3 Steps for the Survival of Your Business in The Corona Crisis – Step 3
In this final part of this short mini-series on the Corona Crisis, I would like you to think about the future:
What will have changed in your market post-Corona?
Social distancing has had a huge impact on how people live and work. Business have been forced to be creative and agile to respond to the crisis. Customers have looked for creative ways around the restrictions that the crisis has forced upon them. There has been a strong push towards digitalization, working from home, and online events. Concerts have been held online. The Oscars have changed their rules to allow films that have only been streamed instead of shown in cinemas…
Some of these changes will stick. There will be some of your customers who enjoy the advantages that the new solutions are offering and will want to keep them. Of course, they expect that the current, emergency solutions get improved into fully fledged products and services.
Scenario Analysis for Your Strategic Planning:
One of the best tools that I use for this kind of situation is scenario analysis. This is easy to do; it just takes a little time for either yourself or you and your team working together. The goal is to create two scenarios of how the world will look in five years. On the one hand, you could have the world as we understood it before Corona. On the other, you could look at all the changes that you see coming out of the crisis and develop extreme examples of what this would mean for your market. How will the needs of your market change?
Reality will lie somewhere between these two scenarios – with some added spice that we don’t know about yet! But by looking at both ends of a spectrum you and your team will be better prepared for what actually happens. You and your business will recognize the trends as they occur over the next few months or year and be able to react.
If you are interested in working together to develop agile approaches or create scenarios for your market, please schedule a FREE first appointment here.
I look forward to hearing from you.