Question

We’ve all changed the way we operate during the COVID-19 crisis. Some changes were forced on us; others represent the height of innovation in a crisis. There’s been a reset of the workforce and work itself, a reset of the employer/employee relationship and a reset of the business ecosystem. For most, the business impact of the pandemic has been negative; for some, positive. It’s in the renew phase that wise leaders take the opportunity to reset or rebuild their business strategies, models, and operations for a new reality. Identify some industries you have noticed that has begun to reset and rebuild their business models and strategies. Discuss their old strategic operations and how the strategy has changed.

Answer 1

The pandemic might have washed the slate plan clean (or at least it looks that way), however you have acquired crucial knowledge as well. Now it's time for the management team to work together and use those experiences to reconfigure the company and operating models with a modern paradigm. Each company must take its own direction from here. Various sections of the same business that move away from each other. Others will be forced to limit or cancel specific tasks. Some may also rescale themselves or rebuild themselves. It could, though, effectively revert to its pre-pandemic baselines.

When we transition from reaction to recovery, the challenge for senior leaders is taking pragmatic choices that can bring them to a revived future environment, but the ambiguous horizon may appear to be paralyzing. Gartner saw the solution to the pandemic in three steps. Each phase 's length can differ by region, market, and company — and also by business unit, commodity, or service. The stages are mainly described by what occurs at each stage:

Respond — Immediate steps targeted at keeping customers healthy and company operations necessary to work. High initiative and highly disruptive operation mark a comparatively limited time frame. Main operations-Interim corrections to avoid bleeding.

Recover — More structured / planned activities recovery initiative. Medium-life. Key Tasks-Develop a roadmap to rebuild a sustainable environment and define resources you need to update, refactor, restart, re-engage, rebudget, resupply.

Renew — Prolonged duration of systematic, consistent implementation in the organization. Main Strategies — Understand how to execute organizational procedures and workflows in modern, repeatable, flexible ways, and leverage lessons learnt and evolving trends from previous phases to align on a common structure and direction forward.

Renewal should be regarded at intensely stressful moments, when you struggle with the triage solution and rehabilitation. In reality, it's not only necessary if you're an executive leader — it 's important. Since the early moments of the recession I saw the mentality in political leaders. At the time the coronavirus epidemic triggered the COVID-19 pandemic, I was also debating with several company leaders ways to reconsider the direction of their companies. Such administrators did not enjoy the disruption; they understood they needed to seize the day to search for innovative ways to work to reimagine their priorities.

Create resilience — Dexterous resets often create resilience in the enterprise. You 're best prepared to survive the next revolution when you root out flaws in your market and operating models. This is very relevant right now. In the lack of a COVID-19 vaccine or remedy, any turnaround of market operation may easily be accompanied by another cycle of reaction, regeneration, reconstruction, thus the urgency is to rapidly digest the lessons learnt and establish lasting improvements of company and operating models. So first, you need to assess precisely when and how the current structures have spread out and disrupted the crisis — and where the threats and prospects are as a result. Coalesce senior and strategic executives through a scenario-planning process that they will use to define and assess major risks in terms of their significance for the company's potential. And with the extremely fragmented climate, build a minimally feasible approach and use innovative planning methods and strategies to iterate while the new normal evolves. Consider strategy preparation an continuous task and it can easily adapt to the unavoidable shifts in the company environment.