In these deeply uncertain times, rely on your iterative strategic planning process to guide you. Remember: the planning process is more important than the plan itself. Ask yourself: What is your future business model? How will the crisis affect that model in the short and long term?
Strategic planning is critical to the long-term sustainability of any organization. By implementing an ongoing planning process, organizations can be more adequately prepared to navigate through unforeseen disruptions, like COVID-19, staying afloat.
Seaman Corporation recently responded to a call to donate fabric to a project to make field hospital cots for pop-up medical centers serving patients during the COVID-19 crisis. A group of businesses from Northeast Ohio collaborated for the effort.
In the last century, there have been many significant events causing economic disruptions: world wars, the Great Depression, the 9/11 terrorist attacks, the 2008 recession, and now the COVID-19 health crisis. We can learn a lot from businesses that have pulled through such events.
During the early stages of building a business, most entrepreneurs are not thinking generationally. They are engrossed in the details that make start-ups work: perfecting their offering, acquiring start-up funding, identifying a customer base and reaching it, and making payroll.
Realizing the value family businesses add to our national economy and appreciating the people, principles, and processes we cultivate within our family businesses may offer owners motivation to think twice about preserving these treasures and passing them on.