The government has effectively shut down the hospitality and travel industries. Yes, this will end, and no, it won’t go back to ‘normal’. What will the new normal look like? I have heard all kinds of predictions from a V-shaped recovery to social revolution; a wide spectrum to say the least. The fact is no one can see the future and the past is not always a great predictor of future results. We at AETHOS have been spending some of our new-found ‘down time’ to think about the new normal. Here are things we are considering:
- Will our mission still be viable?
- What business will we need to be in to serve our mission?
- Will our strategy work in the post COVID economy?
- Will our SOPs have to change?
- Will our value proposition to clients have to be reevaluated?
- How will we measure success moving forward?
These are the same questions every business owner needs to be asking themselves. These are also the building blocks of every successful company we have analysed over the past 25 years. We typically start this inquiry with:
- A whiteboard, a quiet place and the right people ‘on the bus’.
- Asking the Why, Who, How, Where, What, When questions.
- Idea generation.
- Verbalizing intuitions.
- Determining a delivery system.
- Understanding the capital structure.
- Agreeing on outcomes.
Use this roadmap and you will be ahead of 90% of your competition. Don’t do it at your peril.