In addition to the severe health and humanitarian crisis caused by the covid-19 pandemic, world leaders are facingenormous business challenges brought on by the coronavirus pandemic: collapsing customer demand, significant regulatory changes, supply chain disruptions, unemployment, economic recession and increased uncertainty. And as with the health and humanitarian aspects of the crisis, companies need to find ways to get back on their feet.
The following questions can guide you in your efforts to bounce back from the crisis.
What position can you reach during and after the pandemic?
To make smart strategic decisions, you need to understand your company's position in your environment. Who are you in your market, what role do you play in your ecosystem and who are your main competitors? Can you shut down your business and resume as is after the pandemic? Can you regain lost ground? Will you go out of business or can you become a market leader through developments during containment?
Many companies are questioning their viability after the pandemic. This is particularly true in the travel, hospitality and events sectors. Some companies are accelerating their growth because their value propositions are in high demand. For example, companies in home office equipment, communication and collaboration tools and home delivery services. Because of these factors, not all businesses are equally resilient. You need to take action now to determine your likely position when the pandemic subsides.
What's your plan to bounce back from covid-19?
A plan of action shows the way to reach the position you are hoping for. It should explain what you need to do today to achieve your goals tomorrow. In today's environment, the question is what you need to do to get through the crisis and resume your activities when it is over. The lack of a plan only adds to the disorientation in an already confused situation. When defining the actions you intend to take, think broadly and deeply, and take a long-term view.
How will your culture and identity change?
Perspective refers to the way an organization sees the world and itself. As a result of the pandemic, your culture and identity will change. A crisis can bring people together and foster a collective spirit of endurance; it can also drive them apart. Individuals become distrustful of each other and focus on themselves. It is essential to think about how your perspective might change. How culturally prepared was your organization to deal with covid-19? Will the current situation bring your employees together or drive them apart? Will they see the organization differently once the crisis is over?
What new projects do you need to initiate, lead and coordinate?
Your answers to the above questions should point you towards a set of projects aimed at solving your coronavirus-related problems. The challenge is to prioritize and coordinate initiatives that will allow the organization to be sustainable. Be careful not to launch many projects that all depend on the same critical resources, which may be specific individuals, such as senior management, or specific departments, such as IT. With too many new initiatives, you could end up in a resource war that would delay or derail your strategic response.
How ready are you to execute your plans and projects?
You need to assess the readiness of your organization. Are you ready and able to carry out the projects you have described, especially if a large part of your organization has moved to telework? We see large differences in readiness at the individual, team, organisational and country levels. The resources available and the speed and quality of decision-making processes vary considerably, and these differences will determine your success or failure.
These questions throughout the article are intended to provide you with a worksheet around five strategic questions. It can help you plan your current and future actions. Keep in mind that consumers will remember how you reacted during the crisis. An increase in prices during times of scarcity, for example, could have a significant effect on your relationships with customers in the future.
Covid-19 is having an unprecedented impact on the world. Companies must act now if they want to bounce back in the future. By doing so, they will help the world recover and hopefully become more resilient in the process.