TRANSFORM TO THRIVE – LEVERAGING MAJOR ENTERPRISE RESOURCES FOR ALL-TIME BUSINESS GROWTH, RESILIENCE AND PROFITABILITY
Ongoing re-adjustment to the Covid-19 pandemic situation around the globe, has shown business owners, government service leaders and religious organizations that days of total physical corporate gathering is waning out fast – if not annihilated. The ‘new normal’ being less crowded offices, recreational & relaxation centres, bars or event spots even marketplaces, schools and worship centres are not excluded.
Re-examining the pre-lockdown and pro-pandemic adjustment era (the ‘new-normal’), we observed that the ‘work from home’ directives got issued to staff from management of most global firms. While the working from home mode (i.e. remote work), yielded results for a handful of employees of some highly digitized firms – it was a disaster for many. A form of technical recess sessions at that, this ineffectiveness was due to non-alignment of existing structures and business models to such operational service modes. Except for business entities considered as ‘essential’ who operated normal modes during lockdown periods – it became a total shutdown in goods / services capabilities for firms. Resultant effect of this was high level staff redundancies with little or no means of revenue inflow for firms. While few nations succeeded in providing palliatives for impacted businesses – many developing countries could not adequately cater for such supports. Consequently, several firms are filling for bankruptcy as days unfold. Moreover, this article posits strategic steps towards creating resilient firms which leverage their core resources (e.g. Human Resource, Enterprise Knowledge / Process Assets etc.) to optimize rate of comebacks. It shares a framework that enhances recovery rates of businesses during challenging times. It also empowers for enterprise flexibility when eventualities arise in, short, medium or long run timing of the going-concern. It is also imperative to know that every business endeavour could position themselves as essential – of course as essential service providers.
Taking cues from the general accounting equation – businesses may speedily design and implement SMART growth measures capitalizing on the values offered by their asset base in the process.
Profit = Revenue – Cost
Above is interpreted in context as, profits or good cash flow increases rates of business survival – a function of optimized revenue and drastic cost reduction. Moreover, wrong classification of firm’s costs, make business owners see their current staff members as costs – instead of assets. It is however note-worthy that the human resource of every firm is her human capital. A component of the Capital ingredient of economic factors of production. Human resource asset content (i.e. trainings, experiential learnings, personal adaptations, innovations and progressive alignments to the firm’s goals / objectives etc.) are core valuables to treasures, inherent in current workforce. This asset is meant to be nurtured for flexibility – empowered for optimal value creation in trying moments. Therefore, boards may prompt management to deploy the following framework as means of tapping into such resource wealth for progressive growth of going-concerns:
- Strategic business re-appraisal: several answers secured to establish relevance of the current strategic leanings of the organization. In most cases – slight tweaks to the operational strategy may save her from endless chaos that quick-fixes cause to business processes and firm’s reputation.
- Channel re-evaluation needs: getting answers to questions posed by the constraints presented by censored human interaction is key. Human resources unit or department may urgently update the competency directory – auditing existing skills to arrive at appreciable skill gaps, within the firm. A key resource for organic or synthetic forms of learning growth and development.
- Resource Catalysis: seeking means to upskill or secure fresh human resources with complementary skills to existing ones, such augments or eases business processes. Moreover continuous process improvement and implementation needs of the organization should be project-managed. Outcome of this is new competency directory which seeks to power the firm to successful delivery of her new strategies.
- Leadership Augmentation: strategic teams get pragmatic leadership and bridge building leadership at this phase, this assures speedy transformation of resultant teams across units thereby shortening learning curves that produces high performing teams in record time. This also speeds up the rate of innovation and organizational effectiveness, a key requirement to seamless direct and indirect delivery of products and services to customers. The more reason why leadership landscape on the African continent needs high level re-engineering.
- Regular Culture Audit: enterprise pulse check would be needed bi-annually or quarterly, to evaluate how the firm is performing on her key resource metrics. It anonymously examine what employee opinions are on subjects like, leadership, compensation, reward & recognition, learning & development, customer satisfaction, organizational innovation, pay & benefits etc.
- Audit results share and re-calibration: this step informs workers across strata of the organization on what feedbacks of the culture audit are, efforts being sought to amend for incremental organizational growth and personal development. Outcomes of processes thrives on intensity of collaborative efforts channelled into various sets of programs.
- Transform to Automate – via ‘Option Zero’: this stage speaks to various enterprise action plans, laid out by leadership on strategic growth and development enablers. One of this is IT or Digital Transformation. The ‘Option-Zero’ approach to transformation / automation on zero-based budget methodology, being applied at the first phase of this intervention.