Updated: Jul 5, 2020
As EDOs look to their budgets over the next few months, determining the proper course of action will be challenging to say the least. We believe real answers are going to come from experience and creativity, not necessarily process and fundamentals. We also believe that once we maneuver our way through triage, this will become an incredible time for industry innovation so the companies and organizations thinking that way now, will be better positioned to prosper in the future.
With that, when considering resourcing your organization, here is what we are telling our current clients:
Pause, Assess and Recalibrate.
Pause, meaning stop asking for money and take the time to think about what’s happening, think about how it is affecting your community first and then your organization, and reach out to your investors to check in – how are they doing and how can you help. All organizations are orchestrating aggregate responses at some level, but are you also reaching out individually to your investor base? If not, you should.
Assess, over time; not a lot of time but the next few weeks and months as things continue to unfold. What can you do to be part of the solution as we climb out of the impending recession? Do your current strategies and/or tactics need to change? What is your role in the recovery response? How does the aforementioned impact your current and future budget projections?
Recalibrate strategies, tactics, and investment methodologies for the new economy. We know things are going to be different; we don’t know exactly how just yet but the sooner EDOs can focus on their proper roles within the broader context of the community eco-system, the faster they can return to sustainability. This, by the way, offers an excellent opportunity to re-engage investors in defining your strategic direction. Assemble a task force; convene community partners; facilitate a short, robust process but most importantly, LEAD!
In closing, stay healthy, stay safe and remember, we are shut in but we are not shut down!