The Tribune

By Ian Ferguson

Once the COVID-19 emergency has passed, and your business can safely open without interruptions, you are considered to be in the recovery phase. By all accounts this could take anywhere from 12 months to four years to complete. For a country such as The Bahamas, which relies so heavily on travel, tourism and hospitality, the road ahead is certainly going to be a challenging one.

This is an important time to take stock and look at your options before making decisions about your future. Some businesses may decide to exit the market, while others will move to restore their operations and begin recovery efforts in a bid to revitalise your prospects.

As the world braces for post-COVID recovery, anticipating a vaccine and other preventative medication, we must start asking ourselves some tough questions. Here is a list of what every business leader should be thinking and asking moving forward:

• Have you refocused your efforts towards recovery?

• Have you assessed your current financial situation?

• Have you made adjustments to your strategic business plan?

• Have you addressed the concern over COVID-19 outbreaks in the future?

• Have you provided training and education programmes for your team regarding work in the new normal?

• Have you identified any support or assistance you may be entitled to, including but not limited to, government and foreign stimulus packages and programmes?

• Have you kept staff and key stakeholders informed of all changes you have made to your plan, marketing strategy, products, etc.?

• Have you set priorities, timelines and recovery options?

• Have you ensured key customers, media and suppliers are made aware of your recovery process?

• Have you looked at all options that may enable the business to retain staff?

• Have you restored your computer back-ups and other necessary information?

• Have you analysed the potential demand for your services post-COVID?

• Have you secured adequate resources (staff, finances) to bring the business back to normal operating levels?

• Have you considered exiting the business, and do you have an exit strategy?

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.