A major global economic boom is on the horizon once the vaccine roll-out reaches a tipping point over the next four to five months matched by a dramatic decline in the number of hospital cases and tragic deaths in the community. It might be difficult to visualize this scenario right now, but once confidence returns, consumer demand will surge, and this will deliver a major economic boom supported by record low-interest rates and a major spending spree by households. The EU has forecast that, by the end of 2021 household savings will amount to over 8 per cent of GDP (savers amassed an extra €14.2 billion in deposit accounts last year in Ireland alone). How households use those savings once the crisis is over will of course play an important role in determining the extent and nature of the boom.
What are the top 2% companies doing right now and how can you position yourself ahead of Post Covid-19?
- Reimagine your business model – Apply the business model canvas to visualize the building blocks of your business post-COVID 19 including customers & suppliers (what supply chain models are required for the new economy?), routes to market (what online and technology solutions are now feasible?), value proposition (does this need major revamping?), and financing (are there opportunities to grow your business through attractively priced acquisitions?
- Rapidly build the right skillsets for your business – Prioritize the recruitment of new strategic hires and restructure your operational model with lean agile teams that can react quickly to the changing needs of the business.
- Focus on your competitors – forensically focus on your competitors and associated offerings as well as evaluating future trends. Many of your competitors are going to suffer much worse and therefore there is an opportunity to devise a 2-year plan to dramatically increase market share.
- Increase Collaboration – proactively seek collaborations and alliances with organizations that can inform your future strategy and core competencies. You got to think ahead of the curve. I am referring here to the exchange and sharing of knowledge and expertise with the aim to develop new product ideas, speed up the time to market for a product, build brand awareness etc.
- Adopt a Digital Lean Approach – most companies need to quickly rethink their customer journeys and accelerate the development of digital solutions but only after first leaning your core processes.
- Become a recognized “Thought Leader” in your industry – Producing regular thought leadership content via social media increases visibility, credibility and trust for your business. It gives your company the opportunity to create a relationship with your target market before engaging with them. Whilst the buyer cycles might be long, consistency and discipline with regard to content produced are the key to success – thought-leading firms post at least 3 times per week.
- Be radical in your execution – move forward rapidly to grow your business and continue to re-invest in the future. Specifically invest in sustainability and climate action solutions that will benefit not alone your business but your children and grandchildren.
- Remember the lessons of COVID 19 – the world has gone through a terrible period of pain, suffering, and introspection with a death toll of nearly 3m people. The full consequences of all this are still unknown but radical changes to how we live, work and engage with people will create a totally different working environment. We need to respect and value these changes and be flexible, fair, and equitable in how we do business.