This article is designed to support businesses with building resilience and preparing for recovery.
For the majority of businesses, the initial reaction to coronavirus was about managing the shock, even for those with the most robust crisis response plans. While some firms remain in survival mode, many have been busy shoring up their ability to absorb the ongoing effects of the initial shock and starting to lay the foundations for recovery.
There has been much debate about whether the recovery will be V shaped (a short sharp dip followed by equally sharp bounce back) or a more extended dip – a U shape. Some sectors of the market will bounce back more quickly than others so a fallen over Y is a more useful visual. Another distinct possibility is a W, with an initial bounce-back as measures are eased followed by a slump and a more gradual returning to normal. Or possibly lots of W's if we have future increases in cases that require partial restrictions to be re-imposed.
In reality, the shape of the recovery for individual businesses (U, V, Y, W or variations on that) will depend on myriad micro and macro factors. This will include the pre-coronavirus health of the business and the shape of their marketplace post-pandemic and into the recovery phase.
What will the future marketplace look like?
This is a question many are speculating on, as well as the implications for different sectors. There are also the added complexities of Brexit, the growing humanitarian risks and environmental factors to consider, which are waiting in the wings to take centre stage again. Many think we will witness a new economic, and possibly social, order arising out of this "structural break" which may give rise to new opportunities. By no way an exhaustive list but here are some of the market factors which might drive change:
The road to recovery
The road to recovery requires holistic thinking across a number of interconnected areas – below we've separated these into some strategic and operational areas for consideration, although undoubtedly there will be some crossover. We'd love to hear what you think is important for your business.
We have produced a handy one page visual of our suggested key considerations on the road to recovery.
Download the road to recovery as a PDF
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
