Making Sense Of Business Strategy Beyond COVID 19

Few global events have had bigger impacts on the business world order than the COVID-19 pandemic and the ways it has forced new ways of thinking, acting and planning for the future sustainability of multinational corporations.

The disruptions to business plans have been significant and worldwide in scope. The fallout in terms of unemployment and enterprise dreams deferred have been unprecedented. The requirements for change, too, have also been, quite literally, epic in both timing and proportional terms.

Few of us could have imagined the broad host of challenges and shifts that have been forced on global business executives. Yet, now that we have already learned to cope and adjust sails, perhaps we might find optimism in knowing that the world has indeed been changed in myriad ways and navigating our organisations to a better future will require a solid plan.

A strategic plan, that is, that may require construction with equal parts bold and flexible ideas, backed by data and metrics as much as with the special character and identity of the enterprise and its culture. 

For certain, a plan grounded in great people, a compelling vision and a firm sense of the new business landscape will be a central requirement to pivot into new markets and seize on emerging business opportunities.

It all sounds good, right? Sure, but if you’re going to make sense of business strategy beyond the COVID-19 pandemic, you might be well served to consider some of the following observations regarding the creation of a new, COVID-informed business strategy for the road ahead:

1 – Not everyone will be on board – That’s right. There will be business leaders and managers who simply cannot move fast enough in the direction of getting on with things precisely the way they were before the outbreak of the global virus.

Why, you ask? Well, it may be because things were going so well before COVID-19 that they simply want to return to those same business practices to yield the same positive results. Or because they believe the industry or business fundamentals your team now faces remain largely unchanged.

Or, perhaps, could be the reality that some internal stakeholders have vested reasons either to not throw their support in favor of a business shift, or quite possibly because they fear they could lose some authority or influence over the outcome, potentially minimising their business impact.

Whatever the reasons, consider that not everyone will support major changes – or bold ideas – from which to build a new strategy. Be prepared, demonstrate with metrics and bring others along.

2 – A new strategy will require detailed metrics and ‘Voice of Customer’ credibility – Nothing jostles the mind and stimulates creative discussion among leaders quite like fact-based presentation of customer insights, spending trends and statements of need. Whatever your future course, be sure to lock it down tightly with deeply qualified customer insights, not only about their intended resources, but their willingness to invest in solutions.

If you can pinpoint unique client needs and market forces that your team can serve and exploit to mutual benefit, now is the time for planning, action and continual measurement to ensure a smooth path forward.

3 – New skills, experience and open-mindedness may point to new talent needs – If your team is to pursue new directions, it may require new resources. The bigger and bolder your plans, the more responsibility you will have to create the right team to support its effective implementation.

Along the way to business growth and our collective business re-emergence from the COVID-19 storm, you will gain fresh allies and maybe even put one or more noses out of joint, depending on who has something to gain and who, potentially, could lose face.

Your ability to mobilise and inspire a high-performing team will be crucial to supporting any new business strategy, as will your capacity to put out fires and overcome obstacles. Just keep in mind that as you move forward, you will find supporters and in some cases need to recruit people who can bring new talent, fresh insights and an open-minded approach to what’s possible in order to reach your goals.

Copyright © TRANSEARCH International

  • Share

Other Thought Leadership

Thought Leadership
Webinar - Unconscious Bias - Dr. Carlos Davidovich MD.

Dr. Carlos Davidovich MD. explores the neuroscience of biases and where they are located in our brain, the negative consequences of unconscious cognitive biases and the connection between biases and Diversity and Inclusion.

Thought Leadership
Systems-Level Thinking and Leadership for Our Times

Ponder long enough and you might recall hearing at a business conference or reading a blog post from a renowned futurist, author or social commentator some time ago that while things to come remained as always unpredictable, it was likely that the pace of change in our times would indeed accelerate. Looking around at the ways our lives and work have been altered in the past 24 months alone,

Thought Leadership
Webinar - Succession Planning: Passing the Baton - John O. Burdett

Breakthrough technology, uncertainty, the increasing speed of change and the redefinition of 'work' demand an organisation that is a fit for the 21st century (built to change). We refer to it as 'succession planning.' A better description would be 'planning for success.'

Thought Leadership
CEO Conversations: What Boards Expect

TRANSEARCH India invited a panel of CEOs and board members, to discuss the topic – 'CEO Conversations: What Boards Expect'. The panellists also debate the importance of agility, culture, succession planning and diversity as key tenets of good governance and purpose-led leadership.

Thought Leadership
Webinar - The Way of the Dolphin - John O. Burdett

More than anything, agility is a way to think, it’s a mindset, and as such, without 'leadership' you still don't have much. The type of leadership required exudes, encompasses, encourages, and expresses agility in everything the leader does. Which leads us to the 'The Way of the Dolphin'.

Thought Leadership
Replacing Fear With Fortitude

One of the reasons a weekend respite from one’s executive leadership responsibilities – or a longer holiday break away from the office – can be so productive for one’s state of mind is because it allows us the time to reflect on our work and absorb important lessons learned by others. There is no shortage of illuminating quotes, allegories and simple epiphanies circulating on the Internet,

Thought Leadership
Holding Firm In The Storm, Aligning For The Future

While so much of the world around us is changing, there will come a time when people around the world will look for signs, evidence and leaders in whom they can believe and put their trust for better things to come in the future. There is no better economic and social flashpoint to prove this point than the continuing global struggle to contain the spread of COVID-19,

Thought Leadership
Female Executives' Sustainable Leadership Values

Diversity and Inclusion are founding principles of a more sustainable business model, and even if they encompass several components, including that of gender equity, it is obvious that good intentions are not enough.