21 Dec A Fresh Start
The Covid Crisis has been a catalyst to change in many businesses. Almost every business has reacted to the shutdown by doing things differently.
Many voices in business strategy thought leadership have shared examples and techniques to help plan what to do differently. Here are some I regard highly because they don’t claim to have THE answer but offer the right questions for businesses to find the answer that’s right for them, if they are open-minded.
- Rita Gunther McGrath – “Seeing Around Corners”
- Safi Bahcall – “Loonshots”
- Ed Morrison and collaborators “Strategic Doing”
- Jeff Smith and Sunil Malhotra “From Design Thinking to Integral Thinking”
- General Stanley McChrystal “Team of Teams”
By open-minded, I mean open to the idea that there are people in the organization who have the answer, don’t know what it is yet, and need freedom, incentives and guidance. People who aren’t motivated by doing the same thing every day:
- Francesca Gino – “Rebel Talent”
- Daniel Pink – “Drive”
- Tracey Lovejoy & Shannon Lucas – “Move Fast, Break Things, Burn Out”
Comradity has thought a lot about a structure to apply what these thought leaders have to offer: “A Fresh Start to Recover the ‘Right Stuff’ in Innovation”
Here are the opportunities and challenges businesses have to explore:
Businesses which provide services and products for home:
- Restaurants are getting into the “take-out” business and discovering that their volume can be much higher when they aren’t limited by seating capacity and table turns.
- Grocery Stores are selling more food to people who are preparing 3 meals at home a day.
- Self-care businesses – from exercise equipment to alcohol – are filling growing demand.
- Home Improvement businesses are responding to increased demand for new home offices, kitchens, home work-out spaces, etc.
Software and hardware which connect de-centralized, isolated people.
- Social networking
- Project management
- Virtual Meetings
- Virtual Live events
- Video Streaming
Businesses which had been investing in “digitization” have seen more adoption of these technologies.
- Automated Operations
- Remote Workforce Management
- Sales Enhancement
- Collaboration Enhancement
Businesses which have outsourced to lower fix costs are realizing how valuable resilience is when evaluating partners and relationships.
- “Back-end “suppliers and Independent Contractors
- “Front-end” Media/Marketing/Sales
Businesses which considered people “easy to replace” are realizing that investing in retention has better ROI.
Businesses which provide space and services where people congregate are re-designing experiences and business models for less density to protect both customers and employee health and well-being.
- commercial real estate,
- entertainment venues
The Covid Crisis can be a catalyst to discover what to do differently. Invest in a a fresh start to recover ‘the right stuff’ in innovation to seize the day!