Covid-19 Business Assessment Tool
Below is a tool that some Private Equity portfolio companies are using to assess the risk areas in their businesses and develop an action plan to address them. One of the things that many crisis management experts advise, and much of what we learned from the 2008-2012 Great Recession, is that it is critical in times of significant turmoil and uncertainty to:
- Understand and actively track what you CANNOT control
- Thoroughly assess and decisively act on what you CAN control
- Develop a plan (and a contingency plan with defined triggers for implementing)
- Communicate that plan effectively and reinforce it frequently. Make sure everyone understands their role and priorities
- Allocate resources where they can be most impactful
- Conduct frequent reassessments and accountability checkpoints
- Keep your teams focused on the important action items and positive progress being made
- Manage to the short-term impacts and priorities, but don’t take your eye off the long-term view
- Stay positive and focused on the light at the end of the tunnel that makes near-term sacrifices worthwhile
Source: Curt Rocca – DCA Partners
