Why looking back could be best step forward for Queensland organisations
This year may not be one Queenslanders want to dwell on, but for organisations wanting a head start to 2021, reflecting on the past eight months could be what they need.
Leaders must now assess how they and their organisations tackled the height of the COVID-19 pandemic to ensure they solidify any lessons learnt before the year is out.
Despite this, the reality is few organisations will debrief like this regularly.
Scott Rowan, BDO in Brisbane Consulting Associate Director, said many think the priority is looking ahead.
āPlanning for the future without learning from the past is like training for a grand final without assessing your opponentās previous tactics,ā Mr Rowan said.
āMany organisations get too focused on the future and do not invest enough in understanding the past and how they can improve.ā
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According to Rowan, when it comes to planning for crises and ensuring business continuity, the stakes amplify further.
āThe consequence of inadequate reflection may not occur immediately, but it will inevitably come,ā Rowan said.
āFew organisations could have predicted a global pandemic, but those who had learnt from previous experiences and planned for how they could secure their supply chains, mobilise their workforce, and swiftly implement secure e-commerce solutions definitely had a running start.
āWhile many organisations have found the current climate challenging, those who were able to quickly pivot and mobilise their business continuity plans have maintained momentum and, in some cases, flourished.ā
Leave no stone unturned
When it comes to looking back and reflecting on improvement areas, Rowan said leaders must assess every element of their organisationās operations.
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āSome areas may require no adjustment or just a fine tune, while others could need a total rethink,ā Rowan explained.
āThe value of reflection and the resulting business continuity planning comes from addressing an organisationās threats and being sufficiently detailed in terms of continuity processes.
āTaking this approach means plans can be relied on in a continuity event ā whether it is a short-term event like fire or flood, or prolonged like a pandemic.ā
Getting the full picture requires consideration of five essential functions.
- Financial ā Reconsider the financial and performance metrics necessary for cash flow and financial sustainability. Determine their impact across the organisation and assess whether it may be timely to review operations and consider the viability of individual offerings.
- People ā Recognise the significant impact on organisational culture and staff mental health that arose as workforces adapted to different operating models. Organisations must now reconsider their approach to staff communication, organisational structure, floor space requirements, and the policy, technology and safety requirements needed to support staff.
- Process ā Assess whether process changes were documented and applied consistently, and their impact on client/customer experience. Dive into the detail and consider if individual processes should be enhanced further, whilst aligning with regulatory requirements.
- Technology ā Determine what made the speed and efficiency of new technology adoption in recent months possible and apply the learnings to future technology implementations. Leaders must also reconsider their technology footprint, decide whether disaster recovery planning should include new solutions, and reassess the organisationās cyber security posture.
- Governance ā Review organisational strategy before the end of the year and identify required updates to ensure strategic alignment in an environment that demands a shorter view and more agile approach.
Do not let plans gather dust
Rowan said documentation at the end of the review process is just as important as during it.
āEnsure debriefing efforts are documented with clear actions, responsibilities and timings assigned to keep people accountable,ā he said.
āFollowing up on progress will significantly increase an organisationās resilience and position it more sustainably in these uncertain times.
āMaintain momentum and aim for continual improvement by scheduling the next debriefing session as soon as the current one ends.
āBy being proactive leaders can see out 2020 knowing their organisation will be ready to throw open its doors in 2021.ā
To determine how your organisation can best learn from the past to guide its future, contact a member of BDOās Consulting team.
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