The Coronavirus pandemic crisis is having a global impact. How will it affect your organization? What are the possible scenarios? How do you plan to respond? Use this template as a starting point for your business’ continuity strategy.
- COVID-19: Business Continuity Template
- Template: Explanatory Video
- 6 Strategic Planning Best Practices in the context of COVID-19
COVID-19: Business Continuity Template
The template is divided into four perspectives. Let’s have a quick look at what goals are included in these perspectives.
Learning and Growth Perspective
In this perspective, we focus on the skills and infrastructure needed to execute the business continuity strategy:
- Educating employees on COVID-19 (as measured by leading indicator “Awareness program penetration, %” and lagging indicator “% of practices actually implemented“)
- Conducting global scenario planning (with some specific initiatives aligned)
- Aligning IT systems with the challenges of remote work
- Introducing employees to the principles of remote work
Internal Processes Perspective
In this perspective, we formulate the goals related to the internal business systems that will help to execute the business continuity strategy effectively:
- Workforce protection
- Supply-chain stabilization (a part of procurement strategy)
- Informing stakeholders
- Implementing remote work (including strategy meetings for a distributed team)
In the stakeholders’ perspective, we focus on the needs of our stakeholders (employees, customers, partners). Here, we map such goals as:
- Anticipating impact on healthcare needs
- Anticipating impact on education needs
- Anticipating impact on daily needs
Another important stakeholder is the community and its needs. If you have a dedicated non-profit scorecard, then you will find a similar goal there.
The business continuity strategy map template includes several initiatives aligned with the “Community needs” goal. These initiatives describe possible ways how an organization can contribute:
- Repurposing production lines. For example, Inditex, owner of retail chain Zara, starts manufacturing hospital gowns.
- Repurposing products and services. For example, Decathlon is donating snorkeling masks to hospitals. MSC Group’s Splendid was converted into a hospital ship.
- Contributing to social distancing. For example, Czech Post allows sending free registered mail via its “Datová schránka” during the duration of the declared emergency.
Due to travel limitations, many companies have shifted from in-person event formats to online events. While the costs of streaming platforms are lower, organizations need to fight for the attention of the attendees. In this article, we share our approach to the online events that proved to deliver stable outcomes in terms of customer engagement and long-term business impact.
Finally, in the finance perspective, we map the relevant financial goals and expected outcomes. In this case, we are talking about:
- Impact on revenue
- Applicable insurance policies
Business Continuity Strategy Template Explained
Let’s discuss the business continuity strategy template in the context of COVID-19 impact.
6 Strategic Planning Best Practices During the Coronavirus Crisis
The latest recommendations of the health agencies and new governmental regulations imply significant changes to the way organisations run their business all over the world. During crisis time, it’s important to keep the strategy execution effective and introduce preventive actions where possible.
We’ve formulated several best practices for the users of BSC Designer in the context of strategic planning. Not a user yet? Sign-up with a free plan right now.
1. Focus Strategy Discussion
Effective leadership and clear strategies are important these days. Create Balanced Scorecard-style strategy map(s) to communicate the “why?” and “how?” of strategy effectively. Here are the 8 steps to create a strategy map:
- Use the share function to define access rights for the members of your team
- Cascade strategy across different business units, create local versions of the strategy map
- Start using the map during the next strategy discussion session
2. Conduct Threats Analysis
Run an extraordinary audit of the external threats using the PESTEL analysis template. Users of BSC Designer will find the PESTEL template in My Scorecards > New > New Scorecard > More templates…
Business threats to look at in the context of COVID-19:
- Fall in consumer and business spending
- Supply-chain impact
- Operational resilience
- Leveraged finance impact
- Legal impact
- Work-from-home impact
3. Track and Forecast KPIs
We will face some unpredictable fluctuations during the COVID-19 crisis. Make sure you know about those critical changes early.
- What KPIs should we look at? Start with these essential KPIs.
- How to find the hot spots? Use the “Biggest gain/loss” Analysis function in BSC Designer.
- How to setup early warning signals? Use the Alerts function in BSC Designer.
4. Prepare Response Plans
Discuss with your team the ideas related to the fluctuations of the KPI values:
- Add commentaries about KPIs (simply press “C” on the “KPIs” tab)
Use Initiatives to articulate your response plan:
- Add budgets and timelines
- Assign owner
- Link to the relevant policy
Make sure the response plans are adjusted according to the needs of specific geographies:
- Budgets for the initiatives can be assigned in different currencies.
5. Know KPIs for Remote Work
Support social distancing, shift to a remote work model where possible. Implement a clear performance management system for your remote team. We’ve discussed specific KPIs for remote employees here.
6. Update Business Resiliency Plan
From the viewpoint of corporate governance, make sure the business resiliency plans exist and are up to date.
Key points to look at:
- Overall operational resilience. Implications for supply-chain, shifting to work-from-home model.
- Legal implications. For example, the ability to hold a virtual shareholders meeting.
- Financial implications. Access to financing and impact on revenue.
As always, our customer support team is ready to help you with strategy planning challenges.
- Access templates. Sign-up with a free plan at BSC Designer for immediate access to 31 scorecard templates, including Coronavirus Business Continuity Strategy discussed in this article.
- Master skills. Check out free video tutorial for the Balanced Scorecard. Master your strategy planning and execution skills with Strategy Execution training.
- Automate. Learn what Balanced Scorecard software is and how it can make your life easier by automating strategy execution, KPIs, and strategy maps.
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More About Strategic Planning
- ^ COVID-19: Implications for business, March 2020, McKinsey & Company
- ^ COVID-19: Managing supply chain risk and disruption, Jim Kilpatrick, Deloitte
- ^ Operational resilience, third party risk management and impact tolerance in the time of Coronavirus
- ^ Coronavirus: The impact on leveraged finance, White & Case
- ^ COVID-19: Legal Issues and Considerations, White & Case