Time to Invest

Shawnee Love   •   April 8, 2020

I know some of you are going to read this and think I am crazy, but I am of the opinion that if you are experiencing a slow down due to COVID-19 or whatever,

now is a great time to invest in your organization.

If you know your organization is going to be around for the long haul, then investing now makes sense because:

  • There is time: Making changes to facilities, technology, people, processes, systems, etc. takes a lot of time. Time is scarce when you are going full tilt. If things are slow, you can do upgrades, repairs or improvements with minimal interruptions and perhaps more importantly, you have the time to think through the investment including considering options which wouldn’t be available when you are busy.
  • Resources are available: The workers (employees, trades, consultants, advisers, etc.) who might have had a waiting list of weeks or months to get back to you are suddenly happy to take your call and available to help (providing it can be done safely of course).
  • Cost-savings: Not only are there deals to be had now but the efficiencies associated with making improvements when things are slow (and workarounds, delays, and gaps in information can be avoided) will lead to lower overall costs.
  • Reputation: Being recognized as a confident and strategic organization which is spending valuable resources to enhance viability for the future sends a great message to your stakeholders (customers, employees, suppliers, etc.).
  • Loyalty/ Goodwill: Organizations investing for the future are more likely to succeed and success attracts and retains people who want to be associated with a successful organization.

For these reasons, now is a great time to:

  • Review your strategic plan and get laser-focused on what you do, why you do it, who you serve and how you want to go about delivering your products and services,
  • Communicate these plans and ensure each employee knows how to do their part to achieve them,
  • Build or document policies, procedures and systems which will make it easier to onboard, develop and train employees as well as protect organizational knowledge in the future,
  • Source new suppliers and service providers and look at how to outsource or bring functions back into the fold to enhance efficiency or quality or simply get ready for your next initiatives,
  • Retool, repair, and re-organize machinery and equipment to ensure you are ready to roll when things ramp up,
  • Innovate by asking yourself (and your team) “how might we (or our products or our services) be better?” Brainstorm and work through possibilities you never had time to consider before.
  • Introduce (and educate employees in how to use) new software or hardware that will make everyone’s jobs easier and set the groundwork for future opportunities,
  • Clean, paint, label, and generally improve the aesthetics of your operation because a great environment matters to great people,
  • Update health and safety practices including signage, maps, and information and safety stations, as well as test safety equipment, stock first aid kits/ rooms, and train staff in safety protocols, etc.
  • Cross train your staff to offer future flexibility and knowledge protection, and/or
  • Educate yourself and your people in skills and/or knowledge needed for the future.

Prepare now for the future you envision.  We are here to help!