Thursday, May 30, 2024
HomeOpinionCommentaryAgility will be even more important in the new economic landscape

Agility will be even more important in the new economic landscape

By Patrick Hagarty

Your business will need to adapt to the new normal as the Canadian economy gradually reopens during the COVID-19 pandemic.

After managing your business through the lockdown and planning for the recovery, you are most likely going to be doing business in a changed landscape.

Plans and forecasts that you have already made likely won’t apply for the long run anymore. Planning cycles will require speed because the future is still blurry and remains uncertain in these new conditions.

Implementing change as the recovery progresses

Volatility will be part of the new normal for a while, as industry conditions and ways of doing things still need to settle down.

There will be circumstances that you can’t control, such as any government regulations dealing with COVID-19 that may become the new norm, and you will need to quickly adapt your business to them.

Consumer sentiment and expectations may also be different as businesses reopen and, again, you will need to adapt to them.

Your planning will have multiple iterations and will be evolving based on situations that aren’t static.

Meet any challenges and find opportunities

How will you get to this “new normal?”

There are three key steps for your business to take to adapt to the situation.

  1. Finish your recovery plan

You will need to create a detailed plan to return your business to scale quickly. Based on what you now know about your market, ramp your business back up.

Everything might still be bit blurry as you do this. You may not have a clear sight right away, but the important thing is to ramp it up.

You will also need to return your employees safely to work, either from working at home or rehiring them, based on public health guidelines.

You will also need to take any necessary steps to ensure that your business is financially as sustainable as possible.

  1. Adapt and pivot your business

There are important questions to answer: What do your customers want now and can you give it to them?

Do you understand how the consumer market has changed and can you satisfy your clients’ needs?

You will need to be agile enough to adapt your business to keep your market share and increase it if you can.

If you aren’t able to adapt, your future may be uncertain.

  1. Put your plan into action

While you will be introducing change into your business due to COVID-19, it’s important to understand any regulatory changes that will apply to your business and that they are expected to be maintained in the future.

As you put your plan into action, you will also need to understand any permanent shifts in your industry and how the competitive landscape may have changed.

Businesses trying to keep their current customers will need to adapt to capture new ones in a changed consumer and economic landscape.

Agility and fluidity will be watch words for businesses

Your business will likely be operating in a fluid situation for some time. You need to make sure you have taken the right steps to flourish in this new normal. Make sure your planning cycles are constantly being iterated to capture the latest changes in your environment.

There are factors that will be beyond your control and you will need to be agile enough to deal with them.



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