It was just about a year ago when the onset of Covid-19 delivered sudden and highly disruptive impacts to our businesses and our personal lives. As our 2020 annual plans were immediately rendered obsolete, we scrambled to understand the extent of the pandemic’s effect and figure out how to update our business models to stay viable and return to growth.
We always knew that predictability was never close to certainty anyway, but for the moment our plans were completely out the window, then blown away and shredded by tornado-strength winds.
One year on, the economy seems to be stabilizing and we feel hopeful as Covid-19 vaccines are distributed. But the pandemic isn’t over as variants of the virus are appearing and making the rounds, and many of us are still living under a range of restrictions and mandates for public health reasons. And the disease, and our reactions to it, are causing some significant permanent changes to which our business models need to adapt going forward.
This year and beyond will bring new challenges, including some we may not see coming weeks or months in advance. As business and finance managers, we learn from crises and adapt to disruptions. We take those lessons, come back stronger, and get better prepared for future disruptions and opportunities.
What are some key learnings from the experiences of a pandemic-sized crisis? Last year I wrote about some ideas that I think remain relevant a year later as foundational concepts for building better plans and improving business resilience under rapidly evolving conditions. Click on the links below to my earlier blog articles to read more.
Point 1: Planning is not irrelevant; do more informed scenario planning.
- “Keep Calm and Plan On”: Strengthen emotional intelligence, leverage information and analytics, do scenario planning, employ flexible systems.
- “When the Current Scenario Looks Bleak, Try Scenario Planning”: Be creative and consider a wide range of options, employ structured techniques, leverage data and analytics, stay nimble and be ready to act fast.
Point 2: Deployment of technology the right way can improve internal processes and bring the benefits of data-driven business agility.
- “How the COVID-19 Crisis Will Accelerate Digital Transformation”: Leverage technology to streamline operational and management processes, reduce business risk, better support customers, strengthen supply and distribution chains, and improve decision-making.
Coincidentally we’re now celebrating a new year in the Chinese calendar. You could say that 2020 ended up being the Year of the Bat. Will 2021 truly be the Year of the Ox and give us reasons to be bullish?
Improve scenario planning and take advantage of modern technology as well as your business data, and you’ll increase your chances of success. Reach out to me to discuss how Analysis Team can help you. And have a happy and successful 2021 – and Year of the Ox!