Return to top
COVID-19 Crisis: Transform Tornado into Rainbow
COVID-19 Crisis: Transform Tornado into Rainbow

Share on

Date

02 April 2021

COVID-19 Crisis: Transform Tornado into Rainbow

“Adversities always present opportunity of introspection” - Dr. APJ Abdul Kalam (Former President of India, Indian Aerospace Scientist)

The COVID-19 pandemic has significantly impacted the world’s economy with serious consequences impacting all countries, societies, and individuals. The entire world has suffered significantly with this unanticipated and sudden adversity for more than a year and the normal life turned into a challenging life on daily basis for billions of people around the world.


GREAT NEWS! 

Discover the Antares Vision Radio, click here to listen to this article:

English Version - Italian Version


No one can say or precisely predict about when this crisis ends and what could be the impact on the people mindset and society in collective manner.
Eventually, this crisis will end, and life, business and economy will become normal, but we all have these questions in our mind about next normal:

Would it be the same as before? What will have changed?

How, we (individual and organisation) shall thrive again.

Covid: Survive – Sustain & Prepare– Spearhead

Impact of Covid-19 Crisis:

  • Global Economy: The world has seen significant economic damage during past one year and its consequences are very negative on the society. The baseline forecast by economists envisioned a 5.2 % contraction on global GDP in 2020. This is largely driven by multiple factors like fall in demand i.e., no consumer to purchase the goods and services available in the global economy.
  • Organisation: Disruption of COVID -19 threatened the survival of many small and medium business owners, facing major challenges on busines continuity. The key challenges are sustaining the business (finance, sales, manpower availability and supply chain) & how to retain people in the organisation where they (entrepreneurs), themselves are struggling.
  • Individual: There is an immense thought process shift in individuals who are in business, profession, or services. This shift is from materialistic living to sustainable living with redefining success. There is noticeable change in the life of individuals as they are determined to live in harmony with nature, focus on their priorities of life in following order: Health, happiness, family, and professional career. The inclination of simple living and saving for the rainy days have been noticed while communicating with many individuals across continents.


The Way Foreword for Organisation: Survive - Sustain – Spearhead

  • Survive (2020): Most of the organisations across the globe focussed their actions on survival mode. Reduction on capex expenditures, finding ways and means for business survival by adopting digital technology in their business processes, allowing people to work from home and reaching market digitally e.g., online business, digital payment etc. Due to travel restrictions, there was a significant jump on adopting video conferencing tool to reach to customers for e-meeting.
  • Sustain & Prepare (2021): 2021 brought new rays of hope with the COVID -19 vaccination available for the people across the globe and world economy is expected to come back on the track. 2021 is to focus on the immediate priorities for business growth with fostering incremental changes and adaptation. Continuing digital acceleration, encouraging people to work from home (trust your people, be flexible on timings and never micromanage) and providing people better tools, technique and training to increase business will be a priority in this phase.

It is very important to keep on moving. Delay in decision and procrastination in actions create more problems. Decisions are never final, and changes are never absolute.

“In the military, it does not matter in which direction you choose to move, just so long as you move “ – Jeff Boss (Forbes article about overcoming analysis paralysis).

This is the right time for the leadership to re-think not only for short-term sustaining strategies, but also mid and long-term business strategies based on three factors:

  1. Value creation for every stack holder;
  2. Process Innovation with Digital & Disruptive Technologies;
  3. Building company culture based on intrapreneurial ownership mindset, leadership development at every level and enhance spirit of collaboration with agility.
  • Spearhead (2022): The organizations successfully pass the above phases by showing resilience, embracing the change in business process & engage entire organisation into a long-term strategic transformation, they will not only survive but thrive. Recovering revenues, Innovating operation (process), Restructuring the agile & collaborative organisation and building leadership at every level with trust and empowerment will be the key for companies to spearhead with growth and prosperity.

Comments

No comments have been posted yet. Please feel free to comment first!

Leave or Reply a comment for this article

preloader