It’s the topic on everyone’s lips at the moment but, as the saying goes, ‘this too shall pass’ and eventually we will need to start thinking about life after covid. This three-part blog series looks at moving on from crises and why businesses need to acknowledge what’s happened and learn the right lessons.
McKinsey & Co have been publishing a fascinating ongoing blog on the impact of Covid-19; one instalment of which explores the somewhat unexpected performance of the stock market in recent months. Despite crisis, uncertainty and deep recession, the markets are reaching new highs. Why? Firstly, because investors tend to take a long-term view of things and even the resilience of this pandemic is only a blot on the landscape of the average investment period; secondly because the markets are dominated by five major tech companies who, understandably, aren’t really affected by the change on working practices; and thirdly because for every plus there is a minus and impact across the various business sectors has varied wildly. For every disaster, say the events industry, there has been a success, say those manufacturing PPE. The market is a reflection of the whole and so its aggregate value remains resilient.
The report, however, made me think that there is an important lesson in positivity for us to take away. Despite pain and sadness, 2020 will leave another legacy. An understanding that there’s more than one way to do business. A feeling that we’re perhaps more resilient than we gave ourselves credit for.
So, what did we learn and what can we take away for the future?
- We can pivot. It’s become one of a few hideously overused words but that can’t detract from the fact that we experienced an incredible agility in our business world. Manufacturers suddenly started making ventilators or manufacturing PPE. We found out we could meet online instead of in person. Small, medium and large businesses found a way to adapt.
- You’ve (probably) got deeper business relationships. Being ‘in it together’ has a unifying impact and many businesses are likely to experience increased loyalty from clients and employees alike. I said in my last blog on this topic that the way we show up in a crisis underlines our future reputation and this is never more true than when it comes to our people.
- You’ve got a story to tell. Your brand identity will be enriched and authenticity enhanced by letting people know what you did to survive. Many businesses didn’t just survive, they contributed to their community, helped in the national effort to save lives and supported their peers without question. Marketing aside, this is a story of community and we need a little more of that in our business lives.
- Survive this, survive anything. Or so the saying goes: complacency has no place here but you have now stress tested your crisis plans, pushed your business to the extent of its comfort zone and survived. That’s something to celebrate and also to learn from. Disaster and business interruption planning is important but probably overlooked unless you’re a giant corporate. That’s likely to change and our agility can only improve as a result.
- The importance of connection. Whether it’s working in a remote team or keeping your customers up to date with what you can and can’t do, we’ve all learned the lesson that communication matters. Your messaging could easily have been the difference between adapt or die for your business and there’s no reason to change your approach now. Keeping people informed, continuing to be front-of-mind with your audience is great for business at any time and hopefully this will be a new habit we intend to continue with.