Economic, political and social change will impact all SMEs to some extent, but resilience will be the key to long term success. How well have you managed to adapt to recent challenges? Do you need to create a
turnaround strategy, find solutions to stabilize your business and move forward with the right people to take advantage of the growth economists are promising?
At this time the impact of the COVID-19 pandemic will be a key concern for many businesses. Furlough payments and grants will have helped many SMEs survive. But with Government support ending in a few months, CEOs need to think now what that will mean to their organisation structure.
What are the business turnaround options?
A turnaround normally means that you will look at options like:
- Cutting costs
- Scaling back
- Changing direction
- Preparing for acquisition
- Engaging investors
- Taking the business into administration.
Most CEOs have to make these tough decisions from time to time. But I believe strongly that whether they rebuild or even close their businesses, they have to remain reputable employers. That means facing up to open and honest conversations with people, and to support them properly throughout the challenging period. It is possible for people leaving to remain advocates of their employer if the process is handled properly.
A turnaround strategy will no doubt centre around finance, operations and marketing. This has to be supported by a robust and pragmatic HR change plan. The plan must be based on a holistic HR review of how the business is currently organised. The skills and capabilities of your people need to be assessed versus what you need in the short term stabilization phase, and the requirements to get back on the growth track. This includes looking at increasing efficiencies, leveraging your talent base and optimising engagement.
Having spent most of my career leading change programmes from outsourcing, acquisitions to downsizing and restructuring, I can support you at a strategic and tactical level. I can help navigate through complex and delicate
issues to implement the changes you will need to make for your business to thrive again.