Starting today, companies need to also begin tracking their customer behaviour and gauge how it will respond to any partial relaxation post the lockdown. This will help identify potential concerns and enable you to design steps to make it safe and easy for your customers to buy your products and services again.
During this period many companies will see a dramatic shift in buying behaviour as customers reprioritise spending decisions and switch to digital channels to minimise physical interactions. Consequently, firms may need to completely rethink their existing go-to-market strategies including product mix, pricing, channel, sales approach, and marketing communication.
After the lockdown eases many companies could be under immense financial stress after suffering weeks of cash burn and little income and facing the prospect of weak and sporadic demand. Therefore leaders should begin building and stress testing an emergency business plan for the remainder of the financial year which considers their cash position, cost structure and financial resilience under multiple scenarios.
Finally, in light of the adjusted targets in the emergency business plan, companies should redesign their sales and operational planning process to achieve them.
Take a new ROAD
The third time horizon leaders must start thinking and acting on is the post-COVID world that will slowly emerge as the health crisis abates.
COVID-19 will likely persist throughout 2020 and perhaps beyond until a vaccine is discovered and a large share of the population is immunised. The companies that survive will emerge to face a very different social, economic and industry scenario.
While it may seem unfathomable amid the current uncertainty, leaders need to start thinking about this longer-term horizon today to position their business to withstand new challenges and seize the emerging opportunities it will present.