The pandemic demands immediate action to stabilize and recover. But it also opens a window of opportunity for innovation and growth. Here are four focus areas that can guide the path forward.

Evaluate the Disruption

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During times of uncertainty, it is critical to understand the unique macro and micro changes that are taking place within your market or industry; evaluating the sustainability of your business will ensure the appropriate actions are taken in response to a crisis.

Key Activities:

  • Identify emerging expectations and needs of customers & consumers
  • Stress test the business to assess position and determine strategic implications
  • Challenge assumptions related to key trends and scenario planning

Reshape Your Strategy

Undoubtedly, the plan and metrics you used to govern your strategy in the past have changed; your new priorities must be clear and communicable in order to guide your organization through disruption with conviction in the choices you have made.

Key Activities:

  • Assess the need for strategic pivots and create an action plan complete with “no-regret” and “scenario-based” activities
  • Adjust the portfolio to balance repositioned vs. redesigned offerings
  • Organize governance to enhance accountability and monitor progress against critical metrics

Reposition for Resiliency

Regardless of strategy, the priority must be the survival of the core businesses and assets including your people; focusing on the financial and cultural resilience of the organization will help ensure that you come out of this disruptive period stronger than before.

Key Activities:

  • Transform cost structures to drive improved performance & growth
  • Identify levers to preserve both cash and optionality
  • Systematically identify and tackle blockers that would inhibit the ability to make progress

Redesign for Growth

Any disruption provides your organization with an occasion for learning and growth; you must identify “silver linings” in any crisis and rapidly shape, launch, and scale your response to opportunities that present themselves during the tumult.

Key Activities:

  • Build innovation culture and infrastructure to enable rapid experimentation
  • Reshape the value proposition for consumers and employees
  • Drive new growth opportunities from concept to scale