As businesses reacted to the pandemic, most (and rightly so) reacted defensively at first; making sure to adjust operations and manage cash as required to get through to the new normal. The very next thing that needed to happen is that every business should have gone into the offensive strategic planning mode to identify required actions and new opportunities; both near and long-term with the understanding that the world as they knew it on March 1, was going to be forever changed. While some businesses will wait out the quarantine and reopen or ramp up with little apparent impact, the impact to their customers, employees and suppliers will be evident over time. Other businesses will be forever changed by immediate impact that ranges from closure to exponential growth. Opportunity is born from chaos and change, and 2020, for all of its idiosyncrasies, is going to be in the top 10 of historical global opportunity creators.
Actions to be taken:
Required near term (for the product or service currently provided) – take out instead of dine in, web sales instead of in-store, web meeting instead of in person, remote workforce instead of in office, i.e. how to keep the business operating as it has been, and doing so in a fiscally responsible manner.
Required long term (for the product or service currently provided) – remote workforce tools and processes, reduction in office or retail space, refinement of online presence, database of key contacts, updated insurance policies, new cleaning / sanitary guidelines, etc.
Strategic short term – new products or services in immediate need within your core competency – like distillery’s immediately producing hand sanitizer or others that started manufacturing PPE.
Strategic long term – will some of the strategic short-term decisions fit in the long term? What changes to current products and services will be required to be relevant long term? What new products or services could be added around new needs? What should be deleted as needs will diminish? What should be changed when it comes to sales and distribution channels? What can be done to increase market share while competitors remain in a defensive mode?
The lists above can certainly be expanded, but the critical takeaway is that success goes to those who seize opportunity. 2020 is likely to dwarf any previous year when it comes to opportunity and related innovation and the challenge for everyone in business is how to make sure they are taking maximum advantage.
