Here are five steps for a blueprint to create building blocks for the challenges and opportunities in the new normal.
Many companies have suffered, filed for bankruptcy or gone out of business altogether.
Ironically, despite the coronavirus, in some ways the pandemic has been positive for many businesses.
Why?
It has forced those businesses to urgently plan — more strategically for innovation to re-engineer themselves — becoming more agile, flexible and resilient in their operations.
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Many changed their business models starting with curbside delivery and pickup. Others retooled their equipment and machinery, and others upgraded their digital approach to further capitalize on technology.
Post COVID-19, the key for all businesses will be to continue to think and perform at such optimum levels.
For companies, at the minimum the new normal means to keep it going in these ways:
1. Decision-making
Business people need to continue studying risk and reward but making fast decisions.
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For instance, to aide their decision-making, they must study analytics and continue with virtual meetings.
2. Minimize hierarchy
Whether having to put out crisis fires or to take advantage of new opportunities, companies need to be flatter and faster.
That probably means having small teams to plan and to reallocate talent as needed.
3. Enhance and develop relationships
All stakeholders will be even more critical to business success. In a sense, they must be treated like valued customers.
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That includes community leaders, policy makers, regulators, customers, suppliers and, of course, employees.
4. Succession planning
Companies must grow leaders for intense critical thinking, and continue to build and improve their talent pools.
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Furthermore, enhancing ethics and trust among leaders and staffs will be critical.
5. Strengthen the blueprint
Companies must continually monitor and fine-tune their practices, and leverage the latest analytics to build on their successes.
This will enable them to execute to their full potential.
From the Coach’s Corner, editor’s picks:
For Profits, CIOs Must Agree with CEOs on 5 Issues — Despite the increasing importance of information technology, many companies are losing profit potential from a lack of productive discussions about achieving strategic goals using technology initiatives.
10 Strategies for Internal Controls of IT and Financial Systems — Obviously, the welfare of your company depends on having an up-to-date information technology (IT) system. IT now impacts every facet of your business. So it follows that you should invest in IT controls to protect and enhance your financial system.
Enhance Your Future Profits by Avoiding Biases in Budgeting — If you want to improve your budgeting process, you have to identify and address your biases. Here’s how.
For Profits, Align Your HR Program with Your Business Strategy — For profits, a successful human-resources management strategy should complement your overall business strategy. Here’s how.
Keys for Leadership in Marketing and Sales after COVID-19 — What you do now to garner revenue is the all-important groundwork for long-term sustainability. Here are the keys to success.
“Opportunities are usually disguised as hard work, so most people don’t recognize them.”
-Ann Landers
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