{"id":6990,"date":"2020-07-06T07:51:24","date_gmt":"2020-07-06T12:51:24","guid":{"rendered":"https:\/\/flevy.com\/blog\/?p=6990"},"modified":"2020-12-18T12:39:04","modified_gmt":"2020-12-18T17:39:04","slug":"covid-19-strategy-how-do-we-emerge-a-winner","status":"publish","type":"post","link":"https:\/\/flevy.com\/blog\/covid-19-strategy-how-do-we-emerge-a-winner\/","title":{"rendered":"COVID-19 Strategy: How Do We Emerge a Winner?"},"content":{"rendered":"<p><img decoding=\"async\" class=\"alignright size-medium wp-image-6993\" src=\"https:\/\/flevy.com\/blog\/wp-content\/uploads\/2020\/07\/people-wearing-diy-masks-3951628-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" srcset=\"https:\/\/flevy.com\/blog\/wp-content\/uploads\/2020\/07\/people-wearing-diy-masks-3951628-300x200.jpg 300w, https:\/\/flevy.com\/blog\/wp-content\/uploads\/2020\/07\/people-wearing-diy-masks-3951628-768x512.jpg 768w, https:\/\/flevy.com\/blog\/wp-content\/uploads\/2020\/07\/people-wearing-diy-masks-3951628-1024x683.jpg 1024w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>The world has changed. Forced isolation and social distancing restrictions have been put into place with the advent of the <a href=\"https:\/\/flevy.com\/business-toolkit\/covid-19\">COVID-19<\/a> health crisis. This is not expected to end soon, but is expected to have a lasting effect on the world. In fact, a new generation of consumer behaviors is already being shaped. The Low Touch Economy is here.<\/p>\n<p>The new world will not be better off or worse. It will be different.<\/p>\n<p>Some businesses will thrive in this change and reach accelerated success, while others will struggle to find their footing in all of the chaos. As in any crisis, there are winners and there are losers. The question then becomes &#8212; how do we ensure we become a winner?<\/p>\n<p>To come out on top, we need to\u00a0<a title=\"\" href=\"https:\/\/flevy.com\/browse\/flevypro\/strategy-development-responding-to-covid-19-5078\" target=\"_blank\" rel=\"noopener\">adjust our Strategy and respond to COVID-19<\/a>\u00a0accordingly. To do this, we can follow a 3-phase approach that balances multiple priorities&#8211;near-term and long-term ones.<\/p>\n<p><a href=\"https:\/\/flevy.com\/browse\/flevypro\/strategy-development-responding-to-covid-19-5078\"><img decoding=\"async\" class=\"alignnone size-full wp-image-6991\" src=\"https:\/\/flevy.com\/blog\/wp-content\/uploads\/2020\/07\/covid19_strategy.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/flevy.com\/blog\/wp-content\/uploads\/2020\/07\/covid19_strategy.png 960w, https:\/\/flevy.com\/blog\/wp-content\/uploads\/2020\/07\/covid19_strategy-300x225.png 300w, https:\/\/flevy.com\/blog\/wp-content\/uploads\/2020\/07\/covid19_strategy-768x576.png 768w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<div>\n<p>In the first phase,\u00a0Protect, we are in survival mode. We must respond to the crisis and focus on protecting our business. The focus is on <a href=\"https:\/\/flevy.com\/business-toolkit\/business-continuity-planning\">Business Continuity<\/a>, <a href=\"https:\/\/flevy.com\/business-toolkit\/business-resilience\">Business Resilience<\/a>, and <a href=\"https:\/\/flevy.com\/business-toolkit\/crisis-management\">Crisis Management<\/a>.<\/p>\n<p>Here are specific steps we can take to protect our business:<\/p>\n<ul>\n<li>Put the safety of employees and customers first<\/li>\n<li>Set up a war room of senior leaders to tackle immediate challenges<\/li>\n<li>Model scenarios more aggressively than any of our team has imagined<\/li>\n<li>Focus on revenues, costs, cash, operations, and organization<\/li>\n<\/ul>\n<p>The second phase,\u00a0Recover, is focused on accelerating through recovery. As the market recovers, we need to capture pent-up demands or adjust on overserved demand. We should forecast demand by geography, channel, and segment. We need to have a proper understanding of the dynamics of our particular industry and vertical to respond effectively. Organizations may also need to rebuild Supply Chains, manufacture networks, and shared service centers.<\/p>\n<p>In the final phase,\u00a0Grow, we are now adapting our organization and strategy for the new world&#8211;the Low Touch Economy. Customer expectations and behavior will have changed, so we need to adjust accordingly. Most companies should heavily invest in\u00a0<a title=\"\" href=\"https:\/\/flevy.com\/browse\/stream\/digital-transformation\" target=\"_blank\" rel=\"noopener\">Digital Transformation<\/a>\u00a0(see our\u00a0<a title=\"\" href=\"https:\/\/flevy.com\/browse\/stream\/digital-transformation\" target=\"_blank\" rel=\"noopener\">DX Stream<\/a>), as trends within Digital Transformation, such as <a href=\"https:\/\/flevy.com\/business-toolkit\/robotic-process-automation\">Robotic Process Automation (RPA)<\/a>, <a href=\"https:\/\/flevy.com\/business-toolkit\/artificial-intelligence\">Artificial Intelligence<\/a>, <a href=\"https:\/\/flevy.com\/business-toolkit\/blockchain\">Blockchain<\/a>, <a href=\"https:\/\/flevy.com\/business-toolkit\/mobile-strategy\">Mobile Strategy<\/a>, <a href=\"https:\/\/flevy.com\/business-toolkit\/internet-of-things\">Internet of Things (IoT)<\/a>, etc., will accelerate further.<\/p>\n<p>To fortify the business for a more disruptive reality, leaders need to embed the best of their crisis response into the organization. Organizations that balance protecting and running the business today with re-aligning the business for tomorrow will outrun extinction and thrive after pandemic.