The Complexities of the Economic Recovery

This post on the economic recovery and contingency planning was initially published on LinkedIn.

We’re faced a unique problem as the global pandemic becomes more controllable – how to start the discretionary economy back up. This entails consumer activities like church, sports events, and going to the beach, all things we’re hopefully anticipating for summer and fall.

There are even larger business implications for people driven commerce like restaurants, hotels, airlines and for every business sector that has been able to shelter in place/go digital temporarily like consulting or multi-national businesses with a high travel factor. The number of different factors involved across multiple parts of the organization will be substantial.

Here are some thoughts on ways you can reduce the time it takes to understand, craft a response, and execute it. But when you do, realize there maybe other external factors that will suddenly cause you to retreat (recurrence), rethink (new legal liabilities), or reorganize (someone’s found a better way).

  • Organize: put together the corporate never center described in the recent McKenzie article (Decision Making in Uncertain Times – March 2020). Unify your efforts, have a 24×7 schedule with rotating resources. Get strategic direction from the C-Suite and set up a recurring board of directors briefing. Make sure all issues are at least shared with the cross company effort.
  • Intelligence: The rate of change in terms of best practices, laws and regulations, industry policies, virus recurrence, supply chain and other key issues to your business will be very high, and missing key elements may slow your entire recovery effort. Task individuals with proactive monitoring of external open source intelligence (OSINT), social media, government alerts and policy changes, and other sources that impact your organization. The amount of time savings from a unified monitoring effort will be high and more effective than random browsing.
  • Share: There are many ways to share information without compromising or revealing proprietary information. Realize that all the companies like you globally are dealing with almost identical issues. Similarly, the companies in your geographic region are also dealing with parallel problems. Sharing and collaborating are critical, and will serve you will long after the recovery.
  • Everyone keep watch: Establish your own “see something/say something” communications point (phone, text, email, whatever it takes) where your teams can report issues. Have a rapid response capability set up to take advantage of the information bullets you receive.
  • Get rapid feedback on results/failures: Contingency planning will be key to getting knocked down, getting up and trying another way to get on track. Anticipate confusion and failures, and instill a sense of urgency around solving the issues. Its important to your organization, and very important to the world at large.