Being resilient is an ability as a human being we have. It is always amazing to see how people bounce back after a traumatic experience. The world as we know has seen many instances like this Covid-19 pandemic, every time the human race suffered. But we always found alternatives and survived.
The COVID-19 pandemic is not only a serious threat to people but also to businesses and economies across the world. With the help of advanced technologies in healthcare, we may save human lives. But the impact on the businesses and economies looks inevitable. During this pandemic, businesses across the globe could not even foresee and didn’t have time even to think and react. Many of the weak businesses did not even survive the 3 months of a dull period. Hardly, few organizations are well equipped for impact and prepared for it.
During these crises, the intelligence engine of an organization is more important than ever. Smart organizations and leaders must focus on 3 things: accept, adapt and predict.
Accept the fact Covid-19 is a global pandemic, it will have a business impact and it will have a hit on top line and margins. Businesses exist in the world for profits, solving a specific problem or may exist even without an objective. Whatever may be the objective of the businesses, for time being forget about the impact on the P&L or the objective, act on ensuring the safety and well-being of employees. Create a safe working environment, curb all unnecessary travels, meetings etc. Make sure your core team is active and make sure your business survives in whatever mode you are in with zero change in processes
While you are in the acceptance stage you hardly focused on employee productivity, you expected a bare minimum outcome from them and you moved on. It may work for the short term, but in the long run, in-efficiencies will kill your business more than the pandemic. So establish Central Stations so that objectives of the leaders are clearly communicated, implemented and tracked. Identify important processes within your business and ensure people within the processes are productive, compliant, safe and deliver quality work
Covid-19 is just a reminder for us to think digital, most of the B2C purchases in 2020 are digital (online), with this Covid-19, even B2B may start to think digital. Also the Central Stations to actively work, think digital. Make sure your core processes are digitized, think of implementing an ERP if you don’t have one.
This Covid-19 may be the time to come out of the traditional thinking and think long-term. Most of the businesses established itself as office centric, physical meetings, employee swipes etc. Imagine in a way the business engine is distributed, we could run without employees being available physically and we could run anytime throughout the day.
The solution is twofold
For this to happen, we need to assemble a workforce that can work anytime, anywhere and deliver on customer commitments at any scale. Focus on their safety will lead to improved morale and engagement levels resulting in better business outcomes
Secondly, Build a broader system around your core operations to ensure even collaboration with the customer happens digitally. Imagine right from sales reps generating a lead, processing the order and till realization of money everything happens through digitally with minimum or no physical operations
In summary, Monopoly is a long forgotten word in this competitive world, the ecosystem around us demands a new set of working practices. We should establish and digitize our core business models, systems and people are flexible and scalable for changing business needs.