Four steps for overcoming the COVID-19 crisis
The corona virus has triggered a lightning recession, with enormous consequences for many companies. Across all stages of your company’s value-chain and functions, many mitigation measures need to be taken and implemented swiftly, yet in a coordinated manner.
Our STAR approach will help you to emerge from the current situation in the most effective way and stronger than your competitors.
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Most companies have largely completed the first step already. Necessary measures have been taken to protect employees, maintain hygiene standards and keep production running. Shutdowns (if necessary) have been initiated and measures to safeguard liquidity have been triggered.
This large wave of activities requires a central Transformation Control Hub that tackles and synchronizes measures and communication both internally and externally in a rapid yet intentional manner.
The coordination of mitigation activities is a C-Level responsibility and the Control Hub team should report directly to the top management. This is the only way to ensure quick escalation and decision making. This is also the only way to ensure that communication within the company is consistent and accurate.
Many uncertainties still remain. Therefore different scenarios for political decisions and market developments connected to COVID-19 must be defined and considered.
Develop an appropriate catalog of mitigation actions, how you want to act in each case and what this means for all departments from sales to production. Evaluate likelihood and risk of each individual scenario.
The TARGUS COVID-19 Quick Scan supports you in identifying and understanding the most important mitigation activities in your business.
Deploy powerful teams for each mitigation action with clearly defined targets, such as sales scenarios per product group, investigating and securing your supply chain, and understanding the competitive landscape.
Our methods support you in optimization throughout the entire value chain.
As the ongoing pandemic and economic impacts are hard to predict, it is necessary to continuously verify which scenarios are currently valid and where your mitigation measures have taken hold. This requires an ongoing monitoring of the market, the competition, and suppliers.
Install suitable metrics and routines for ongoing monitoring and thus, ensure a rapid response to the current environment. Then you will emerge from the crisis most effectively and stronger than your competitors.
One thing is essential if we are not simply to survive the current crisis, but to emerge from it stronger than before – a goal with results-oriented coordination of all counter-measures. For a company of any size, challenges are normally known and dealt with in day-to-day business. But a crisis is not normal business!