During the COVID-19 pandemic, Stratford distributed a survey to better understand the impacts and setbacks businesses were experiencing. The responses provided a snapshot of where participating organizations stood across five stages of recovery: React, Assess, Stabilize, Recover and Reimagine.

 

[UPDATE] While these findings reflect a specific period during COVID-19, the framework offers useful questions for organizations navigating other significant disruptions: What needs immediate attention? What has changed? And what should recovery look like?

Vertical infographic displaying the highlights from the Covid-19 Impact on Business survey results as discussed in blog.

 

Overall Highlights

  • More than half of the respondents identified their organization as being currently situated in the Stabilization stage.

  • More than half of respondents believe it will be anywhere from 4-12 weeks to transition to the next stage of recovery.

The primary concerns identified:

1) Economic impacts

2) Managing and supporting employees & clients

3) Long-term impacts on businesses

 

Moving Forward

There is more to our current situation than simply damage control. Amid the chaos there are opportunities for improvement, growth, and transformation that we were unable to see before.

Once immediate needs have been addressed, recovery planning creates an opportunity to review what the organization needs to sustain operations and prepare for the future.

As you move through the stages of disaster recovery at your own pace, consider some of these potential strategic actions to strengthen and improve the health of your organization:

1) Sell a business/product line to generate cash

2) Change your product roadmap in response to market changes

3) Consider a merger to leverage cost-sharing and grow revenue

4) Consider an acquisition to expand and grow your market reach

Recovery also depends on people understanding what is changing. Clear communication, realistic workloads and support for managers should form part of the plan.

 

In addition to these strategic actions, here are a few resources that we’ve been finding helpful both internally and with our clients:

  • Employer Programs. A summary of the programs available from the federal and provincial governments to support financial security

  • Employee & Individual Programs. A summary of the programs available from the federal and provincial governments to support financial security

  • Business assessment. A secure online tool to uncover the key drivers of your business, identify gaps and provide an estimated valuation.

The results from this survey were also shared and discussed during the webinar for Ottawa Board of Trade delivered by Stratford’s CEO Advisory team. The recording explores the five-stage framework and considerations for preparing for what comes next.

 

 

We understand everyone has unique challenges they’re facing during each stage of the recovery process.  Stratford helps leadership teams assess priorities, update strategic and operational plans, and lead organizational change.

Let’s talk about your next steps.

 

[Historical content note: This article was originally published during the COVID-19 pandemic and has been lightly updated for clarity and broader relevance. The survey findings, webinar and pandemic support materials reflect their original context. Stratford continues to support organizations through CEO advisory, strategic and operational planning, and change leadership.]

 
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