The COVID-19 pandemic has led to a global lockdown and has affected businesses in every business sector of every size. Things that once seemed to be a far-fetched Hollywood storyline are now the reality of day-to-day living for many individuals. Every government worldwide has some tough choices to make about societal health and economic prosperity. Many business industries have taken a huge hit given this unprecedented crisis while some others seem to survive. So how can you as a business survive amid a global pandemic that is threatening to pretty much change the concept of normal as we all know it? The best way to survive this is through the right leadership and strategic management. So here are some tips on how you can do the same.
Tracking expenses against the revenue status
During this contagion, it is of utmost importance for businesses to conduct a proper assessment of their fixed and variable expenses as well as the actual revenues. This assessment will give a clear picture of where a company stands financially and help the entrepreneurs in planning ahead in the current disconcerted market. This strategy can be implemented even when the pandemic effect settles.
Checking the feasibility of the business model
Considering the market is changing every week, and for the worse, it is imperative to reconsider the business model and reassess where your business stands as per your assumptions concerning the revenue and cost. This is also a crucial time to track current financial metrics and cash flow. Be mindful of what your runway is. Businesses need to evaluate the impact on new sales, collections, credit cycles and potential bad debts.
Plan policies for next 3 months/ 9 months/ 18 months
Since, it is difficult to gauge how long this epidemic will last, it is important to be prepared for all scenarios. If we consider it as a 3-month problem, an instant halt on variable expenditures like hiring, marketing, travel can help. However, if the crisis continues for 9 months to a year, entrepreneurs will have to reconfigure their business strategy to reduce the variable expenses, renegotiate fixed expenses like rent, salaries, equipment lease payments, and focus only on the crucial essentials for survival. It may be a good idea to revisit sales strategy, such as selling online versus in-person. Analyse if you need to cut back or scale up on marketing costs. Some serious reconsiderations would be required if the effect of the pandemic continues for 18 months or beyond. Businesses will need to strategise, communicate, and act with compassion.
Transform your leadership
The ordinary leadership strategy will not be effective during or post COVID-19. You will have to emerge as a compassionate, ethical, clever and innovative leader if you are to win this one. Upskill yourself on how you can enhance your management skills while you have the time and make the most of it for the future.
CMI Level 7 Extended Diploma in Strategic Management and Leadership
The CMI Level 7 Extended Diploma in Strategic Management and Leadership course is a comprehensive course developed for senior managers and directors to develop existing management skills that will enable them to perform effectively as senior managers. Individuals will learn how to implement organisational strategy. Have an in-depth understanding of the roles and responsibilities when working as a senior manager in a strategic management environment. Learners will be introduced to tools, framework and methodologies to support strategic planning process to meet organisational goals within the workplace environment. Learn to develop an authentic style of leadership that impacts the overall success of an organisation. The course will enable learners to improve their strategic management skills and tecniques. The Chartered Manager status is recognised across multiple industries and sectors and it is considered an excellence in leadership.
The course will discuss key topics such as the development and performance of staff who want to gain in-depth understanding of organisational strategy and build on their existing experience.
The CMI Level 7 Extended Diploma in Strategic Management and Leadership is an in-depth course that will enable learners to explore new perspectives of leadership and management within the workplace. The CMI qualification is recognisable and highly valued because it is an essential component of becoming an effective manager. Upon gaining the Extended Diploma learners can progress to higher levels of study including a MBA top-up programme or Post-graduate certification in education.
On the successful completion of this course, you will be qualified to work for a number of job roles in the corporate world. This certificate will also help you with your career progression goals, as it builds on your knowledge and expertise to move ahead in the industry. Following are some of the job roles this certificate will qualify you for, along with the average UK salary per annum according to https://www.payscale.com/career-path-planner,
- Project Manager – £38,256 per annum
- Business Manager – £34.612 per annum
- Business Development Manager – £34,077 per annum
- Operations Manager – £34,673 per annum
- Administrative Manager – £24,223 per annum
- Team Leader – £24,249 per annum
- Customer Service Team Leader – £23,157 per annum
- Strategy Manager – £50,891 per annum
- Strategy Consultant – £47,578 per annum
Pearson BTEC Level 5 Diploma in Management and Leadership
The Pearson BTEC Level 5 Diploma in Management and Leadership extends the work-related focus from the level 5 Certificate. The qualification prepares learners in a vocational sector or is perfect for individuals who have decided that they want to follow a specific area of work.
The Pearson BTEC Level 5 Diploma in Management and Leadership is an extensive programme aimed at individuals who want to advance in their career within their current employment or attain high level positions in an enterprise. The programme offers the relevant skills and knowledge needed for individuals to be successful in middle management. The topics covered provide learners with an essential underpinning knowledge to make it a comprehensive and rounded development opportunity.
The Pearson BTEC Level 5 Diploma in Management and Leadership provides an introduction to the skills, qualities and knowledge that may be required for employment in a particular vocational sector. This course provides learners with realistic and appropriate career related opportunities worldwide for 21st century employment markets. After successful completion of this course, learners can go on to study and progress onto a range of management and other professional qualifications at level 6 and above, such as the Level 7 Diploma in Strategic Management. This qualification will assist learners to seek progression to Senior Manager, Director and Head of Department job roles.
Join our programmes today and start learning. Contact our team on [email protected] for more information.