As companies worldwide continue to manage through the COVID-19 crisis—and look beyond it to bring business back to normal—our aim at the APEX of Innovation is to share relevant knowledge and advice to help you navigate through these challenging times. We’ve written about must-have strategies for a newly remote workforce, what to do when your customers are stuck at home, and how new technologies are helping in the fight against pandemics.
Below we share valuable insights from a recent McKinsey & Company Executive Briefing on the business implications of COVID-19. The report looks at the key COVID-19 factors business leaders need to take into account, and some steps they can take now and in the future to better manage through this fast-moving crisis. According to McKinsey, business leaders need to “think and act” across five horizons to properly navigate their companies through current and future challenges:
- Resolve: Manage immediate challenges and focus on the wellbeing of employees, customers, and partners.
- Resilience: Address any near-term cash management issues and any impact on business continuity.
- Return: Develop a plan to return business to scale following the crisis.
- Reimagination: Start to think about reinventing your business as needed when things get back to normal—or a new normal.
- Reform: Understand how future regulations and competitive landscapes may shift.
So, what can you do? According to McKinsey, there are strategies that executives can take to help successfully move their companies across these five horizons, including:
Support and protect employees in this brave new world
After implementing work-at-home and no-travel policies for physical distancing, companies are now looking at employee wellbeing in this new normal. This includes helping home workers to separate professional and personal responsibilities, and feel productive and valuable during these disconnected times. McKinsey advises business leaders increase communication, set clear expectations, and help employees keep up morale to demonstrate that the company is keeping its people “top-of-mind.”
Evolve the nerve center to plan for the next phase
The McKinsey Executive Briefing stresses that once the COVID-19 crisis passes, things may not completely go back to the way they were before. According to McKinsey, “Consumers are recalibrating their spending, increasing the likelihood that spending may permanently shift between categories and that online services could get adopted far faster.” Executives will need to figure out what this new normal for their business will look like, and what the best strategy is to succeed in this post-COVID-19 world. “Using a portfolio of initiatives and planning for decision making under uncertainty can go a long way toward creating a compass for business leaders to follow,” according to McKinsey.
If you’d like to learn more, read the complete McKinsey Executive Briefing.
For the latest data and trends related to Coronavirus, check out TIBCO’s COVID-19 Visual Analysis Hub, which features visual data science analyses to help manage the effects of the virus today and in the future.