The Coronavirus crisis is impacting every aspect of our society, here in the U.S. and around the globe. It is an understatement, to say the least, that we are living in unprecedented times and swimming in uncharted waters. For business executives, in addition to the humanitarian side of the crisis, there is also the challenge of how their businesses can recover in the face of such obstacles as supply chain disruptions, unemployment and economic uncertainty. In a recent Harvard Business Review article, “Preparing Your Business for a Post-Pandemic World,” marketing experts Carsten Lund Pedersen and Thomas Ritter offer concise strategies to help businesses successfully emerge in a post-Coronavirus marketplace, whenever that may be.
The authors have adapted management theorist Henry Mintzberg’s famous 5 Ps of strategy framework (plan, ploy, pattern, position and perspective) to pose their own set of “5 P” guidelines: position, plan, perspective, projects and preparedness. They suggest business leaders consider five strategic questions:
1. Which position can you achieve during and after the coronavirus pandemic?
2. What is your action plan to bounce back?
3. How will your culture and organizational identity be changed by the crisis?
4. Which new projects do you need to launch, run and coordinate?
5. How well prepared are you to carry out your plans and projects?
The overarching message is it’s not enough to take a wait-and-see attitude. The companies that will be best positioned to bounce back are those that take proactive steps now.
Read the full article here: