Code Red: An Experience in Crisis Management
I can’t possibly continue talking about my journey as an entrepreneur without talking about “tough stuff.” And what could be tougher than facing one of the worst fears any business could have in the time of covid?
Three things have been very important for our team during this time: Planning, Communication, and Teamwork.
Planning not only means directing in good times, but also preparing for the worst case imaginable. With the reality that businesses operate with significant risk in the time of covid, teams have the unpalatable task of creating a response to an awful “What If?” scenario.
We always endeavoured to preemptively address an invisible opponent (hence voluntary closures for 5 out of 12 months), but on top of that, we also created a “Code Red” plan— if such preemptive actions would not be enough.
“Code Red” was a headache to discuss— because we detailed responsibilities and time frames within which decisions needed to be enforced. “Code Red” planning however, was necessary; It spelled the difference between waiting passively, versus communicating quickly. It also meant that the whole team had to confront and spell out our values when crafting a response that aligned with our conscience.
Next, Communication. This is important in crisis management, because it expresses accountability to the people you are responsible for. This entails clarity to colleagues, and transparency to clients. After all, you will never need to alter your story— if you tell the truth.
To be honest, Press Releases were not part of our “Code Red” planning. What matters most to us is that the people who need to know are informed, and feel safe with the communication given.
Lastly, Teamwork. I cannot emphasise this enough. Between multiple tasks executed concurrently, having a team that has their wits about them— troubleshooting without excuses, and remaining calm while addressing other people’s needs— is nothing short of a blessing.
I never thought I’d say this, but challenges can be gifts, too... The tougher it is, the tougher you get.
But please, no “Code Red” for the time being! We need a break!
—-
@marella_official @bally
同時也有10000部Youtube影片,追蹤數超過2,910的網紅コバにゃんチャンネル,也在其Youtube影片中提到,...
「scenario planning」的推薦目錄:
scenario planning 在 Facebook 的最佳貼文
Video - Family Time
Bringing out all the 6 kids for swimming was
challenging .
The chaos begins even before leaving the house - Haha
The preparation to get ready itself took us 30 minutes .
By the time sampai Swimming Pool , Mommy & Daddy pun dah penat.
But with 6 kids, it’s still manageable with proper planning . Everything has to be done fast and efficient . Eyes must be alert at all times with the kids jumping and running everywhere at the pool .
Adam who lives dangerously would just dive into the big pool . Noah is more cautious . Tasha the mischievous one would drag Noah into the deeper end . Luckily there’s Bella helping out . Eusoff & Emelia were behaving well throughout .
Just sharing
Good Morning Everyone
Love As Always
PS - What you see in the video was totally not the actual scenario at the pool . Haha ...
scenario planning 在 AppWorks Facebook 的最讚貼文
【Lesson #3 - Talk to your investors】
Many founders spend countless hours of blood, sweat, and tears fundraising. Endless Zoom calls, perpetual follow-ups, coffee chats, check-ins, dinners, networking events, are all examples of this "always be fundraising" mentality commonly held among bootstrapping entrepreneurs. It's a lot of effort, that oftentimes does not carry over post-fundraising. Once they get money in, the communications falter—a grave mistake and wasted resource, according to Hai Ho, the founder/CEO of Triip (AW#18), a blockchain powered travel platform based in VN.
---
What I’ve come to learn is that the strength of your company is very closely tied to the strength of your relationship with your investors and how frequently you interact with them. Oftentimes in the early days of your startup, you tend to shrug off any need for external help. You managed to build up promising initial traction, raise a round or two of financing, hire top notch talent—things are good, why trouble yourself with managing investor relations. “I’ll reach out when there’s a problem” you might think to yourself.
Before, I would probably hold a board meeting once, maybe twice a year depending on everyone’s schedule, strictly for the purposes of corporate governance. I’ve since changed how I communicate with my investors. No matter how busy it gets, I make it an effort to send email updates once a month and have meetings with them twice a quarter.
Looking back on my 13 years of entrepreneurship, I wish I could’ve done this a lot sooner. Your investors collectively boast a wealth of experience, wisdom, and connections. Make sure you take advantage of that. Talk to them, in good times and bad. You’re on a long-term journey together, so the least you can do is put some trust in each other. They can help illuminate your blind spots, while leveling the playing field against competition, but only if you let them.
We often forget that founder-investor relations are still a type of human relationship at the end of the day, which can only be developed through consistent face-to-face interactions (virtual or physical), not just from a couple of WhatsApp messages here and there. Doing so has created a stronger bond and mutual understanding between my board and I, and ultimately allowed for more information flow, both ways. Most of my problems now have become much easier to solve than before.
Right when COVID first hit in early 2020, I was still somewhat optimistic about the fundraising climate and overall travel landscape, in my naivete. But one of our very early investors that I had recently rekindled with through my renewed IR efforts thankfully stepped in with a precautionary outlook, shepherding us through some scenario planning and advising us to cut costs to zero and assume we wouldn’t be able to get new funds in until 2024. His guidance was instrumental in helping us weather this storm so far. It’s been an incredibly tough time for travel companies this year, to say the least. But building this communication flow with my investors and advisors has made it 10x easier, for both tactical and moral support.
Applications for AW#22 are now open to founders targeting SEA, AI/IoT, or Blockchain/Defi -> https://bit.ly/2VQaEg9
scenario planning 在 コバにゃんチャンネル Youtube 的最佳解答
scenario planning 在 大象中醫 Youtube 的最佳解答
scenario planning 在 大象中醫 Youtube 的最佳解答
scenario planning 在 Scenario Planning and Strategic Forecasting - Forbes 的相關結果
My specialty is multiple scenarios, or scenario planning, as it is best known. Scenarios are alternate futures in which today's decisions ... ... <看更多>
scenario planning 在 A step-by-step Guide to Scenario Planning - Professional ... 的相關結果
Scenario Planning Process · Step 1: Brainstorm Future Scenarios. In the very first step you need to decide a time frame. · Step 2: Identify trends and driving ... ... <看更多>
scenario planning 在 What is Scenario Planning and How to Use It - SME Strategy 的相關結果
Scenario planning is making assumptions on what the future is going to be and how your business environment will change overtime in light of ... ... <看更多>