On March 11, 2020, Covid-19 was declared a pandemic by the World Health Organization. Uncertainty reigned, and governments, businesses, institutions, and individuals asked what this shift would mean for them.
How would the SARS-CoV-2 virus reshape our society and lives in the days, weeks and months to come? Without doubts, pandemics have always changed history by transforming populations, states, societies, economies, and governing structures. In today connected world urges a holistic approach to strategy and businesses able to cope with highly disruptive and unpredictable environments. Various companies advanced an incident management plan to the crisis, and are now looking ahead to make them long-lasting strategies. As you stabilize and shift focus on how to bring people back to work, assess your organization’s response efforts and identify areas that need correction.
Workforce became the companies’ primary and prioritized stakeholder. Support employees’ physical and emotional well-being and embrace the flexible working method. Leadership is essential to create meaningful, valuable and profitable connections, and empathetic communication helps people feel informed and supported.
While taking care of your employees, make a continuous assessment of the workforce costs and align its planning with the business strategy. Supply chain ecosystems are also changing; make sure to identify alternative supply chain scenarios. As business activities slow, some companies are seeing lower revenue resulting in less cash flow. Work through scenarios and focus on modelling the worst-case scenario to assess the impact on cash position. A big role is played by strategy and branding; accelerate digital transformation is now a priority as remote working is meant to be the new normal. Minimize the gaps in IT infrastructures, protect growth and profits by exercising more on frequent financial modelling, think about getting closure to your customers and clients and try to think around the core markets and business models shifts.
Above all, put the purpose of your company at the core of your business strategy. Clients, customers, communities, business societies, environment and government are more than ever in a deep connection. Therefore, it is not possible to think about your company as an alone standing institution but as a part of a stakeholders network.