Resilience - an ability to recover from or adjust easily to misfortune or change. (2020 Merriam-Webster, Inc.)
As I write this, there is a deepening acknowledgement in the United States that new coronavirus infections will not taper off anytime soon. Government leaders at the state and national level are making the best decisions they can based on limited data, mathematical models based on that data, and lessons from other regions and countries.
The likelihood of a quick business turnaround and rebound in the economy is becoming less and less likely. We are just beginning to get a feel for what the new normal might be like; and the impact on our markets and businesses is still largely unknown.
In times of turmoil I find that leaders tend to be overly optimistic and do not react quickly enough to changes. At TBM we are basing our actions on the reality of the day, judging the impact of any new information on our existing scenario plans, and staying resilient in our mindset and as an organization.
Our people and our clients remain our overriding focus. Everyone is anxious and struggling to manage new sanitization routines, either increased work hours or layoffs, caring for elderly parents and home schooling their children.
Leadership in such times is all about confidence and resilience, which in business starts with communication. That means sending out frequent updates as circumstances change, and even when they don’t. Of course, half of communication is listening, asking questions and really trying to understand everyone’s situations and challenges.
Listening applies to customers, employees, and your supply chain partners. With some companies experiencing 10X volume increases and others seeing demand fall to zero, 2020 forecasts and planning algorithms have been thrown out the window. Over the coming months production planning will be about listening, making judgement calls and coordinating activity. We will all need to work together.
We’re adjusting our consulting model in real time to create flexibility and stay ready to serve clients in need.
Here are just a few of the actions organizations that we work with are taking to be resilient and manage this crisis:
- Rapidly shifting to digital technologies to remotely manage daily execution
- Multi-dimensional scenario analysis
- Responding to significant production ramp-ups and slowdowns at the same time.
- Accelerating the S&OP process to a weekly or daily cadence to meet volatile demand
- Identifying human capital risk and team vulnerabilities that could adversely affect their ability to meet future customer expectations
If you need any support during this crisis, don’t hesitate to contact me directly or reach out to anyone at TBM. Above all else, we want you to be healthy and safe, and as successful as possible in these difficult times.