Leader is asked to adapt quickly to survive the Covid-19 crisis, but is it necessary? Ask yourself, what are the company competitive advantages (old skills and tools)? Are they still applicable now? If they are, how do you leverage those old skills in a new way? Some of those old skills and tools are difficult to be replaced, i.e market familiarity, customer data, customer relationship, workforce cohesiveness and assets infrastructure. What are the issues that are holding us back and hindering us to adapt? To navigate through Covid-19 crisis, leaders need to have an overcomer mindset, start to operate with the new rules, maintain brand royalty and reinvent the new business model.
The Overcomer Mindset
- Confront the fear, counter defensiveness
- Grounded by the new reality, overcame the denial
- Learn from failure
- Apply old skills and reinvent for new customer behaviour
- Commit a new mandates and reassess performance regularly
- Be mentored and accountable
The Brand New Rules
- Believe in your long-term vision
- Clarify the core value of the company
- Identify your competitive advantage not easily imitate by competitor
- Create an action plan to achieve your vision
Brand Royalty in Inelastic World
We are living in the world of inelastic demand. Personalised customer service is one area where businesses could maintain customer royalty without price-slashing. We might be selling a bit less at economic downturns, but making higher return<
New Model As Stimulus to Drive Growth
When it is almost impossible to drive demand quickly, what are the ways to grow your business?
- Apply old skills in the new way to deliver services more effectively at much lower cost
- Focus on 20% of your loyal customers to increase sales
- Selling price based on variable cost by zeroising fixed costs and downsizing your company
- Hiring the best-talents, eliminate the under-performers
- Intensify assets performance measurement on inventories and receivables
- Invest in customer experiences
- Venture into adjacent business using its excess capacity to build a diverse set of income streams
