S P E C I A L FE ATUR E presents a unique opportunity to make far-reaching, positive changes. I truly hope that the industry has learned lessons from the weaknesses that the pandemic has exposed in many companies that discipline in controlling cash and controlling costs will lead to a more stable business environment in the future; and that companies understand the need to diversify, says Oakeshott. He adds that companies must do all they can to seize, and not waste, the opportunity to revaluate and reinvent themselves. How often do you get the chance to have several weeks to stop and think about how you can be better going forward, he says. The future belongs to those companies that have used this time wisely. Which parts of your business will need protective equipment? The notion of the road warrior in this industry is dead. Only travel when it is necessary FIDI is running a series of webinars on moving after COVID-19. On 9 June 2020, the second of these Think like a big ship, move like a speedboat: Practical steps for a healthy future will feature the thoughts of Thijs Deweerdt and Mark Oakeshott. Contact marketing@fidi.org for more information. WHAT TO DO NOW... Six priorities for businesses to adapt and thrive in a post-coronavirus world. By Marc Herlant, EY Belgium Strategy and Operations Partner (EY Parthenon) 1. Put people first a. Personnel plan put safe arrangements in place for home working or, if this is not possible, establish clear guidelines for the workplace. b. Use technology establish connectivity with your workforce so they can work safely from home. Also establish new practices; your daily meeting in the office might become a daily video call, for example. c. Update your HR policies, temporarily. Use a furlough scheme if necessary and available. d. Help employees with their challenges these can include loss of income, securing healthcare, maintaining work-life balance if they are now homeschooling children as well as working. These new working practices and procedures should make your people comfortable, engaged and productive. Although they may be working alone, they need to feel like they belong. 2. Cash management a. Look at liquidity this is vital. This is a very volatile situation and it is unclear where demand is coming from; supply may be uncertain and payments delayed. b. EY recommends businesses produce a 13-week cash forecast, to identify their requirements for cash. c. Look at what you can do to improve your 30 FF297 JunJul20 pp22-30 Best p1.indd 30 working capital and cash position. d. L ook at government support for liquidity and bridging loans. e. Ask what other sources of cash you have available. 3. Build a resilient supply chain a. Assess risks in your supply chain in the context of COVID-19 for example, with external suppliers b. W hat happens if your supply chains of packaging materials or fuel, for example break down? c. L ook at your current resilience and capabilities including extras needed, such as site cleaning intervals and disinfection. d. C ome up with alternative sourcing strategies as a contingency. e. S tock building of additional resources. f. Involve suppliers and clients in this process; build relationships. 4. Volatility is the name of the game There have been huge drops in hospitality and travel, for example, but online services are booming. Think about these new scenarios and how your company will react. a. Look at demand patterns and how your business will respond. b. W ork with customers build solutions together. c. H ow could demand change in the future? 5. Get a recovery plan in place. Be ready for the end of the crisis. What will return to normal look like? How will your business run in this new normal? In moving, this could include thinking about ensuring: a. You can cope with a large upswing in demand once people can move freely again. b. You have enough materials and labour available. 6. Transform your business. Look at the whole what does the new moving industry normal look like, and how does your business fit into it? Is it attractive for you to provide the same kind of services, or do you need to drop some or develop others? In addition to the threats, there will be opportunities. An agile, adaptable mindset is essential. Further thoughts EY recommends: a. Keeping abreast of consumer attitudes and expectations b. Looking at fundamental changes needed in your business model take new opportunities and leave those areas that may hold your business back c. Looking at the capital structure of business in the new economic reality d. Asking what structural changes are needed? WW W. F I D I FOC U S . OR G 02/06/2020 12:23