3 factors shaping strategy planning during the pandemic
Focus on internal processes in favor of long-term growth. The appearance of COVID-19 at the end of 2019 has profoundly shaped industries and markets. With governments intending to contain the spread, companies had to adapt for new social distancing rules almost at a glance. Although the fight against the virus has been the collective effort of governments and companies, restrictive regulations have reduced the degree of freedom for planning. Despite consumer habits being shaped by new regulations made for highly uncertain progression of the pandemic, there is still a part of the business under C-level control. Shifting attention from shaping the external business environment (e.g. consumer habits, market trends) to optimizing internal operations (e.g. AI-based process improvements, more flexible policies) can create competitive advantages on the long run.
People at the heart of companies’ success. Companies’ successes have always been the outcome of the work performed by employees. With so many technological advancements today, setting up remote working environments can be achieved quickly. However, it is not only the environment that sets remote working apart from regular office work. With employees experiencing an increased attention to family and other commitments, providing the required skills to succeed in a fully digital environment and factoring in changing employee habits has become key to sustaining focus on work.
Remote employees as a new class of digital consumers. In addition to the upsides of remote working, such as less time spent on travel and lower facility expenses, the shifting attention of employees presents new challenges for growth. For instance, cultivating and motivating teams remotely requires a different leadership style. Remote employees inevitably engage with the company through online channels and thus become a new group of digital consumers.