Mustafa Yigit Zeren made statements about the business world after the COVID-19
We are going through a global pandemic disease and this affects the whole world at the highest level. COVID-19 and the governmental policies aimed toward controlling it have modified how we operate our business as companies and how people behave as consumers. We are all taking precautions; first to keep ourselves and our colleagues and secondly run our business smoothly with the minimum damage. History indicates that such adjustments are not always temporary — crises can reshape our approach to work and also the way we operate our businesses. How then can companies prepare for a post-crisis world, rather than staying low and expecting everything to be just as it was before?
First of all, we should consider the impact of the worldwide societal crisis on businesses, behaviours and attitudes. Major societal events can and most probably cause fundamental shifts in social life which directly leads governments to work on new policies and this makes the new ways of working a must. We all need to consider a long-term reaction plan to the changes in business operations.
So how?
First of all, we should consider the impact of the worldwide societal crisis on businesses, behaviours and attitudes. Major societal events can and most probably cause fundamental shifts in social life which directly leads governments to work on new policies and this makes the new ways of working a must. We all need to consider a long-term reaction plan to the changes in business operations.
Observe, analyse, take action
The key for a future with no or minimum harm in your business is taking action rapidly. To take rapid and effective action, we first need to observe and analyse the current situation and possible opportunities. Companies should take some practical measures to sense and be ready for the “Post-COVID reality”.
Before everything, we should expect change and look ahead. Normally every organisation tends to focus on details and today’s problems in such crisis times. But what needs to be done is to look ahead and shape the business or operation accordingly. The key questions will be; what is the next step and how can I turn it to advantage?
Analyse the target audience
The biggest opportunities are often born out of customer needs and basic human facts. So, at this stage, it’s vital to listen to your target audience’s needs, emotions, expectations and even frustrations. Traditional surveys and researches may fail on this because they only measure current products or services and tell you about the present state of mind of your target audience. People may not be able to aware of their emerging needs. Companies need to look more broadly and try to observe social attitudes and how they are shifting. For example, after everything is over, we will be left with a proper online shopping habit and companies need to shift their operations accordingly. Or for businesses who got used to working from home, there will be a new way of office operations and this will affect different industries such as office supplies, office real estate, transportation etc.
When we talk about analysis, we should consider focusing on high-frequency data rather than averages or episodic statistical data. Because this kind of general data will not reveal subtle signals of change. Companies need to analyse credit card transactions, buying habits, online purchases and more at a very granular level to catch emerging trends before hands.
Organizational structuring
This brings us to the next level and this level will need an objective review of your organisation. Even though most companies like to deny it, every organisation has weaknesses and sometimes they are big. The crisis and the after-crisis period both require your company to be prepared, agile and resilient. The whole organisation has to be able to act and reshape rapidly department by department when needed. If we can spot the weaknesses of our company soon, we will have a better chance to take advantage of future opportunities. Those weaknesses may also signal new opportunities for your company besides every possible benefit of the post-COVID era.
Whilst broadening our perspective, we shouldn’t forget to look through new regions and the examples who are further ahead about the crisis. For example, China is months ahead of many Western countries in their experience of crisis and recovery. There are many lessons to take in this market and we should consider what leaders do in their time of crisis and what did they do right or wrong. There is no harm in examining or trying new models from different perspectives and organisations that ahead in the process.
Hope and growth oriented strategy
We are getting through hard times. But leaving all these behind will bring us and the organisations we lead to a better future. So, we should always maintain hope and a growth-oriented strategy. We all know that there will be a post-crisis recession but this is not a reason to postpone innovation and investment. On the contrary, in 2019, Harvard Business Review stated that 14% of companies grew economically during recent economic downturns and they create value mainly through differential growth. So, this proves us that the best time to grow differentially Is when everybody else stops growing. Companies can reduce costs to maintain viability but on the other hand, there is a huge potential in making innovation according to the new future and invest in future growth. This is our time to capture the opportunity in adversity and shape the post-crisis future. And there is no reason for any company to pass this bright and better future.
First of all, we should consider the impact of the worldwide societal crisis on businesses, behaviours and attitudes. Major societal events can and most probably cause fundamental shifts in social life which directly leads governments to work on new policies and this makes the new ways of working a must. We all need to consider a long-term reaction plan to the changes in business operations.
Observe, analyse, take action
The key for a future with no or minimum harm in your business is taking action rapidly. To take rapid and effective action, we first need to observe and analyse the current situation and possible opportunities. Companies should take some practical measures to sense and be ready for the “Post-COVID reality”.
Before everything, we should expect change and look ahead. Normally every organisation tends to focus on details and today’s problems in such crisis times. But what needs to be done is to look ahead and shape the business or operation accordingly. The key questions will be; what is the next step and how can I turn it to advantage?
Analyse the target audience
The biggest opportunities are often born out of customer needs and basic human facts. So, at this stage, it’s vital to listen to your target audience’s needs, emotions, expectations and even frustrations. Traditional surveys and researches may fail on this because they only measure current products or services and tell you about the present state of mind of your target audience. People may not be able to aware of their emerging needs. Companies need to look more broadly and try to observe social attitudes and how they are shifting. For example, after everything is over, we will be left with a proper online shopping habit and companies need to shift their operations accordingly. Or for businesses who got used to working from home, there will be a new way of office operations and this will affect different industries such as office supplies, office real estate, transportation etc.
When we talk about analysis, we should consider focusing on high-frequency data rather than averages or episodic statistical data. Because this kind of general data will not reveal subtle signals of change. Companies need to analyse credit card transactions, buying habits, online purchases and more at a very granular level to catch emerging trends before hands.
Organizational structuring
This brings us to the next level and this level will need an objective review of your organisation. Even though most companies like to deny it, every organisation has weaknesses and sometimes they are big. The crisis and the after-crisis period both require your company to be prepared, agile and resilient. The whole organisation has to be able to act and reshape rapidly department by department when needed. If we can spot the weaknesses of our company soon, we will have a better chance to take advantage of future opportunities. Those weaknesses may also signal new opportunities for your company besides every possible benefit of the post-COVID era.
Whilst broadening our perspective, we shouldn’t forget to look through new regions and the examples who are further ahead about the crisis. For example, China is months ahead of many Western countries in their experience of crisis and recovery. There are many lessons to take in this market and we should consider what leaders do in their time of crisis and what did they do right or wrong. There is no harm in examining or trying new models from different perspectives and organisations that ahead in the process.
Hope and growth oriented strategy
We are getting through hard times. But leaving all these behind will bring us and the organisations we lead to a better future. So, we should always maintain hope and a growth-oriented strategy. We all know that there will be a post-crisis recession but this is not a reason to postpone innovation and investment. On the contrary, in 2019, Harvard Business Review stated that 14% of companies grew economically during recent economic downturns and they create value mainly through differential growth. So, this proves us that the best time to grow differentially Is when everybody else stops growing. Companies can reduce costs to maintain viability but on the other hand, there is a huge potential in making innovation according to the new future and invest in future growth. This is our time to capture the opportunity in adversity and shape the post-crisis future. And there is no reason for any company to pass this bright and better future.
