The COVID-19 pandemic is the stress test almost no business saw coming down the train tracks. It is here and for those industries lucky enough to be operating, business plans that were effective in January were obsolete by May. Now it is August and it is a good time ask questions meant to assess operational changes against results.
Did the changes help or hurt the business? Did the changes help only in the short term or have they made a company viable for the future? How much has the industry changed and can we adapt to those changes? Do we try something entirely new?
Asking these questions and so many more will lead to an honest assessment of the business and its future.
“Firms that are changing now are making changes to survive,” said Jacqueline Kirtley, an assistant professor at the University of Pennsylvania’s Wharton School. What they do after the pandemic ends, she said, “will tell us whether they pivoted or just fought the fire and survived.”