Covid-19 has impacted the Global as well as the Indian economy via a financial system shock and a freeze of the real economy. A steady flow of money, goods, services and people who make them flow are essential for a steady economy. This system is severed right now with people staying home and businesses forced to shut shop. What makes this pandemic unique is the combination of Range, Speed and Magnitude.
With shutters on businesses being slowly lifted, organisations are looking at ways to safeguard cash flow and cut costs. We are all slowly accustoming ourselves to the ‘new normal’ - learning lessons, re-connecting with our employees and customers and looking at ways to survive the economic impact of this pandemic. However, business need to look further - at long term strategies and evolve in order to thrive.
Business need to:
Re-evaluate - leaders need to focus their attention on long term strategies, adapt to new conditions, implications on supply chain and as well as reassess the globalisation model.
Be digital - have a secure IT infrastructure and connectivity. The right digital tools to leverage the value of data in this new Age of Information. Real estate will need to be re-looked to reduce fixed costs and utilise workspace more as touch points for collaboration and customer meetings.
Improve Agility - Businesses will need to examine their ability to adapt to unexpected challenges. Organisations will need to define strategies, breakdown its implications and devise iterative responses.
Work Culture - With the work force showcasing their ability to be productive while working remotely, businesses need to decide on a new culture of offering flexible working hours, remote working, and providing a healthy work-life balance that works both for the business and their employees.
For all business, making decisions will not be quick and easy. The time is now to refocus and look ahead with openness to opportunities that can be realised in the ‘new normal’.
We at LIO Consulting can help you devise robust strategies and plans that can result in financial savings, increased revenues and overall improved employee morale and work culture.