Covid-19 has changed the global landscape resulting into uncertainty everywhere, This Crisis is forcing every business owner to step back, reflect, review and refocus as well as realigning their business with new normal.
There is need to strategize for resilience at this difficult time by creating actionable, immediate to midterm plan
This Midterm strategic plan must be with concrete step to grow and scale business appropriately.
We now need to look for the best way to adapt to this current disruption, hence the need for organization to adapt and improve their process in order to keep up with the disruption scenario, characterize with higher regulatory scrutiny for business continuity.
Way-forward
- Improve operational resilience as volume of transaction process gradually increases
- Manage increasing market volatility and regulatory scrutiny
- Ensure Adaptation to existing business continuity
- Adopt next step based on action learning whilst adapting and looking into the future.
This current situation demands that many firms need tore-scale and return to their entrepreneurial roots to rethink and review the assumptions their businesses are built on. While this might be stressful and challenging, it is also an opportunity to try new things and potentially pivot to new opportunities.
Experimentation and creative thinking judiciously applied by motivated teams can help firms find new opportunities that will last well beyond this crisis.
Conclusion
Businesses have the unique opportunity to ‘think the unthinkable’, to drive innovation to ensure long-term success.
The need for businesses to be bolder and step into ‘entrepreneurship mode’ to achieve clarity on relevant resources, assets, skills and team experience can not be overemphasized
Businesses have a unique opportunity to experiment and have a relatively safe window of opportunity to embrace trial and error. Leaders should not be afraid of not surviving, than allowing themselves and colleagues to experiment and make mistakes.
Business leaders need to recognize, that long term winners who have embraced this opportunity and won’t just survive, but will come out of the crisis stronger and more relevant.
For further clarification please call Kenny odugbemi 08032002585