In many parts of the world, the Covid-19 shutdown is slowly coming to an end. Getting back to the past ways of operating or reclaiming the market share you used to have won’t move you forward. We are all in a situation with new opportunities and new threats.
When disruption happens to the marketplace like the one we are experiencing, business planning might seem like it wouldn’t be very constructive. However, this is the time corporate leaders need to dig in and focus on long-term planning. The future will not look like the present. Focusing on current trends and surviving today will only put businesses in jeopardy. Every industry and business will need to create new offers, practices, narratives and strategies to survive and thrive in the future.
So, what do you do? Think further ahead… As Corporate leaders start their planning process, they should start designing the outcome they are seeking and should consider some key forward-looking questions, such as: What will the competitive marketplace look like? Will my products or services need to change or will they even be needed? How will consumer sentiment change and how will this impact my business? Leaders will need to consider how their businesses will create value in this new marketplace.
McKinsey suggests when looking to future planning and getting ahead of the next stage to create multiple time horizons using five frames. To produce this long-term strategic recovery action plan, McKinsey stresses that business leaders cannot “duck uncertainty or put it aside to the risk analysis section”, it needs to be front and center in their approach. To produce this plan, they suggest working through the following five frames:
Gain a realistic view of your starting position
Develop scenarios for multiple versions of your future.
Establish your posture and broad direction of travel.
Determine actions and strategic moves that are robust across scenarios.
Set trigger points that drive your organization to act at the right time.
There is no clear path or model right now. Isn’t that exactly how great businesses are created? They “break the mold” or “think differently” to adapt and create the new normal. There is a unique market opportunity right now to innovate; to recreate new offers, practices and strategies that are more competitive and attract new customers. Uncover what makes your business unique, leverage your best assets, and find a new way to thrive.
N³ Innovation’s mission is to help corporate clients create measurable enterprise value by inventing the future. Clients have generated millions of dollars of revenue in new markets, with new products and new technologies.
Want to learn more about how to quickly innovate your business models to ensure business continuity in times of change, contact us today!