One of the Indiana firms that has survived because of their business continuity plan is a company that helps their clients with business continuity plans. Not only has Spry survived the pandemic, but they are thriving. So are many of their customers. And they attribute it to business continuity planning. Jeff Williams, CEO and Amy Baker, Chief Innovation Officer offer some insight into Spry’s success in a difficult time.
As the country focuses its attention on COVID-19, and with most of the nation under strict “stay-at-home” orders allowing only essential businesses to operate, many private companies in a variety of industries are suffering the economic impact of the current public health crisis.
Like many organizations, we had high hopes that COVID-19 would crawl back under the rock from which it came, and life would return to some level of normalcy. But alas, five months later organizations are still battling this pandemic and news and social media feeds are littered with modified work arrangements, layoffs, and budget cuts. With this constantly changing landscape it is important that organizations recognize that this unique time in our history offers some unique challenges that should be carefully considered. As we continue down this path of uncertainty the following areas should be carefully evaluated, as they may pose increased risk to organizations.
As businesses have reopened, or are in the process of reopening, many states are now seeing increasing cases of COVID-19, and medical experts are warning of a second, and possibly more severe, wave of the COVID-19 pandemic. Now is the time for businesses to start planning for that second wave. Below, we provide some considerations to think about as you begin preparing.
Who could have predicted that the first half of 2020 would bring such unprecedented pressures for businesses? Moreover, there is no shortage of predictions of what is yet to come: a second wave of COVID-19, a stock market bubble burst, social unrest, or even a financial recession. There are many questions about how to prepare for the future of your business but few reliable answers. Here we present three practical steps you can take to inoculate yourself from whatever the future will bring:
This summer, the Old National Bank Center for Business Excellence has 14 talented summer interns. This team has a diverse set of majors including accounting, finance, marketing and management information systems (MIS). One of the unique aspects of what the ONB Center offers its members and partners in contrast to other membership-based organizations is the use of students as resources. Our students work directly with members and partners on short-term projects.
The rate of change in the global economy has hit a new level of importance and speed. One can argue that things have always changed quickly but, research shows today’s new level of change and disruption is the norm. This is brought about by several factors including, widespread access to information, technology disruption and, the globalization of the economy. Regardless of the myriad reasons, let’s explore the need for leadership in this new reality, especially in the context of our current pandemic.
Like many businesses, ADVISA’s offices are closed and our team is working from home, conducting all our business with clients virtually. The challenge for us and for many others is to continue to conduct business and keep our teams in engaged when we can’t see each other or collaborate in a physical space.
In preparing our team for this new normal, six key strategies rose to the top and, coincidentally, they all include the letter C.