How will your business handle the next global crisis?
COVID-19 is a global crisis without parallel with a high impact across geographic, demographic and economic sectors. Synchronising the resurgence of your business and Supply Chains (SCs) will demand unmatched collaboration and coordination although your company, markets and the Economy as a whole.
How to respond?
Get ready for the “new normal.” COVID-19 crisis is expected to fast-track significant and fundamental changes. Business leaders have the responsibility to agilely respond to the circumstances, to stabilise operations in the middle of a crisis and get ready to coming back of this uncertain pandemic. It demands from leaders:
- Managing a crisis requires understanding and start planning the outcomes quickly.
- Flexibility to modify and act in response to a recovery-focused standpoint.
- Build a resilient culture among teams to synchronise actions flexible enough as to bounce back of the consequences COVID-19
- The actions your enterprise takes during these transitory circumstances would be of significant importance to achieve sustainable operations and long-lasting expansion once the pandemic is over.
- When your corporation figures out the "next to normal" form, then it is the time to start planning and re-design your processes to thrive better after the crisis.
- By observing indicators that could show a comeback of the Economy, which could offer a specific scenario of time-recovering and the prospective advancement towards a reasonable economic condition.
- The synchronisation of functions to propose actions to take during the turbulent-recovery period, essential for your long-term company success.
Economy scenarios for business leaders
Resilient-business leaders must make short-term decisions practical enough to thrive them to long-term instances that could soften possible-persistent shock waves to happen within the next eighteen months or over. How? Through the re-designing of a frame dialogue that creates economic and strategic changes whilst establishing new commerce procedures.
So far, more business and social activities have stepped into an online approach, and it seems they will keep on like this. Life on the street returns little by little, and locals are offering its services again, whereas small and medium-sized businesses will undoubtedly be economically hurt.
Ten vital learning scenarios to look forward
- There is expanding respect for those involved in health systems and physicians working double shifts at COVID areas to save a life, for public organisations and local government for their efforts to slow down the pandemic.
- The intensified-social interconnection is materialising on quarantine times. We learnt to appreciate more our jobs, family, friends, and to re-design our free-time.
- Control of human mobility restrains expansion of the virus.
- The deep-prolonged recession is affecting SCs and consumer's demand.
- A fast-track elaboration of technology and its deployment, so more industries prototypes changing to online, and accelerating its development in line for higher demand.
- Life online increased, bringing us much comfort. Before long, the severe virus will head to all things being virtual and the virtual experience will be the real-life all over.
- There is a profound shift in behaviour and public policies.
- Substantial fiscal programs help to limit the damage.
- Fiscal incentive reduces business failures but does not lift expenditure.
- The global economic recession will recover slowly until the second half of 2021; it will speed up when consumers become more confident.
Further comments: human labour exposed to contagious illnesses diminish your/their resilience and could take you to forge ahead of your investment in automation processes. The COVID-19 pandemic challenges business resilient-leaders to alleviate such calamity and get ready for a more certain future.
The crisis-mode will keep us in on a lengthened recession along with weak demand and supply, a financial system shock wave, chaos on social and economical life; but not all to the same level. Those who face the pandemic more assertively could move back quickly. Are you flexible enough to re-structure your enterprise in favour of consumption and encouraging people to get back to work in 2021?
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