COVID-19 showed us how vulnerable we – and our businesses – are. We are affected at all levels of our lives: health, social, and economic. The economic effects in particular have hit us hard —we were caught unawares.
All companies have been affected worldwide. Some are growing tremendously as they serve urgent needs in the crisis, such as Amazon, Netflix or gaming companies. Others are losing business massively because their offer is not in demand during the crisis, e.g. airlines and exhibition providers. The most common reasons we’re seeing are:
- Lack of innovative (digital) mind-set; reliance on traditional business paradigms
- Broken global value chain
- Change in consumer behaviour and needs
There will be no back to normal.
When we restart our economy, it will happen under conditions that did not exist before lockdown. This worldwide experience has changed our behaviour and shifted the values. This value shift will lead to a long-lasting renewal. We need the ability to manage the complexity of our world and adapt quickly to new situations. Traditional business models need to be challenged and adjusted to be more resilient and adaptable.
Disruption needs action in the short, mid and long term.
We have to adapt our businesses in the short term in order to overcome the current crisis effectively. How can we reAct to changing processes and needs as quickly as possible? We should prepare the time after the shutdown to take advantage of medium-term opportunities. How can we reSpond to the special requirements as the pandemic progresses? We need to develop strategies and concrete activities to make our businesses more resilient in the long term. How can we reThink our strategies to answer the different crises in our business models?
Join this webinar to find out what actions we should be taking to help our businesses in the ‘new normal’ and what we should be looking to do in the future.