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How to Reframe your Business Strategy amid COVID-19

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Business Strategists

COVID-19 has hit economies around the world badly.  Businesses are witnessing an unprecedented situation unlike anything imagined.  Revenue is declining across the industries. The business landscape is changing and what was normal is now different. As people reinvent themselves and businesses innovate to attract customers, business strategists must look at communication engagement intelligently.

Create an ecosystem of value

COVID-19 outbreak has impacted all spheres of business operations – supply chain, customer experience, workplace, leadership, and others. According to Accenture, the outbreak is also a reason that is driving digital adoption in these areas.  Strategists must explore opportunities to utilize the new normal to end up in a better place than we were before the COVID-19 pandemic.

To achieve this, businesses must have a strong effective supply chain defense going forward, incident management, and scenario plan specific to this crisis at hand. The traditional crisis plan might be as effective as it is expected to be. A good strategy here is –to engage stakeholders from beginning to the end of the crisis.

The key to winning in this situation is to engage stakeholders at every stage. Further, a business can minimize the impact of lockdowns and know about the potential impact on the business to avoid damage in case circumstances become more challenging, by planning how companies can meet regulatory priorities and other business obligations.

Communication is the key

Communicating with intent is paramount. Businesses should strive to build business strategies, engagement plans, shape marketing, and media outlines and even give council and advertising. Keeping the business goals at the center, companies can build an integrated strategy that guides implementation plans, leadership positions, and share of voice for clients.

Focus on ‘why your business exists’

 Businesses that drive their actions from their reason for being, i.e. “why they exist”, set themselves apart for success. Apple, for instance, focuses on adding value to life by designing beautiful devices and conveying the same. Businesses must clear who they are and why their business exists. You need to be clear on what you are and why you exist then unlock them together to educate your stakeholders of the value that you can bring to their business.

When businesses engage effectively with stakeholders, they can guide them better to rely on the company's strengths. Plus, allow stakeholders to be realistic about your limitations. However, planning and responsible conversation with stakeholders must start now. In this crisis, if you align the views and voice of your business and let your stakeholders understand the business better.

This engagement methodology will also help out changing principles against business values and articulate desired business outcomes. Use digital channels to connect with stakeholders. In this era, integrating engagement across platforms is necessary for businesses. Do as you say and allow your stakeholders to understand your purpose, which helps stakeholders to understand your purpose and create a better reputation.

Conclusion

It’s true that the world will not be the same again. Businesses will need to develop and embrace the ecosystem of value to make navigating through turbulent times easier. Compensation is an outcome of the value you bring to the world and revenue is determined by the number of customers you serve. How many customers you serve and how well you will serve them will define the ultimate outcome.

All in all, amid this unprecedented time, there’s still hope for businesses to do better. Serve all stakeholders through value, respect, and support. As most successful business owners have suggested, “hit the ground running”. The case of COVID-19 is a similar situation. Businesses will thrive by adding value to their customers. 

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