Every crisis presents challenges, changes, difficulties and innovations. The COVID-19 crisis is certainly no exception. Companies have seen their turnover fall in recent months and there are concerns that investments in growth will be postponed. But will this trend continue?
Innovative thinking is the key to success
A crisis always has its winners and losers. On the one hand, tourism - among other sectors - was hit hard. On the other hand, the technology industry was able to recover more quickly. The past months may have been ideal to rethink traditional business practices, causing some unexpected winners to have emerged. When you think of an event organizer you initially expect heavy blows due to this crisis. But examples have surfaced in this sector that managed to fully digitize their classic event core business and ultimately achieved stronger results than before.
It is clear that innovative thinking within traditional activities is an asset to succeed in this crisis. A crisis does not necessarily have to be sector-related. The management style, vision & flexibility of a company can largely determine the success or failure during these unusual times.
Trends in the “new normal”
The path to the new normal has now been set in motion, but the recovery is not always evenly divided between companies, sectors and countries. Some trends have emerged over the past few months that will undoubtedly define the new normal in the future. Some examples:
- Change in consumer purchasing behavior: Online shopping is a fact and will continue to be largely present in the future.
- Supply chain is rebalanced and shifts: An evolution from Just-in-Time to Just-in-Case (Analytics, Robotics, 3D-Printing).
- The future of work is faster than expected: Home work will continue to exist and the traditional office environment and space will probably undergo a metamorphosis.
What does this mean for businesses?
As a result, business models, customer loyalty, sales channels and supply chain will need to be revised. We have to move away from long-term planning and become more agile against the spirit of the times. In other words: leadership and finance must allow a company to react quickly. Dare to tackle the long-term plans and strategy in time and try to grasp every moment as an opportunity.
Having a competitive advantage over competitors is more important than ever in this redesigned market landscape. This will be the biggest challenge for companies in the post-Corona era, where cash will always be king.
Author: James
With an eye in gaining new knowledge and experience, James took the step to Hyphen in 2018, more specifically within project consultancy. Meanwhile, he has a proven track record in BIG-4 audit, budgeting & forecasting, reporting, controlling and project management, among others. For James, learning is key in his job as a project consultant. As a controller, it is his passion to continuously respond to the changing business environment.
