4 Words That can Save Your Firm from Covid-19
I have had a chance to attend numerous webinars while working from home. I scan and read through a lot of industry reports and research papers. My LinkedIn network is full of researchers, professors, and industry experts. They all have been writing, publishing, and talking on the current pandemic situation. They talk about the measures to be taken to save the companies, industries, economies. If someone collects all the industry reports, research papers, and transcribed talks published from the beginning of the pandemic till now, he will find four words coming out loud and most impactful from the word cloud of the texts. And these four words will be as follows:
1. AGILITY
Companies who are able to make quick moves in terms of decision making and adjustments to the new normal are called agile. The new normal is to what many companies have shown comprehensive smart moves. Ola, Uber, Indigo, Dominos, Zomato, Swiggy, Amazon, Flipkart, TCS, Infosys, and many other companies have made remarkable adjustments. The companies who have shown enough agility for the pandemic situations are now in better positions as compared to the late and unagile movers. Twitter and TCS have been able to ask their employees to work from home permanently at the earliest, while others have been a bit late.
2. ADOPTION
Firms who are quickly adopting the new means and solutions to deal with the pandemic situation are doing well in terms and survival and sustenance. The sanitization solutions, the social distancing, the work from home schedules, the needful technology are some of the quick solutions firms have adopted to move forward. Somebody quoted a fascinating example of a small burger chain in India called “Burger Singh.” They have quickly adapted the new solutions and delivered minimal human touch food and burgers to their customers. And, this all they have been able to do when other big food chains in India were struggling to continue their operations.
3. RESILIENCE
Companies, industries, and economies have to demonstrate resilience to the current crisis. All the companies that were operating in the essential services domain have continued their operations with appropriate precautions out of compulsion and government instructions. Companies related to all other industries having crisis management plans and solutions ready have shown high resilience. However, firms who have responded to the pandemic with agility and adoption are surviving and flourishing at their own pace.
4. RECOVERY
Reports published by the BCG, McKinsey, Bain, Deloitte, Accenture, and other top consulting and research firms have given several suggestions to the sinking companies in the pandemic. They have suggested them reimagining the operations and rebuilding the product and solutions for the changing world. This is how some of the companies are recovering from the early shocks. The agility for adopting the new solutions has enabled them for enough resilience. The recovery processes are helping them to sustain themselves in the changing world.
CONCLUSION
The text analysis of the reports, talks, and research findings will also show a significant world called sustainability. But, the sustenance of the firms and companies is possible only when they work on the words cum strategies suggested above. Firms and startups have to make quick moves out of available resources for agility. If they do not have enough resources to counter the crisis, they can adopt the means and show enough resilience. The recovery process may take long by applying all the three strategies, but it will enable them to sustain in the changing world.
