The pandemic has disrupted the engines that ran the world, be it the economy, traditional work systems or consumer behavior. This has ushered in the new normal, as the unlocks begin, and the world goes back to several new nuances. Supply chains are disrupted, revenues dip and several industries face a bleak quarter ahead. This has led enterprises world over to adopt a reactionary mode of self-preservation with a lot of disillusionment about what lies ahead.
While business, as usual, might be out of the picture now, it’s the perfect time for us to re-prioritize and ask the right questions, by adopting a forward-thinking approach. It is an opportune time to shift the focus from a panic-mode to a more purpose-driven mode in which we steer ourselves in the direction we intend to move. So, to recover and adapt to the new normal, here are a few steps you can take to be purpose-driven:
Take a meaningful pause
As the pandemic takes a new turn every day, the disruption continues. While some sectors have been able to realign and adapt to the changes, others are still struggling to cope with the new realities. This situation makes it essential to find innovative solutions and realign business strategy. However, with the uncertainties around, taking a hasty decision might not be in the best interest of the enterprise.
So, as many of us are forced to stay put, it is time to use this rare chance to reflect and re-energize. Look at your vision, mission and values to understand whether your brand purpose is still making sense. Speak with your leadership, employees and partners to get an understanding of ground realities and find a brand purpose that is apt for these changing times.
Focus on your core strengths
The new normal will enforce practices revolving around keeping communities safe and healthy while driving employment. To recover and adapt to this widespread business disruption, one fundamental approach that enterprises can take is to reform capabilities. Take a look at your core strengths and realign your roadmap to enhance and build services or products around it.
And while you are at it, know that even the companies around you are changing fast. For enterprises in the field of technology, this entails the acceleration in the adoption of emerging tech. Many practices that would have taken years more to be prevalent are now being widely adopted. So, focus on your core strengths, create solutions that address critical challenges and use technology to your advantage. The MVP (Minimum Viable Product) strategy is a great option given the situation. You can provide your services and products at a much reasonable cost and keep building and improving to add rich features as you keep going!
Discover unique opportunities
Several industries have been impacted due to the slowdown, but the healthcare sector is need of help due to the increasing pressures worldwide. While you discover your core strengths, it is also important to understand if you can create value where it is most needed. The need to take precautions while increasing efficiency to cater to the new challenge has its toll, and businesses need to ask, “What can we do about it?”
Research and find specific challenges where your products or services can be efficiently leveraged. Your business values and expertise can create enormous value for this sector, given the right alignment. Be it to improve efficiency, provide quick access to information or to save on operational costs; there is ample opportunity for enterprises to help the community using its core strengths.
And it is not just healthcare that needs help; traditional businesses have been impacted due to the social distancing norms. Providing solutions to these businesses is also a viable opportunity. All it needs is the willingness and the purpose to take up new challenges.
Build back stronger
Being purpose-driven is not just about finding the courage to face new challenges; it is also an opportunity to create a more sustainable business strategy. Your business idea can be impacted due to the new normal, but it also presents a unique opportunity to reinvent the wheel. By adopting a new strategy for internal and external processes, businesses can focus on creating long-term value and build back stronger. There are always temporary challenges, but it is our ability to adapt to the situation that makes the difference. COVID-19 has had an impact not just on your businesses, but also your closest communities. This includes your employees, partners, customers and target market. In this time of uncertainty, it is essential to realign our focus to transform relationships with these communities and create a strong roadmap for the new normal.
Rediscovering your business purpose is not about a 360-degree shift in your products or services. Instead, it is more of a re-alignment with the latest trends to deliver value in the new reality.