Impact of Covid19 on Business
It’s funny how something as tiny as a virus can stop us in our tracks, in a way “known disruption” in the marketplace hasn’t. Known disruption falls into the “coulda, woulda, shoulda” category while pandemics move us straight into the “o-ho, what do we do now?” category. There is no “we’ll get around to it later” in a pandemic-induced lock down. Our future is today. We kinda need to prioritise it now. As we’ve collectively worked through the world’s initial response to containing Covid19, we’re now moving into the “processing the implications of Covid19 being with us for a while” stage and thinking about what that means for business.
Impact on Business Models
How companies rise to this challenge will depend where they are starting from. Some industries have been so thoroughly disrupted, that impacted companies have actively had to re-answer what problem they’re solving and re-imagine their business models, supply chains, capabilities. For them, they have already built up the knowledge, understanding and experience of re-designing their business model and delivery mechanisms. While they may need to be tweaked, these leadership teams have the confidence that they’ve done it before.
For companies and industries that have been largely ignoring innovation and disruption, they are starting from a steeper disadvantage. Leadership teams at these companies need to ask themselves questions such as:
- Are we all on the same page as to what our business model is and what problem we’re solving?
- Do we sufficiently understand our business model, such that we can deconstruct and re-imagine it?
- Do we have the discipline of innovation needed to re-imagine our Living-with-Covid19 business model ?
- Can we agree a Living-with-Covid19 business model and organisation design that will support us through this period?
- Can we implement our Living-with-Covid19 business model?
Re-imagining Business Models for covid19
Its becoming clearer and clearer that this is going to be a u-curve, rather than a V-curve, recovery. Leadership teams that start innovating and re-imaging their business model sooner will gain competitive advantage and rebound quicker. If you recognise this and know that your leadership team needs support to re-imagine your business model, Evolution Consulting can deliver virtual workshops and support to assist you. Contact us today, to discuss how we can help you.
Before you go, share how your business has re-imagined its business model for Covid19, in Comments. Feel free to Like or Share this blog and Subcribe to my blog. Enjoy your day.