forget. The COVID-19 pandemic has dramatically changed the environment in which we operate. It has adversely affected most businesses and nonprofits alike.
Many businesses have seen a significant reduction in income. Meanwhile, expenses are ever increasing as costs continue to climb. The resultant reduction in cash flow should not be ignored. Every business and nonprofit must be financially solvent to be sustainable.
This is like the perfect storm. We may not return to any semblance of “normal” anytime soon. So, what are we supposed to do, ride the storm out and hope we survive? No, not hardly. In times like these, to operate without a plan is like planning to fail.
Now is the time that organizations need to pivot, to adapt to their new surroundings. Believe it or not, COVID-19 may have created opportunities that have never existed. The pandemic has created new consumer demands in both services desired and the method in which they are delivered.
To thrive during these turbulent times, organizations must identify new opportunities and benchmark the skills needed to capitalize on them. They should take inventory of their resources and prioritize the opportunities based on the assets they have available. Teams can be assigned to various missions based on their expertise. Each team executes the tactics necessary to accomplish the mission and they measure their results. The current situation should be constantly reassessed, new objectives prioritized as needed, and missions executed as assets become available.
To start this process, the organizations I am aligned with are conducting a strategic planning meeting. We assemble eight to 12 of our brightest minds in a professionally facilitated mastermind session. We harness the power of our collective thoughts to correctly identify both our challenges and opportunities.
These strategic mastermind sessions usually identify the best solutions to complex problems. Do you have your session scheduled for the New Year?