Before COVID-19, the leaders of a corporation would be looking at where and who to cut to get back on track in Q3 and ultimately end the year with some sort of profit and “Hero” status with shareholders.
One Global Top 10 bank posted its first loss in all revenue categories in this scenario for the first time since the great recession, so what are ‘they’ thinking?
- In the short term, they can cut X number of bank branches laying off a few thousand loyal (until now) employees and write-off all of that accumulated talent.
- All but shut down personal and small business loans due to the high risk those customers have become in this pandemic. Many banks are already doing this. The issuing of new credit cards will be next to be cut.
- Stop the Mergers & Acquisitions division from buying anything so not to take on any more debt. Staff cuts in those divisions go with that action.
- Selling of companies that are underperforming is always on the ‘list.’
- Possibly the “note call” squad will be readied to shore up cash flow by calling in delinquent notes of various kinds.
These are solid ideas for any such corporation and ten months ago, as a shareholder, I would expect my bank to take these very actions. But…
What if there was another way?
The world we know and the way we do business in that world stopped 6 months ago. There is a new opportunity to change the way business is accomplished and it uses those very loyal (until now) employees who were about to be cut as the main players in a very unique way.
It’s called the Vision Strategy Roadmap and it’s based on achievement strategies and not goals and timelines which often get missed under the old system. In other words, let the accountants file the taxes on time while the corporation goes from Top 50 banks in the world to the Top 10 in a single decade.
Creating vision statements for a company is nothing new to business plans until now. The vision strategy sets an actual vision out on the horizon without a date or revenue goal attached to it, but rather a solid place to be when the vision is achieved and not accomplished. Interesting wording isn’t it?
The vision in the bank above scenario could be going from #8 in the world to #5 by the of this decade with another new vision set as going from #5 to #2 globally by 2040.
How could this be done?
First, let’s start with the word ‘achievement’ and what it means at all levels of the corporation. How did you feel the last time you achieved something significant in your career or life? You can feel that achievement right now can’t you as you recall the memory?
How could it work?
First set the vision on the horizon, without a date/goal attached.
- Now ask yourselves what is the last achievement, or stop, that we will have to do before achieving that vision? Give it a name and at least four tasks to complete to achieve that ‘stop.’
- Next, what must be achieved before the stop you just created? Repeat the naming of the stop and assigned four tasks to be achieved.
- Next, repeat the same process over and over again to the day you created the vision on the horizon.
What happens if another COVID-19 comes along? Nothing, because there is no timeline, only achievements to be made. Business “storms” come along all of the time and with this system in place, you can stop your progression towards your vision until the storm has passed and start again right where you left off.
Has it been tested?
Yes, and with marked success. Here’s one story of success: Owner of a company in the USA with four divisions located separately geographically. They lose an average of one person per quarter for various reasons. The owner and his senior staff created a Vision Strategy Roadmap in May 2019 with a calendar year financial plan.
As of March 1, 2020, the company hasn’t lost any staff for any reason. The company met its revenue goals already set for calendar year 2019 by the end of October 2019 in an industry that was having a slow year industry-wide. They ended the year at 131% of forecast and no loss of employees, including a 44% reduction in sick time. Here’s the rest of the story.
The company created a vision and each division created their visions with stops and tasks described above.
When either the company or any division achieved a stop, the entire division celebrated that achievement, AND the owner was there with them, with stacks of pizza.
After the celebration, the company/division came together and took an analytical look at the achievement of the stop just celebrated and learned from what worked and what didn’t work followed by writing out a report to take on with them to their next stop with a copy to all divisions for reference and training.
Where do you get this new road map?
It’s free as a pdf download without opt-in for your own use or you can contact the Consortium Division of a global transformational performance company called Evolutionary Healer, LLC with offices in Asheville, NC, USA and Minneapolis, MN, USA.
The question for you is: Are you continuing on in your industry doing the same old business or do you “lead your industry” going forward in the 21st Century?