NILESH WAGHELA Business Strategy
THE CORONAVIRUS CRISIS
The Coronavirus Crisis: The Four Stages to Creating Powerful Business Strategy The coronavirus crisis is causing unprecedented business disruption around the world. Many businesses are facing challenges even greater that those that arose as a result of the financial crisis just over a decade earlier. New strategies are required to weather the storm – and to create these strategies, it can help to know the four main stages of impact.
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Understanding these four key phases can help businesses develop powerful strategies to deal with each stage as it arrives. WAITING FOR IMPACT The first, and arguably hardest phase, is waiting for major impacts to hit. During this phase, households and businesses begin to implement shortterm financial coping mechanisms.
WITHSTANDING IMPACT While government funding is slowly coming into place to help both households and businesses, many will run out of money while withstanding the initial phase of impact.
RESUMING ECONOMIC ACTIVITY As the curve gradually flattens or medical progress begins to halt the spread of the disease, both sheer necessity and growing consumer confidence mean that economic activity will resume.
ADAPTING TO NEW DYNAMICS While economic activity will resume, shifting dynamics will come into play, which could change the nature of marketplace competition for a long time to come.
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You can learn more about navigating the coronavirus crisis as a business by visiting the blog of Nilesh Waghela.