To survive post-COVID-19, develop multiple versions of your future – McKinsey advises business
Most likely, post COVID-19, processes will change, terms will be tweaked, consumer habits will undergo a transformation; but how prepared are you?
Planning how your business will survive the post-lockdown realities is essential. As it is there are multiple scenarios on the offing. Giant global consulting firm, McKinsey & Co., advises businesses to look ahead with an open mind to changes in the operating environment post the pandemic.
According to the consulting firm, uncertainties lie ahead. Confronting those uncertainties will demand future-proofing your present model. Your last business model have to be adapted to changes in health policies, the supply chains, HR, and tech.
It says, “Now more than ever, you can’t get rid of uncertainty; you have to confront it”.
To confront those uncertainties, Mckinsey has made available a scenario canvass –
The global firm emphasises, “The aim isn’t to debate which scenarios are more likely but rather to explore what is possible—and to ready yourself for anything that looks plausible”.
Apparently, this is not a time to disregard eventualities. Planning ahead with an open mind by imagining the changes that will be enforced sooner or later will help business set machinery in place to withstand what is ahead.
After all the scenarios have been highlighted, the next thing is to run a stress-test by proofing all possibilities against your present model – your talent pool, revenue channels, processes, capital, distribution, supply chains, and customer-base.
The firm further underscore the importance of this process. It says:
Developing scenarios brings immediate benefits. It allows you to bound uncertainty into manageable and measurable boxes, reducing confusion, and to sort out what is truly unknown and what really matters. You can identify, with confidence, the no-regret moves with which you should promptly proceed while creating a clear structure to use when working through options to handle a range of possible outcomes.