Insights
Insight
How to lead your way out of the COVID-19 crisis
Business advice
"Some of our clients were ahead of the curve from us, other clients way behind, so we've learnt from clients, and others have learnt from us. Through all the lessons we've shared, we're all going to be in a good position to start the bounce back." Jeremy McGrail, Co-Founder, The Staffing Group (REC member)
What does it take to guide your business out of this Covid-19 crisis? We've identified the four pillars of business strategy and management that'll help you put together the building blocks for recovery:
- Crisis management
- Cashflow and credit control
- Strategy and planning
- Managing existing and new clients
Crisis management
The crisis has forced us all to adapt to new realities. Now is a great opportunity to gather the lessons learnt and integrate those into your business strategy, to help manage unforeseen events in the future. At the advent of this crisis, the key areas we advised businesses to focus on were:
- Cashflow
- Furlough
- Homeworking
- Strategy planning
Our "essential lessons" guide includes tips on making the right day-to-day business decisions, based on the principles of crisis management. Access it here.
Cashflow
Cash is the lifeblood of any business and was naturally a major concern for many business leaders. As James Osborne, Chairman of The Recruitment Network (TRN), said in his podcast on crisis management:
“When it comes to crisis planning, what we got most people to do and think about is creating very clear and properly redefined six months cashflow plan.”
We've put together a checklist to help recruitment business leaders address the key cashflow challenges during a crisis. You can access it under our essential business lessons guide here.
Strategising for the future
To take your business through recovery, you may need to transform your model to meet new customer needs and economic trends. That might require you to diversify into new markets or to specialise further. We have practical guidance for those looking to take either of these paths, including a podcast from KPMG on going global or elevating the shareholder value of your current proposition.
In terms of adapting to gain a competitive edge, we've seen examples of how technology is being used to overcome challenges. For example, recruiters have had to embed video interviewing and conduct DBS standards and enhanced ID checks online to facilitate quick supply of labour and skills where it was needed the most.
One of the questions we were asked in our recent COVID-19 business support webinar was "How can I identify the right technology for my business to stay competitive post-recession'?
Find the answer in our COVID-19 essential business lessons guide.
Managing existing and new clients
The crisis was a personality test for many businesses, as it was the perfect opportunity to showcase your true values and authenticity. Businesses who have stood by their clients, helped them through difficult times, offering advice and consultancy, will be the ones who'll continue to thrive.
"The successful businesses we've seen overtime are the ones who are focused on their consultancy services…understanding their client's needs and problems and being part of their discovery phase - those are the ones who've taken off since the last recession." Kate Shoesmith, Director of Sales and Marketing, REC
The crisis has also been a brand-building exercise for some, as it opened new conversations and partnerships. As recruitment influencer Hung Lee (Editor, Recruiting Brainfood) said in a recent podcast, "The advice I'd give to business leaders is now is the time to really invest heavily on your network, your relationships and your brand - you've got to make sure people know who you are and what you stand for, and this is the time to do it."
Your strategy should put your people and culture at its core. As well as guides on business planning and strategy, you'll find some big lessons on people and performance on our Essential business lessons digital guide.
COVID-19: Essential business lessons for recruitment leaders
Within this guide, you'll find essential lessons on two core topics - business strategy and people. Each section is broken down by subtopics, and each subtopic comes with its range of additional resources including blogs, videos and podcasts.
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