The Silver Lining of COVID-19 for Canadian Businesses
Mis à jour : 6 juil. 2020
Companies everywhere in Canada have spent the last few weeks executing crisis management responses to COVID-19, taking drastic measures to protect both their employees and their bottom lines.
As contingency plans are being rolled out, and as companies get used to their new temporary business state, business leaders can start taking proactive actions to ensure a fast and strong recovery.
Bounce Back Quicker and Stronger
Amidst the new challenges brought by the crisis, new opportunities are emerging. Companies that will fare best during the recovery phase are those who act now, using their downtime wisely to systematically assess their business context for new opportunities and risks to further mitigate. Being proactive in such tumultuous times will give companies a head start and better position them for the post-crisis period, generating a competitive advantage.
Organisations shouldn’t aim to develop resilience to crises, because being resilient means simply getting back to where you were before. Instead, organizations should strive to be “antifragile” and come out of the crisis better than when they went in. - Nassim Nicholas Taleb, author
Leverage the momentum to foster positive changes
Across Canada, communities have come together to provide support and make positive changes. Similar approaches can be replicated in a business context, to break down silos and bring employees together.
Companies should leverage the momentum created to implement positive changes within their organisations. In a nutshell:
Understand new risks and mitigation strategies brought by the new business context.
Identify new growth opportunities and define how to best take advantage of them.
Integrate key operation learnings to improve organizations’ agility, resilience and competitiveness.
What is your bounce back strategy?