No business comes out unscathed, but not all will be equal
There are two types of business in COVID terms – characterized by changing demand patterns:
- Type 1 – Businesses that have seen a substantial increase in demand and consumer buying patterns such as Grocery, Gaming, Communications or Healthcare
- Type 2 – Businesses that have seen full or partial evaporation in demand due to enforced changes in consumer behavior such as High Street Retail, Hospitality or Aviation
No business of either type comes out unscathed. Even those that prosper have suffered operational issues, and rapid cost increases. They may also still face mid-term demand challenges and the emergence of new and disruptive business models with which to compete.
The mid to long term question for both must be “if we were to start this business again, what would we do differently?” In the short term, the questions focus on what they must do to survive and then, as time permits, prosper.
Those that simply hope to return to the old normal will likely fail. The old normal will no longer exist. Ensure you react to demand changes and implement supply chain optimization strategies with our top tips below.