The crisis exit is coming fast according to the government and OECD with UK growth forecasts of 4% for 2021 and 7% for 2022. If these predictions are confirmed, everything should be fine in terms of business… Unfortunately, as many business leaders know from experience, things rarely go as planned. They would therefore be better preparing for the upcoming « game » for themselves, their teams and company.
The situation is similar to any top athletes preparing today for the next Olympics: a neutral but challenging sparring partner is probably the best ally for leaders to handle the competitive challenge ahead, and capture the winning opportunities of the upcoming expected economic rebound.
All companies (whatever their businesses) have to face the challenge of the « back to normal »
As the lockdown restrictions are relaxed, many will feel that we have ‘weathered the COVID storm’. However, businesses will still have a further turbulent journey working their way back to what we refer to as ‘normal life’.
For companies whose activity has suffered over the last thirteen months but are still standing, the crisis exit means prioritising actions for maximum impact with some (sic!) financial pressure to deal with (government support scheme shutdown / reduction, posture of banks and shareholders when releasing 2020/2021 accounts, working capital requirement financing,… ).
For those who have benefited positively from this period, the challenge will be to keep the momentum going to capitalise in the long term vis-à-vis their (new) customers as well as within their own organisation. Handling fast growth is also a real challenge to stay focused on the priorities, to adjust the governance and adapt one’s leadership.
Many uncertainties to consider
For all managers, the magnitude of the unknown changes in the playing field complicates the preparation of this expected rebound: to what extent will the changes in customer behaviour last, what posture will my competitors take, how the relationship with partners (business as well as financial) should (or not) adapt, …?
Probably, the greatest uncertainty for all leaders, in any company, concerns their management teams and staff once the long-awaited « normality » returns. What methods implemented as a reaction during the crisis should be kept or not? What (true) state of mind will all the teams be in?
Some changes to strongly consider, but to what extent ?
In the face of this unknown, Business Contingency Plans will need to be put into place to adjust and adapt with the (likely) disturbances on the road of the business recovery with either their staff, customers or supply chain.
Readiness, awareness and adaptability are likely to be of the greatest importance.
The next question is “How to proceed to put that in place in my company?”