Organizations need to reset their business strategies to stay afloat and find market opportunities amid the economic crisis.
With COVID-19 creating an unprecedented social, business, and governmental impact, a
vast majority of organizations have altered their operation strategies. Most companies are
striving to keep up with the increasing demand and evolving marketplace. However, there is always a silver lining – in this challenging time, some bigger enterprises are focusing on
where these risks could be positioned as opportunities.
Organizations should primarily determine where and how the market depression has
disrupted their existing models. In its essence, the senior management and functional
leaders of a company must team up around an agile, scenario-planning protocol. As phases
of the pandemic progress, these initiatives can help them in identifying considerable
uncertainties and evaluate them as per their importance.
To analyze the near or long-term future of an organization, it is crucial to realize where it currently stands. Hence, C-suite executives are again considering evaluating their ongoing strategic decisions to drive the business into a competitive level when the markets open.
Unsurprisingly, it is highly essential to understand how to prepare a business continuity plan in order to drive escalation. As a result, Gartner has recently suggested resetting business strategy in three stages – responding, recovering, and renewing. The extent of each step varies by region, industry, and enterprise, and business unit.
As mentioned by Chris Howard, Chief of Research at Gartner, in the company blog post – “There’s been a reset of the workforce and work itself, a reset of the employer/employee relationship, and a reset of the business ecosystem. For most, the business impact of the pandemic has been deeply negative, while positive for some fortunate sectors. The pandemic has wiped away the strategy for some leaders, but they’ve also garnered invaluable experience.”
The actions recommended by Gartner during the three stages are –
1. Respond – Instant actions to keep people safe and essential business functions to remain operational. This is a moderately short period with high effort and chaotic activity. Simply put, businesses need to be ready for temporary fixes to avoid significant disruption.
2. Recover – This stage demand more organized as well as a coordinated attempt to stabilize business operations. It will have a medium duration, and organizations need to identify capabilities to reopen, re-budget, rehire, etc.
3. Renew – The last stage is an extended period patented by durable, strategic execution spanning the organization. Business leaders need to conduct processes and workflows in innovative and scalable ways. Implementing the lessons from prior phases can create a way forward for the business.
Successful resets can fabricate organizational resilience. With organizations keeping aside their limitations and amplifying strengths, it can help them to position better – even in the
next disruption. For using this as a learning experience, Chris Howard also mentioned, “Others could reinvent themselves by refocusing their capacity.
Think of government service centers that have been forced to offer their services remotely. They may be able to retire some of their physical centers and instead focus on their newfound digital capabilities.”