Prior to the 2011 NFL season, Petyon Manning, who had been struggling with nagging injuries, made the decision to undergo multiple neck and spinal fusion surgeries. He was forced to sit out the next two seasons eventually being cut from the team he had built a Hall-of-Fame career with. Many thought he would never play football again. But during this time, Manning rehabbed hard so that he could return to the game he loved so much and play at a high level once more. Fast-forward a few years, Manning’s preparation and hard work paid off culminating in two record-breaking seasons, and a Super Bowl victory for the Denver Broncos in 2016.
Just like Peyton Manning in 2011, you may be wondering if things will ever get better. The setbacks, hardships, and resulting wreckage from COVID-19 are very real. But like Manning, companies must refuse to allow the noise and negativity to get the best of them. They must work harder than ever to prepare for the moment when the industry does bounce back… and it will!
In the latest issue of the ISA Advisor, economists have updated their previous forecasts stating that “recovery will occur sooner rather than later.” They are projecting that we have reached the bottom and are starting to climb out in US automobile, primary metals, civilian aircraft equipment, private non-residential construction and industrial production.
If your company is an ISA Member and you would like to see the actual projections by quarter, check out the latest issue of the ISA Advisor by clicking the image above.
Now is the time to start planning for your comeback. This could mean bringing back some furloughed FTEs to prepare for the projected increase in demand. It could also mean investing in new capabilities that may be needed to conduct business in the new normal. There could also be some good options for acquisitions and market share gain if your cash or borrowing position allows for it. More than anything, now is a time to set new goals and create a plan to achieve them.
It is also a good time to take a hard look at what your data is telling you. Consider participating in ISA’s Annual Performance and Strategy Report survey (Distributors, Manufacturers and IMRs) which will be open until July 31 and is available at no additional cost to participating ISA members. This report will allow you to benchmark full financials, KPI’s, strategic initiatives and more with your peers as well as the aggregated industry. ISA has also expanded the survey to include information from the first two quarters of 2020 giving you insights on how the industry has fared during the pandemic.
ISA’s Top Line Pulse is another great analytics tool that allows you to navigate business cycles like a pro. By uploading your monthly top-line revenue figures you can unlock the power of this tool letting you see how your company correlates to the industry indexes and forecasts that matter most to you. Analytics are a great way to make sure you are preparing the right strategy for your comeback.
When Peyton Manning stepped back on the field in Denver at the beginning of the 2015 season, he was ready. He visualized this moment all the way back in 2011, set new goals and created his plan for the comeback. Now is your moment to do the same. If you wait until things get better, it will be too late to fully seize the opportunity.