An important step to protect and build your company worth
As business owners and CEO’s, we have to ask ourselves how many more crises do we have to navigate before we realize we need a playbook? The ‘08/’09 was painful and now just over a decade later, Coronageddon hits us. This tells us that there will be another crisis so it’s just a matter of when, not if.
We should learn from this one. What did we do well with our business and what should we have done differently? Capturing our learnings can help us when the next crisis hits.
Here are some questions to ask and more importantly, capture the answers. Capture the answers so when the next one hits, you can call the document up and help you protect company value, or worth as we refer to it.
A few suggested questions and your answers to capture in your company crisis playbook:
When COVID first hit, what top 3 things did we do that served us well?
When COVID first hit, what top things did we not do well and/or fast enough and next time will manage differently?
During COVID, what top 3 things did we do well in communicating with our employees?
During COVID, what top 3 things did we not do well in communicating with our employees and will do differently next time?
During COVID, what top 3 things did we do well in communicating with our customers, vendors or other key partners?
During COVID, what top 3 things did we not do well in communicating with our customers, vendors or other key partners and will do differently next time?
As COVID evolved in its impact on our business, what steps did we take with our cash and cost management that worked well for us?
As COVID evolved in its impact on our business, what steps did we not take fast enough with our cost and cash management and will do differently next time?
You see the idea here as we could continue with these types of questions. Meet with your leadership team for even just 30 minutes to quickly brainstorm questions like this and capture your learnings while they are fresh of mind. When another crisis hits your business, you can draw on these learnings and doing so can protect, potentially even build the valuation of your business.
