Strategic overview is a phrase that we as a business, here at Vectair, use often. It underpins our success and allows us to assess our business from the outside looking in, or as close to as possible. I meet often with the Board to analyse the Company & suggest new ways forward. A strategic overview during the COVID-19 cris has been absolutely crucial.
COVID-19 has presented the biggest challenge to our strategic overview in the 32 year history of the business. Never has there been a time like this in my life, and nor will there ever likely be again in anyone’s lifetime, we hope.
We were deemed “essential”, but there’s no escaping the negative impact COVID-19 has had on our business. I have a list as long as my arm in ways coronavirus has hurt us but brighter days are ahead. Like other businesses, there’s been loss of revenue streams, loss of staff morale and other factors. Thankfully though, COVID-19 has not been as harsh on us, as it has on other businesses & industries.
Leading our Board of Directors, we have been collectively tasked, to “predict the unpredictable”. Running a strategic overview in evolving times, we did look for some guidance from the Government as well. Key financial initiatives only partially helped. More was needed and more is needed in general for businesses to rebuild. Rest assured, I am determined to deliver brighter days for Vectair.
I have done more “deep dives” and strategic overviews into the business in these last three months than many years combined!
Perhaps this has been the single biggest takeaway for me in that COVID-19 brought with it was a full “top and tail” SWOT analysis of our business, our objectives, our strategic thinking and the robustness of these plans and the direction of travel.
Strategic overview – our plans and vision
Our strategic overview resulted in a much clearer vision & a determined and robust set of future plans. Along with financial objectives, this analysis would serve to provide better insulation for our business.
COVID-19 has ensured that we can be a fitter, stronger and more reactive business going forward.