Over 6-months since we started reacting to COVID-19. 3-months left in the year… Business leaders are asking: What next?

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Transcript of video:

My name is Nick Leighton and for the next few minutes you are exactly where you want to be.

This is originally recorded September 22, 2020 for Facebook Live - uncut and uncensored.

What Now?

As many return from a summer break that was far from normal, business leaders may be asking themselves: What now? Over the past six months, we have reorganized supply chains, set up remote operations, and made tough financial decisions. But without a COVID-19 vaccine yet available, not much feels different, and any summer pause hasn’t done much to relieve fatigue.

One priority, then, is to reenergize your business—to act rather than react.

Even as the COVID-19 crisis continues to create a world of uncertainty, the goal must be to rebuild for the longer term. Businesses that are strong and resilient will be better placed to survive and prosper. Those are qualities that can’t be taken for granted; they need to be cultivated. And that’s up to you.

There are many different ways to lead, but regardless of the type of business you are in, I believe that there are seven actions to blaze a path, to emerge stronger. Not only do you - as a leaders - need to act now, you need to act boldly.

All seven of the actions I am about to describe are what business leaders can—and perhaps, should—be doing. But there is a particular sense of urgency now; moreover, there is also a new sense of possibility.

you have had to make so many changes so quickly—often with startling success—that you have every reason to believe that you and your teams can do even more. Of course, not every company needs to take all SEVEN actions; conditions differ. But I believe that they cover the range of possible activities that fit with the situations in which you - small business leaders - find yourselves right now.

1 - Think of the this return as a muscle. As companies return from the COVID-19 crisis, they need to exercise certain capabilities, including the willingness to change future plans and manage change. Handling the crisis is a marathon, so the emphasis should be on reinventing business models for 2021 and beyond, not so much on protecting 2020. That means creating certainty. Something I covered in a FB live 3 weeks ago.

2 - Focus on high-impact actions. Which actions are best for the business? They will differ by company but may include technology-enabled next-generation operations… and automation of service-related processes.

3 - Rebuild for speed. I covered this in a FB live last week. Getting things done fast—and well—is critical: what used to take a week, now must happen in a day. That means speeding up decision making, deploying nimble teams, and redeploying talent.

4 - Reimagine the workforce from the top down. Identify team members that may be under new forms of stress (such as parents of small children, isolated single people, and caretakers). Consider changing how work gets done, whether that’s through job sharing, flex teams, or hot-seat changeovers. And continue to invest in learning.

5 - Reset technology plans. Take a hard look at technology investments and reset them for value and speed. Aim to raise the technology quotient of all employees. Ensure that tech capabilities are mapped to sources of customer value.

6 - Rethink your geographical footprint. You need to take a hard look at how and where you operate. That could mean offshoring, reshoring or multishoring operations and developing regional, national or international—rather than local—strategies. If you’ve experienced that your clients moved to video conference, then why are you still thinking local?

7 - Make purpose part of everything. I coved this four weeks ago in a FB live. Having a strong sense of purpose helps companies navigate uncertainty—and people stay engaged and productive. Now more than ever, YOU must match your businesses actions to your words. Embrace stakeholder capitalism—the idea that successful companies serve more than just the bottom line.

Now it’s your turn. What Now - for you?

Which of these seven actions are important for you and your business?

Post here – I would love to know.

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My name is Nick Leighton and I wish you passion, profit and happiness.

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