COVID-19 is continuing to challenge the business landscape like no other event before it. Many in the mid-market are now fully focused on building greater resilience into their operations, however, true resilience goes beyond short-term survival.
Building resilience requires a thorough – and ongoing – monitoring of the trading environment and then tuning the business to optimise performance in those conditions. It is about treating the current downturn – in the words of Professor Andrew Scott of the London Business School – like a pit stop.
The pause moment is comparable to growth-focused businesses, who typically grow exponentially and are in need of a reflection point before planning the next phase of growth.
The current conditions present both a challenge and opportunity for businesses, for which a deep analysis of the internal and external drivers is required.
Businesses need to look at their external drivers: how their customers are behaving; the changing market dynamics and competitor landscape; where they can access funds; and anticipate and prepare for regulatory changes.
With that insight, businesses can then adjust or transform their internal enablers such as their: people, talent, and skills; technology and innovation; operational agility, and the risk and governance processes that will underpin their strategy and programmes. All of these areas work in sync to boost performance.
Businesses who thrive in a post-covid era will have reinvented themselves, become agile and remain resilient to future shock waves.
Our series of insights can help businesses look at the external drivers and internal enablers that will underpin their strategy and programmes, whilst working in sync to boost performance.
We will share insights on the following aspects: