Rescue Part 4: Execute! When Rubber Meets the Roadmap

Making Decisions: A Tiered Approach

We’re constantly making decisions. Take yourself back just a few (seemingly very long) months. What are the three most important decisions you’ve made for your company? Were those decisions a direct reaction to what you believed was going on around you? Was it a data-driven decision meant to be a proactive response to a quickly changing world? Walking the tightrope between the reactions of “Ready-Fire-Aim” and “Too Little Too Late” in times of increased stress, uncertainty, and even crisis can become all-encompassing. 

Frankly the entire rescue process leads to this moment: Having adequate financial resources allows you to make decisions from a place of strength. Conducting a financial stress test provides the awareness needed to address increasing levels of uncertainty. And now it’s time to do the hard work of asking yourself “what decisions would I need to make, and when would I make them?”

In truth, this is the hardest part. Putting decisions on paper makes them real. And gut-wrenching. Which is why we’ve created a system to help you think through the decisions logically, to get the plan down on paper. Feel free to download our simple template here which you can fill in as you go along!

“When”: Making Decisions Proactively

As you go through the decisions that need to be made and put them into tiers below, consider for a moment the timing of when you would make these decisions. Are you watching the leading indicators of success and stress for your organization, so that you can proactively make decisions? Chances are most of the indicators being watched right now are lagging indicators. So as you go through the process, for each tier of decisions we recommend picking a leading indicator you will be monitoring to in fact make the right decisions, at the right time.

The Three Tiers of Decisions

Putting your decisions into the tiers below, measuring their impact on the organization (both financial and operational!), and then knowing when you will make the decision is ultimately the point of all the work you have done to date.

  • Tier 1: Delay, Defer, Cut Non-Essential Expenses: While nice to have, you won’t miss these expenses too much. You might even make these decisions immediately, recognizing the importance of flexibility.
  • Tier 2: Reduce or Eliminate functions you can hire or outsource back quickly. 
  • Tier 3: Survival: What must absolutely remain to continue functioning for 12-18 months? Everything else should get a hard look, and potentially be cut at this point.

Executing with Confidence

Once the plan is on paper, you can take a step back. Breathe. And remember while important, the entire point of the rescue process is so that you can move on with a strong plan, and get ready to meet the future confidently. In our next set of posts, we will focus on the right questions and processes to help you reposition the entire organization to meet the new normal. While we sincerely hope you never have to use the plans created in this phase, we want your mindset and focus to be on the future, and having the strong plan in place is the best way to make that happen.

Ready to discover and carve your path forward?

Let’s get to the view at the top together. A conversation is the first step to clarity, so let’s chat.

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