The COVID-19 crisis is something no business saw coming. As a result businesses across all industries will need to pivot and adjust to fill in gaps, overcome obstacles and do more with less. However, the current circumstances create a unique opportunity for businesses to learn how to grow out of COVID-19 using LEAN principles.
“Personal and organisational change is one of the most effective ways to achieve a competitive advantage”
“Personal and organisational change is one of the most effective ways to achieve a competitive advantage,” concludes one major piece of research published in 2019. Meanwhile, researchers involved in the study also found that organisational change, requires business leaders to model and lead staff in adopting individual actions that are beneficial to the specific organisation. Above all the key point is, effective change requires clear, strong leadership that values people.
Building a Business Recovery Plan After COVID
It will take some soul searching regarding the real value of your enterprise in the current market. To become flexible and resilient in the ‘new normal’, there are six steps to follow when completing a post-COVID LEAN life cycle for your business. Below, we explain the crucial first step of identifying your firm’s value stream. You will see how this lays the groundwork for the essential work that is to follow.
Identify Your Firm’s Value Stream
Adopting a plan for post-COVID growth is an excellent opportunity to assess and understand your company’s value stream. Your company’s value stream is simply the production cycle process. More specifically, it is the documentation of the process that creates the product or service that your customers agree to pay for. It can be tracked against changes using the PDCA (Plan, Do, Check and Act) cycle.
This is the phase of planning for change to bring about improvement. It often needs an external pair of eyes to see where change could be beneficial. This is because having a proper perspective on something you are close to, can be difficult. Forbes magazine recommends revisiting business goals to account for the current circumstances so, if you have a revenue target for the year, you may need to revise it in order to account for the changes in sales due to COVID-19.
It is not always necessary to immediately jump into making major changes. This is especially true in a post-COVID landscape with a tricky, undefined learning curve. The better approach may be to implement small, measurable changes that can be adjusted with monitoring. “Trial” changes offer the best way to measure reception and impact.
It is essential to have metrics in place for checking the success, failure or unintended consequences of newly implemented changes. This is the stage where the processes you have selected can be placed under in-depth scrutiny. What you are doing here, is assessing your plan to see if it is worth implementing on a broader basis beyond your “trial” stage.
Action should be taken once all of the planning, measuring and adjusting have been done. If successful, a trial plan can then be expanded to cover additional departments or the entire enterprise. The “act” stage is the point where an enterprise implements change to bring about the most benefits. This will need effective communication and transparency about how the changes are introduced and implemented.
The Importance of Making a New Business Plan During COVID
Just about the only thing businesses can anticipate at the moment is change. This will require companies to develop plans to manage Change Forces ~ Fullan 1993 , or simply allow external forces to change their plans. LEAN principles enable businesses to be more agile and finely tuned. In conclusion, the COVID-19 crisis presents an opportunity to get acquainted with your company’s value stream and adapt for growth.
If you have any questions about how EDVOCAP’s robust, dynamic strategic and support services could benefit your company, contact us today to initiate our signature four-point approach.