People
As the crisis unfolds, there are already clear winners and losers in the short term and certain business models are more resilient than others. However, companies are struggling to understand when the disruption ends and how to navigate to the "day after", as the latter appears to be elusive and different based on sector and geography.
Nevertheless, in this fight for survival, it is of equal importance to start planning and preparing now for the post-Covid era. Survival is not a short term play and management teams will need to juggle fighting day-to-day and positioning their companies for what comes next. In order to do that there are there areas of focus:
1. Plan for the good, the bad and the ugly (or recovery, second wave or the twin black swans) and prep for success in each of these scenarios. Invariably, there will be a number of initiatives and actions that companies will need to do in any scenario.
2. Gather and interpret data (company, competitors, market, covid among others) on a real time basis where possible in order to be able to identify, predict and ascertain new trends, opportunities, shifting demand patterns and consolidation trends.
3. Build flexibility both operationally and financially. Identifying enablers, engaging with all stakeholders and clearly communicating objectives will be crucial.
4. Become agile via rigid prioritisation, working in small cross-functional teams and set concrete output and goals. For a number of industries life after Covid-19 will be different either boosted by stimulus or a gradual ramp-up to pre-Covid levels.
The ability to shift focus, redirect resources and effort will be critical to success in a post-Covid era, or at least after the first wave.
