These times call for more strategic thinking

We are certainly experiencing a lot of change currently. We are having to live and work in a way we never have before. Not only do these changes impact us as individuals (our kitchen becoming an office, remembering how to do mathematical equations so you can teach your children) but also it is dramatically impacting businesses and how they operate.

There evidently have been some winners (Virtual Tech providers and cleaning product manufacturers) and losers (Airline Industry and High street retail) in this pandemic. But regardless of whether it has been a positive impact or a negative one, all business have (or should have) re-evaluated their company strategy. Why? Because if market conditions change, you need to ensure that your business is equipped to deal with these changes. Understand if you can adapt your offering to accommodate, or for the winners, increase supply quicker.

Especially those that are hard hit, need to review their strategy. The airline industry is a good example. Sadly, many staff were furloughed, but this was done soon into the pandemic which aided in keeping the business one that the team can come back to. Virgin Atlantic also reviewed their strategy to secure a business loan from Richard Branson of £1.2b to keep the company alive. But airlines strategies go beyond staffing and financial measures. Airlines are looking to how they can operate for the longer term. Reviewing inflight shopping so passengers can order in advance and collect at airports to avoid unnecessary handling of goods. Reviewing operations and flights to understand how to be as cost efficient as possible with passengers and crew. The list is endless.

Fujitsu reported last week that all their staff will work from home and have flexible working patterns in light of the pandemic. Realising that their people are just as effective working from home and they can drastically save in office overhead costs. This is a major shift in how they operate, their culture and employee contracts.

So now more than ever, business leaders should review their company strategy as the market conditions have arguably changed now more than ever. Business leaders need to think about the now, but also the long term and understand if they have the adaptability and flexibility to change to the market environment. They need to recognise that how shoppers and consumers used to buy, and the behaviours within which they interacted with a brand or product will be different, even when the lockdown measures are fully lifted. These past few months have meant we now shop online, we cook at home, we are socially distanced. Many of these behaviours are the new normal, therefore it is important that a business can still be part of it. In reviewing and revising a company strategy, be sure that you also plan and consider how you measure your performance against it and how you communicate and engage with employees and customers in a possible change of direction.

If you would like some support in re-evaluating your businesses direction, or want to create a robust strategy, contact us at help@pureblueocean.com