This pandemic shock will create a discontinuous shift in the predilections and expectations of individuals as employees and consumers.
By Chandrahas Panigrahi
Have we thought what businesses will look like when we reach the other side of the pandemic? How will life post-Covid-19 look like? How will our performance change, given the high degree of uncertainty right now? How will this turn into a post-crisis consumption-based economy and corporate business models? By taking preemptive steps now, you can put your business in a more secure position to stay strong and recover faster. Here are a few key strategies to help your business regain from Covid-19.
Resilience: Building resilience gives companies a competitive edge
The integrity of an organisation and its leadership team is directly enhanced by its resilience. Companies should pursue to evolve their product offerings and operational infrastructures to drive growth to depend on a resilient foundation, allowing resources to be focused on conversion, rather than mitigating risk. There are two types of strategies here. One is a market-competing strategy that focuses on beating rivals in existing markets that we think of as a ‘red ocean strategy’. The other is a market-creating strategy that focuses on generating new markets which we think of as a ‘blue ocean strategy’.
First, to create growth resilience, blue-ocean market-creating moves stand out. They not only unlock a growth edge when economic conditions are favorable, but also generate resilient growth in the face of business cycle downturns and unfavorable economic conditions. Second, don’t wait for growth to slow to make market-creation a strategic priority. Act now. Third, ensure that your market-creating efforts are a core component of your corporate strategy and not siloed into a function, effectively a sideshow. Lastly, remember technology itself doesn’t create markets. What creates new markets is the use of technology. Don’t wait for fiscal policy adjustments or fiscal stimulus to propel your growth. The good news is you need not be trash on the roaring ocean of the business cycle, rising and falling with the fluctuations of the market.
Return: Reconsider business system
Returning businesses to operational condition after a terrible shutdown is extremely challenging. Also, there is no doubt that we are in the middle of the supply chain disruptions that will have global consequences for many months regardless of the time required to bring the coronavirus disease under control. The lowest point in the chain will define the success or otherwise of a return to rehiring, training, and attaining previous levels of workforce productivity. Leaders must reconsider their entire business system and plan for committee actions in order to return their business to effective production at pace and at scale.
Resolve: Embrace new technology for alternative sales channels
This pandemic shock will create a discontinuous shift in the predilections and expectations of individuals as employees and consumers. These shifts will impact how we live, how we work, and how we use technology. Visibly, the online world of contactless commerce could be augmented in ways that reshape consumer behaviour forever. Opportunities to push the blanket of technology adoption will be enhanced by rapid learning about what it takes to drive productivity when delivery is unavailable. The result will be a stronger sense of what makes business more resilient to shocks, more productive, and better able to deliver.
It is, of course, a more difficult landscape for brands to navigate, but it’s something that we all need to face together. The challenges are substantial, and we’re all hoping that there might be some ray of hope. But if that isn’t the case, then we need to work within the limitations of the new environment and consider that in how we look to adjust and stay afloat in these trying times.
The writer is CMO and consumer business head, Acer India