Businesses need to extend their gaze beyond the chaos of 2020 to a time of full recovery in 2021 and beyond. 2020 saw an acceleration in strategies, industry disruption, risk taking, portfolio widening and community building. With the gap between those businesses performing at the best, and those that have floundered...increase.
During the Financial Crisis of 08 /09, the most resilient businesses reacted faster, were bolder and more dynamic. As a result, they grew 30% faster and made three times higher cost reductions, 1.5 times more divestments and 1.2 times more acquisitions (Plan your COVID-Exit, McKinsey).
Those businesses who understood the importance of advanced technology and the essential resilience within leaders who make big, strategic decisions quickly not only withstood the crisis, but came out more competitive.
So when will the fallout end?
When uncertainty ends, with the roll out of the vaccine, the restrictions will be reduced on our businesses and economy. In recent developments, the question is, how long will governments stagger this out and when will we see a normal environment, if ever?
How to clean up and transition?
- When planning for 2021, include best and worst case scenarios.
- Anchor your 2022 plans in your company's 2019, not 2020 or 2021 trajectory. Predictions will be more accurate for corporate planning.
- Execute your company strategy now. Define the potential areas of growth and transform the company to maximise opportunity - whether reallocating resources or making key investments.
We have been working with some incredible companies throughout 2020 turning the crisis to their advantage. GRENKE can help support your transitions. Find out more about our solutions today.