11 Business Solution After Covid-19 Situation
11 Business Solution
Countries around the world are trying to slow down the spread of the corona pandemic with far-reaching measures, to maintain the health systems, to secure supplies, and support the economy with packages worth billions. The downside of globalization, such as the outsourcing of essential goods production and the dependence on other countries in the supply chain, is becoming visible.11 Business Solution After Covid-19 Situation.
The possible second wave in the coming winter is currently being discussed. “Many hope that it will soon be over and that we can return to normality, which is perhaps a bit more digital and therefore ‘new’,” says the future expert. However: “It won’t play that. Corona will not be the only crisis in our lives, nor will it be the only disruption in terms of corporate governance and business.” Climate change alone will raise more and more drastic questions: “The topic was kicked off our radar by Corona, but it still exists.” We are currently on the verge of the first crisis, the beginning phase is about the learning effects of the crisis and the question of whether we want to go back to a “better” old system or create something completely new. In addition to Corona as the current crisis, climate change is also a big crisis that needs a rethink in the system.
Does it still make sense for companies to plan for the long term in times of elementary change? “Absolutely,” strategy expert Daniela Scherrer is convinced. “Because companies that are used to it can fall back on resources from strategic work.”
Face reality and be resilient
In crises, it is important to adapt quickly and realistically to new circumstances. Measures to maintain systemically relevant operations and to protect employees and secure jobs by using state subsidies such as short-time work must be implemented as quickly as possible. Here the much-emphasized resilience, as psychological resistance in unforeseeable situations, is in demand among the decision-makers.
In strategic management, different scenarios are modeled for different developments. Anyone who has dealt intensively with the future of the company can at least partially fall back on emergency plans and operational risk management. And it is important to prepare soon enough for the time after Corona or with Corona.
Knowledge of your own core competencies
Companies that know their core competencies can use existing unneeded resources for medical needs, for example. Excellent examples of this are a French luxury goods group that produces hand disinfectants instead of perfume, or a South Tyrolean family business that uses the materials for the production of sportswear to produce virus protection clothing.
Identify opportunities & threats
By regularly dealing with developments in the corporate environment (market, competition, economy, etc.), potential can be identified more quickly and risks can be cushioned. The restriction of social contact with all the negative effects for some industries is creating new needs in the digital market. Likewise, a new culture will establish itself in daily interaction.
Willingness to change
The effects and duration of this crisis are not yet foreseeable. The sectors will be affected in very different ways. It is crucial for companies how flexibly they can face these challenges. Charles Darwin’s principle of “survival of the fittest” is more valid than ever – the adaptability of many companies will be decisive for their positive continued existence.
Orientation towards the corporate mission statement
All actions that a company implements or has to implement in a crisis should be in line with the company’s mission statement and value structure or the code of ownership. Examples here are solidarity towards employees, suppliers, and customers as well as a willingness to innovate. Leadership and open communication
Determined and open communication by the company management brings clarity to employees and the company environment. A positive attitude helps to face new challenges together.
Vision and purpose
Viktor Frankl teaches us that “he who has a why to live can endure almost anyhow”. It is also important for companies to create meaning in difficult times and to create visions with traction. It is crucial not to become a victim, but to exhaust all possibilities to actively shape the future of the company.
The crisis has disrupted all industries
The Corona crisis has affected almost every company in every industry – “many companies have changed their business models and work processes in the direction of digitization. For others, such as the event and tourism industries, Corona was the starting point of a deep existential crisis,” says Kuehmayer. One thing is clear: “The Corona crisis has changed the way we see success.” a kind of spark that forces us to think in new ways”.
Trend researcher and leadership expert
The health crisis came very quickly, however: crises are usually announced with weak signals – like a tsunami that is preceded by small earthquakes.
In the business and working world, change has been observed for years, for example with young people who want to work differently, more flexibly, and on the go and have different expectations of careers and jobs. “Companies that saw these signals and worked remotely even before Corona are among the ‘winners’ in the crisis.”
Mood plays a key role in shaping the future
The experts also fall short of forecasts for economic development. Economic researchers are discussing the V-model – a rapid crash with an equally rapid recovery, the U-model with a slower recovery phase, and the W-model with various ups and downs in economic growth in the coming months. “All of these models are too simple in view of the complex reality because they only focus on economic growth,” experts point out. The prevailing attitude and mood in society towards the Corona crisis alone would have a massive impact on how we see the future – from a collective nervous breakdown to new, innovative solutions and greater resilience. Whether we optimistically see the crisis as an opportunity for global cohesion or as the starting point for a deterioration in social conditions affects our actions.
Management communication is future communication
In the course of rethinking, executives must also create new visions of the future – but they cannot do this alone. Your communication must be clear and as diverse as possible. It is important to develop and communicate worthwhile images of a common morning – together with the employees and ideally also with customers, suppliers, and business partners. Companies have to ask themselves: How do we ensure that we can be productive together in three, five, or ten years?”11 Business Solution After Covid-19 Situation.