This initial document in our series of consultative and educational whitepapers, Digital in the Revised World, will present a high-level view of adaptive measures businesses will need to take in the post-pandemic business challenges.
COVID-19 has had real and unprecedented effects on business challenges, pushing many organizations to new frontiers of innovation, with reduced cash flows. Enterprises that survive will have done so out of a willingness to adapt to a rapidly variant market-scape. Adaptation requires a certain degree of flexibility and humility, and the unfortunate truth is that there are few businesses in the immediate position to do this.
As an executive, this is a scary time. One side of the coin presents mass business challenges — unexpected or forced sacrifice is always a gamble, and the emanations of the tough decision’s executives have had to make will not become clear until well into 2021. On the other is the more optimistic reality that many companies are well-poised to emerge and thrive in what is being dubbed as “the next normal.” These future market disruptors, those that have lost little-to-no revenue and that were already working on models of limited cash flow, will have the opportunity to annex valuable market real estate. Executives need to prepare for a reset in market competition now.
The reclamation of economic certainty is years away. Businesses that are poised to survive the pandemic and its economic fallout will have conducted thorough audits of thought and action in four major areas: revenue, customers, service or product design, and staff. This whitepaper, “Challenges As We Lead Our Way Through COVID, Making Sense of Today,” will generate an overview of these areas.
- Impact on cash
- Impact on customers
- Impact on service and product design and manufacturing
- Impact on staff