As I have spoken to many business owners and managers across the country in recent weeks, I have come across a range of impacts being experienced. From those whose businesses are experiencing a boom in the current crisis; those for whom it is business as usual; and those who are experiencing significant negative impacts.
I’ve designed the Impact Gauge as a tool to help you assess where the greatest areas of attention are required.
Using The Impact Gauge
Across your business. Hypothetical Scenario
- Staff – positive due to increased productivity and happiness from working from home. GREEN
- Systems – neutral. YELLOW
- Sales – slight impact with a potential medium impact forecast. RED
- Financial – holding but potential medium impact. RED
- Action required: Review current pipeline and offer incentives to finalise sales; complete outstanding work orders; tender submissions to increase by 25%. Offer existing clients other services that will be of significant benefit in the current business climate.
Particular areas of concern
Example 1 – People. Who on your team is experiencing a significant negative impact from the current crisis? Gauging who is in the red zone will help you focus on the people who need your leadership the most at the moment.
Example 2 – Sales. Where sales and work orders are declining, you can overlay the gauge across your highest potential markets for your products and services. Which of your prospective customers are in the neutral to positive zone and then concentrate your efforts there? And, who do you already supply to (who are being significantly impacted) who would be helped by what you can provide?
Example 3 – Personal. In your own life, where do the largest challenges lie? Overlay the gauge and then where the highest negative impacts are being felt, seek to bring change to shift toward the green zone.
1. Assess the current impact;
2. Ask “what is the future impact likely to be?”
3. Seek to immediately implement risk mitigation and pivot strategies.