Business recovery from COVID-19: A guide for board members
As companies navigate the COVID-19 recovery journey, board directors can support management using the Deloitte resilient leadership framework to guide them
Directors can work with, support, and provide oversight of management during the transition to the recovery phase of the COVID-19 pandemic. Key considerations for boards and management include:
Resilience as a way of being
- What have we learned to incorporate into the business permanently
- What silos were broken down during our initial response and how can we make them permanent?
- Where did we find our operating model was unable to handle the crisis?
- What other changes to the business model are implied by the crisis?
The mindset shift: From today to tomorrow
- Situation and Management: Is the tone shifting from crisis management to interim-term program management?
- Focus: Has the company pivoted to a market-facing focus?
- Planning: Are scenarios being considered and how they are impacting the recovery plan?
- Attitude: How are we reinventing the business? What new business models need to emerge?
The only certainty is …uncertainty
What is the impact of the five uncertainties on the recovery plan and future?
- Changing social contract
- Changing roles and rules of institutions
- Unpredictable cash resources / capital needs
- Permanence of customer / consumer behaviours changes
- Changing expectations for physical, emotional, financial, digital safety
Trust as a catalyst of recovery
- How has trust been built up (or deteriorated) in the organisation during the respond phase?
- Where/how does trust need to be further built to enable the recovery plan?
Anticipate the destination
At end of the recovery phase:
- What does “success” look like?
- What is the expected timeframe for recovery?
- What are the critical factors which would modify the timeline?
- What impact will each of the five “uncertainties” have on the destination?
- What are the other “unknowns” which could modify the timeline?
- How has management answered each of the core strategic questions related to stakeholder outcomes?
- Is the Recover PMO team equipped and resourced? Are responsibilities defined?