Although they felt the impact, overall, US private companies are satisfied with their pandemic-response performance relative to their competitors, with 85% saying they overperformed in digital transformation, while 41% believe they exceled in workforce management.
Yet, as confident as they are in their ability to survive, these companies know they need to do more to truly thrive in the post-pandemic real world. To that end, based on the lessons they’ve learned, we see five key areas where US private companies need to focus their corporate strategy and investments to thrive in the months and years ahead.
1. Make your strategy fit for the post-pandemic real world
Although US private companies believe they overperformed in several areas at the outset of the pandemic, 60% of executives believe they underperformed in terms of operational stability, while 41% were dissatisfied with their financial performance. Most private companies struggled to forecast demand for products — something that continues to be a challenge through the recovery.