In the midth of the pandamic great leaders look ahead.
Besides some general observations like accelerated digitalization, impacts and opportunities are very different for each market. Nevertheless, there is a set of steps leaders should follow to navigate through the crisis and beyond.
As soon as health and safety of employees is secured, liquidity is secured and a sufficient level of operability is achieved, looking ahead and deciding on the way forward is the prime duty of every leader.
This is a long article, so these are the ten steps to navigate through the crisis based on our scenarios (or any other scenarios for that matter):
- Develop your own assumptions on intensity, length and consequences of the crisis
- Check how your existing future assumptions are affected
- Understand the impact of the crisis on market players and market dynamics
- Derive assumptions on how the crisis will change your market
- Check the viability of your mission and vision and adapt if needed
- Identify opportunities during the crisis
- Identify opportunities to gain competitiveness from the crisis
- Develop contingency strategies for surprising developments
- Write an action plan
- Monitor your assumption and your results