Navigating the current crisis, and the recovery period to follow, will require flexibility and transparency.
Now, more than ever, businesses need to be hyperaware of the context within which they are operating. They need to have a strong understanding of their business model and they need to acknowledge any new limitations they may be facing.
The awareness, and acceptance, of their current state will enable them to make decisions with clarity and intent.
Businesses must track their efforts and their performance continuously during and after the crisis. They must also evaluate the market carefully and routinely.
Any insight they gain from doing so, will allow them to adjust quickly. Thus, ensuring they fulfill new needs and resolve new issues, as best they can. Additionally, this insight can help prevent pitfalls, and prepare businesses, in advance, for what may be head.
Overall, a business's ability to succeed will depend largely on how willing they are to embrace change. Pivoting may be required in order continue providing value.
Businesses may need to rethink their processes, products and priorities.
From simple changes to large overhauls, we have already seen several businesses, big and small, do this. And the reality is, needs, wants and consumer behavior overall, will no longer be the same and will continue to change post-crisis.
Brands that accept this and evolve alongside their audience, and alongside the market, will survive.