American businesses are set up to come back stronger than before this C-19 coronavirus chaps hit.
Company executives and strategic planners are/have reimagined business model as they return to full speed.
Those who step up their game in this moment will be better off and ready to confront the challenges and opportunities of the next shocking threat.
The strategic areas to focus on: recovering revenue, rebuilding operations, rethinking the organization, accelerating the use of digital solutions, and speed matters.
It will not be enough for companies to recover revenues gradually as the crisis fades. Exectives will need to rethink their revenue profile, to position themselves for the long term and to get ahead of the competition.
This favors action over research, and testing over analysis. Establish a brisk cadence to encourage agility and accountability.
Companies must rethink their operating model based on how their people work best, and remote is taking over.
The C-19 chaos accelerated the shift to digital. But the best companies are going further, by enhancing and expanding their digital channels. They are using advanced analytics to combine new sources of data, such as satellite imaging, with their own insights to make better and faster decisions and strengthen links to customers.
Companies must understand what customers will value, post-C-19, and develop new use cases and tailored made experiences based on those insights.
Given crisis-related disruptions in supply chains and channels, adaptability is Key. That means changing the ecosystem and considering nontraditional collaborations with partners up and down the supply chain bringing them home or very much closer to home.
Rapid revenue response is not just a way to survive this chaos. It is the next step on how companies will have to operate.
The Big Q: How do they go about choosing what to do?
The Big A: Identify the primary sources of revenue and, on that basis, make the “now or never” moves that need to happen before the full recovery starts. This may include developing customer experiences focused on increased health and safety; adjusting pricing and promotions based on the new data; reallocating spending to proven growth sources; reskilling the sales force to support remote selling; creating flexible payment terms; digitizing sales channels; and automating processes to free up sales representatives to sell more.
Once identified, these measures need to be prioritized to reflect their impact on earnings and the company’s ability to execute quickly.
Leadership, resilience and knowing that the future may be shocking are the Keys to success now.
Have a healthy weekend, Keep the Faith!