A few insights you might want to consider once you see the light at the end of the tunnel and are ready to get your business back on track after the current Covid-19 crisis.
Rapidly recover revenue.
Speed matters: it will not be enough for your business to rebuild revenue gradually as the crisis diminishes. You’ll need to put your business out there and to fundamentally rethink your revenue profile and get ahead of the competition. To do so you need to shape up and focus on your top revenue drivers.
This favours action over research and testing over-analysis. Establish frequent
reviews: weekly progress reviews, daily team check-ins, and a proactive rhythm to promote responsibility and agility. Push, push, push! Don’t be afraid to make mistakes.
Individuals at the core.
Your business needs to rethink its operating system based on how your people work. A lot has changed over the last 2 months and your people are much more likely to step up and try new things. Whatever you do, your people are at the core. If this has always been like this - great. Otherwise, now is the time to change that.
Acceleration of technology, digital, and analytics.
It's already a cliché COVID is the biggest driver for digital transformation. Digitize or die and accelerated the change - fast. Great companies are pushing the envelope. They utilise analytics to combine sources of data to make better and faster decisions and strengthen their connections to customers and their needs. Now is the time to push the digital transformation agenda in your organisation.
Develop a Customer playbook
You will need to understand what your customers will appreciate post-COVID-19 and create use cases and tailored experiences based on these insights.
Ecosystems and adaptability.
Crisis-related disruptions in supply chains and individual suppliers adaptability is essential. That might mean altering the ecosystem and contemplating nontraditional collaborations with partners up and down your supply and distribution chain.
Act with urgency.
It is possible! During the current crisis, a lot of organisations have worked better and faster than they dreamed was possible a few months ago. Maintaining that momentum will give you a competitive edge.
Build an agile operating model.
Inspired by urgency marketing and salespeople are increasingly willing to adopt agile methods. Consider an operating model built around the customer and supported by the right processes and governance. Don’t be afraid to drop customers that never contributed to your bottom line.
Come back to learn more about successful business crisis recovery or reach out to us via our online coaching and advisory sessions.