This way out!
Many organizations have demonstrated an ability to change strategy in a matter of weeks, while, habitually, corporate transformations may take years. How can you use this agility to quickly recover from the crisis?
The most successful companies set themselves these four objectives:
- Count on your colleagues. Known, competent, self-motivated, confident in their hierarchy, they know how to deal with novel situations and meet complex difficulties head on.
- Take megatrends seriously and adapt to them. There was a time when health crises seemed too far off and theoretical to be taken seriously. But now it’s time to incorporate global shifts, such as climate change, more fully into your strategy.
- Build new partnerships. At a time when traditional boundaries are being blown away, the diversity and breadth of your partnerships, even with competitors, will help you adapt quickly. Consider also the relationships it would be advantageous to cultivate starting now.
- Reconcile economic performance with CSR criteria. These are becoming increasingly important to colleagues and public authorities, who are increasingly incorporating them into decision-making.
Paradoxically, it seems that the longer this crisis lasts, the more we will be forced to make our businesses sustainable. That, at least, would be one positive to takeaway.
To go further: “The Age of Accelerating Strategy Breakthroughs” by John Romeo, Hanna Moukanas, and Greg Rung (MIT Sloan Management Review, July 2020).
© Copyright Business Digest - All rights reserved