<\/p>\n<p>For more information on responding to COVID-19, take a look at our framework,\u00a0<a title=\"\" href=\"https:\/\/flevy.com\/browse\/flevypro\/strategy-development-responding-to-covid-19-5078\" target=\"_blank\" rel=\"noopener\">Strategic Development: Responding to COVID-19<\/a>.\u00a0 \u00a0It discusses these phases in much further depth, as well as provides an analysis of strategic response based on various economic scenarios.\u00a0\u00a0This framework is part of the\u00a0<a title=\"\" href=\"https:\/\/flevy.com\/browse\/stream\/strategy-development\" target=\"_blank\" rel=\"noopener\">Strategy Development Stream<\/a>.<\/p>\n<h2>Do You Find Value in This Framework?<\/h2>\n<p>You can download in-depth presentations on this and hundreds of similar business frameworks from the\u00a0<a href=\"https:\/\/flevy.com\/pro\/library\">FlevyPro Library<\/a>.\u00a0<a href=\"https:\/\/flevy.com\/pro\">FlevyPro<\/a>\u00a0is trusted and utilized by 1000s of management consultants and corporate executives. Here\u2019s what some have to say:<\/p>\n<blockquote><p>\u201cMy FlevyPro subscription provides me with the most popular frameworks and decks in demand in today\u2019s market. They not only augment my existing consulting and coaching offerings and delivery, but also keep me abreast of the latest trends, inspire new products and service offerings for my practice, and educate me in a fraction of the time and money of other solutions. I strongly recommend FlevyPro to any consultant serious about success.\u201d<\/p>\n<p>\u2013 Bill Branson, Founder at Strategic Business Architects<\/p><\/blockquote>\n<blockquote><p>\u201cAs a niche strategic consulting firm, Flevy and FlevyPro frameworks and documents are an on-going reference to help us structure our findings and recommendations to our clients as well as improve their clarity, strength, and visual power. For us, it is an invaluable resource to increase our impact and value.\u201d<\/p>\n<p>\u2013 David Coloma, Consulting Area Manager at Cynertia Consulting<\/p><\/blockquote>\n<blockquote><p>\u201cAs a small business owner, the resource material available from FlevyPro has proven to be invaluable. The ability to search for material on demand based our project events and client requirements was great for me and proved very beneficial to my clients. Importantly, being able to easily edit and tailor the material for specific purposes helped us to make presentations, knowledge sharing, and toolkit development, which formed part of the overall program collateral. While FlevyPro contains resource material that any consultancy, project or delivery firm must have, it is an essential part of a small firm or independent consultant\u2019s toolbox.\u201d<\/p>\n<p>\u2013 Michael Duff, Managing Director at Change Strategy (UK)<\/p><\/blockquote>\n<blockquote><p>\u201cFlevyPro has been a brilliant resource for me, as an independent growth consultant, to access a vast knowledge bank of presentations to support my work with clients. In terms of RoI, the value I received from the very first presentation I downloaded paid for my subscription many times over! The quality of the decks available allows me to punch way above my weight \u2013 it\u2019s like having the resources of a Big 4 consultancy at your fingertips at a microscopic fraction of the overhead.\u201d<\/p>\n<p>\u2013 Roderick Cameron, Founding Partner at SGFE Ltd<\/p><\/blockquote>\n<blockquote><p>\u201cSeveral times a month, I browse FlevyPro for presentations relevant to the job challenge I have (I am a consultant). When the subject requires it, I explore further and buy from the Flevy Marketplace. On all occasions, I read them, analyze them. I take the most relevant and applicable ideas for my work; and, of course, all this translates to my and my clients\u2019 benefits.\u201d<\/p>\n<p>\u2013 Omar Hern\u00e1n Montes Parra, CEO at Quantum SFE<\/p><\/blockquote>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The world has changed. Forced isolation and social distancing restrictions have been put into place with the advent of the COVID-19 health crisis. This is not expected to end soon, but is expected to have a lasting effect on the world. In fact, a new generation of consumer behaviors is already being shaped. The Low&hellip;&nbsp;<a href=\"https:\/\/flevy.com\/blog\/covid-19-strategy-how-do-we-emerge-a-winner\/\" rel=\"bookmark\"><span class=\"screen-reader-text\">COVID-19 Strategy: How Do We Emerge a Winner?<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":6993,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":""},"categories":[81],"tags":[1025,1983,77],"class_list":["post-6990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-strategy","tag-competitive-strategy","tag-covid-19","tag-strategy-development"],"_links":{"self":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/6990","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/comments?post=6990"}],"version-history":[{"count":3,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/6990\/revisions"}],"predecessor-version":[{"id":7734,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/6990\/revisions\/7734"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/media\/6993"}],"wp:attachment":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/media?parent=6990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/categories?post=6990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/tags?post=6990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}