A global recession beginning in the second quarter of 2020 is now a near certainty. What is unknown is its severity and duration. Managing the extraordinary challenges ahead will place unprecedented demands on leadership of small to large corporations. This is a fact. In the short-term, business leaders need to focus on crisis management, managing the immediate impact on staff, business operations and financials. Over the next 12 months, leaders will need to develop scenarios and plans to manage through the recession. Almost all forecasters have stated that this will begin in the second quarter. Beyond this time frame, leaders will need to craft a post-crisis/recession strategy revision that includes scenarios to deal with the lasting effects of the crisis and recession.
Once the crisis subsides and its consequences become clearer, companies must update their strategies in ways that help them adapt to new realities. Leaders will need to reconsider possible changes to their supply chain design to limit future disruptions, as well as global strategies, particularly if political and public sentiment changes due to the pandemic. Again, almost every professional in business strategy agrees with this. Companies will also have to be more agile and possibly accelerate structural changes to the operating model, including “agility-improving digital transformation. Leaders, managers, and or CEO’s will also have to plan for other factors, including:
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