Gartner Says Companies Must Reset Their Business Strategy Due to COVID-19 Pandemic
The Reset Takes Place in Three Stages: Respond, Recover, and Renew
As the phases of the COVID-19 pandemic progress, business leaders must reset their strategy and build resilience, according to Gartner, Inc. It is crucial for senior leaders to make strategic decisions that will lead them to a renewed future state.
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Gartner says companies must reset their #business strategy due to #COVID19 pandemic. Read more. #Leadership #BusinessContinuity
Gartner refers to “the reset” as three phases that leaders will go through during the pandemic. The duration of each phase varies by country, industry and enterprise, as well as by business unit, product or service. While business leaders reset their strategies during the pandemic, the three stages they will go through include: Respond, Recover and Renew (see Figure 1).
“There’s been a reset of the workforce and work itself, a reset of the employer/employee relationship, and a reset of the business ecosystem. For most, the business impact of the pandemic has been deeply negative, while positive for some fortunate sectors,” said Chris Howard, chief of research at Gartner. “The pandemic has wiped away the strategy for some leaders, but they’ve also garnered invaluable experience. Now it’s time to bring together the executive team and use those lessons to reconfigure their business and operating models for a new reality.”
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Respond
Immediate actions are focused on keeping people safe and essential business functions operating. This is a relatively short period marked by high effort and potentially chaotic activity. Key activities include:
- Temporary fixes to stop the bleeding.
Recover
This is a more organized/coordinated effort to stabilize operations. This has a medium duration. Key activities include:
- Create a plan to restore a scalable state
- Identify capabilities needed to strengthen, refactor, reopen, rehire, rebudget, and resupply
Renew
Extended period marked by strategic, durable execution across the organization. Key activities include:
- Learn to conduct operations processes and workflows in new, repeatable, and scalable ways.
- Use lessons learned and emergent patterns from prior phases to coalesce around a new foundation and way forward.
These phases are not sequential. As seen in Figure 1, the phases can overlap. Mr. Howard said that during highly disruptive times, it is possible to think about the renewal phase, even while grappling with the triage response and recovery. In fact, for executive leaders, he said it’s not just possible – it’s essential.
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