The COVID-19 crisis is something no one saw coming. EDVOCAPS’ system accountants across business, education, sports see this as an opportunity. How to create a LEAN business and grow out of COVID-19? Well embrace this unique recapitalisation moment to apply skillsets and transform entrepreneurial opportunity. Therefore apply the LEAN Plan, Do, Check, Act, cycle and close the gap.
“Personal and organisational change is one of the most effective ways to achieve a competitive advantage”
“Personal and organisational change is one of the most effective ways to achieve a competitive advantage.” This is the conclusion of one major piece of research published in 2019. Meanwhile, researchers involved in the study also found that organisational change, requires business leaders to model and lead staff in adopting individual actions that are beneficial to the specific organisation. Above all the key point is, effective change requires clear, strong leadership that values people.
Building a Personal or Business Recovery Plan for after COVID
Therefore, it will take some soul searching regarding the real value of yourself, enterprise or startup idea. Further to become flexible and resilient in the ‘new normal’, there are six steps to follow when completing a post COVID LEAN life cycle for yourself, business or school. Below, we explain the crucial first step of identifying your value stream. One one hand, you will see how this lays the groundwork for the essential work that is to follow.
Identify Your Value Stream
On the other hand, adopting a plan for post COVID growth is an excellent opportunity to assess and understand the value stream of your ideas . Your ideas value stream is simply the production cycle process. More specifically, it is the documentation of the process that creates the product or service that your customers agree to pay for. So that, it can be tracked against changes using the PDCA (Plan, Do, Check and Act) cycle.
This is the phase of planning for change to bring about improvement. It often needs an external pair of eyes to see where change could be beneficial. This is because having a proper perspective on something you are close to, can be difficult. Forbes magazine recommends revisiting business goals to account for the current circumstances, so if you have a total revenue (TR) target for the year, you may need to revise it in order to account for the changes in sales due to COVID-19.
It is not always necessary to immediately jump into making major changes. This is especially true in a post-COVID landscape with a tricky, undefined learning curve. The better approach may be to implement small, measurable changes that can be adjusted with monitoring. “Trial” changes offer the best way to measure reception and impact.
It is essential to have metrics in place for checking the success, failure or unintended consequences of newly implemented changes. This is the stage where the processes you have selected can be placed under in-depth scrutiny. What you are doing here, is assessing your plan to see if it is worth implementing on a broader basis beyond your “trial” stage. Measure What Matters.
Action should be taken once all of the planning, measuring and adjusting have been done. If successful, a trial plan can then be expanded to cover additional departments or the entire enterprise. The “act” stage is the point where an enterprise implements change to bring about the most benefits. This will need effective communication and transparency about how the changes are introduced and implemented.
The Importance of Making a Business Plan During COVID
Just about the only thing businesses can anticipate is change. This will require companies to develop plans to manage Change Forces ~ Fullan 1993. Or simply allow external forces to change their plans. So LEAN principles such as integrating and automating the accounting process, enables agility.
In conclusion, the COVID-19 crisis presents an opportunity to refocus your personal and company’s value stream and adapt for growth.