There is little doubt that COVID-19 will shape the global economy for years to come. In recent months we have seen high-street stalwarts fall, physical events postponed and cancelled, the aviation industry grounded, online ordering increase by more than 50% in some industries and Zoom usage increase by 3000% as business collaboration moves online for many. In such a complex operating environment, and knowing that there are multiple interpretations of how COVID-19 will affect the global economy over time, we have detailed four simple strategies for businesses to consider when evaluating their revenue position and their customer experience. We will update these as time progresses:
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Understanding which area of the 2×2 you fall within is a critical step in ensuring your business responds effectively to the impact of COVID-19. Whilst for some industries and businesses the temptation will be to ‘sit it out’ and ‘weather the storm’, we believe that there are key initiatives that every business should take regardless of your position. Many of those decisions will be complex, so it is important you receive the right advice and build a team around you to deliver these initiatives successfully.
However, the challenge you face is amplified as the world emerges, step by step, into the so called ‘new normal’. So a further consideration is how you react to each of the four stages we delve into in the COVID-19 Recovery Journey – the second part in this series, here.