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    Business Transformation in the Age of COVID
    Business Transformation in the Age of COVID
    Business Transformation in the Age of COVID
    Ebook238 pages1 hour

    Business Transformation in the Age of COVID

    By Gregg Harden

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    About this ebook

    Business transformation is a process of determining where to adapt in meeting the evolving needs of consumers and the market in order to produce advantageous results. It includes, among many other things, the creation of strategies that are aimed at improving business performance, developing new services/products, and modifying business practice

    LanguageEnglish
    PublisherN. Gregory Harden
    Release dateFeb 25, 2021
    ISBN9781088059135
    Business Transformation in the Age of COVID

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      Book preview

      Business Transformation in the Age of COVID - Gregg Harden

      Introduction

      A NEW OUTLOOK GOING FORWARD

      The COVID pandemic has taken us all by surprise. Businesses, in particular, have been scrambling for answers as to how to best navigate these tough waters. The first and most prevalent response is shock, as we find it hard to read the new economic, social and health realities. We have known plenty of other crises such as natural disasters like hurricanes, but none compare to the gravity and scope of this latest one, especially because the lives of all Americans and citizens around the world are being impacted in much the same fashion. Furthermore, unfortunately, far too few solutions seem to be within grasp.

      However, as the old adage says, it is best to find opportunity in crisis rather than approaching it as a problem that only serves to confuse us.

      I have spent 25 years of my career helping companies with their business transformation efforts in navigating various types of challenges, helping them to enhance revenue, improve overall customer service, grow their brands and drive costs down. Exploring potential avenues that may improve their performance, especially when critical situations arise, and designing changes to processes and systems is what I do.

      It is my closely held belief that it is of the utmost importance for businesses to incorporate transformation as a major part of their strategies and processes in a way that ultimately resonates with their mission and values. Businesses need to plan and manage a transformative strategy that applies to their products and services in addition to their overall operations, to be able to respond sensibly to challenges in a way that will allow them to get ahead.

      The Coronavirus has shaken up how people carry out their lives as well as how businesspeople run their companies. There is no doubt about it. The environment has changed throughout society, from businesses having to shut down, to strict social distancing measures that are being applied everywhere. These unforeseen changes have prompted organizations to develop more flexible operating models that prove indispensable as part of quickly adaptable business strategies. 

      It is likely for a business to have a backup plan that is intended for a particular short period of time in which sales slowdown. However, most companies do not count on the series of adaptive backup plans that are needed to deal with the changing conditions that COVID confronts them with on an almost daily basis.

      I wrote this book to put forth a helpful guide that addresses numerous concerns that the COVID situation has introduced, and to show companies effective ways to create more flexibility in their strategic planning as they manage the transformative processes.

      I have thoroughly studied the current situation from its very beginnings and have come up with a plan that I´m sure can help business across industries, both in the current situation as well as in the long run. I intend to provide an overview of what has happened over the last year and a forecast what will continue to happen in the foreseeable future.

      Even with a vaccine available, many businesses will continue to encounter various struggles. It is expected that it will not be until the coming summer before a vaccine is made available to 75% of the population and is able to create the herd immunity that has been so highly sought after. The main question that begs to asked is, however: What does business transformation mean and imply within the context of the COVID pandemic?

      Due to the constant opening and closing of businesses, it is only natural that many would perceive these times in terms of survival above anything else. However, I prefer to talk about it as a matter of adaptability. To turn the adaptability switch on, businesspeople need to start with a clear picture of what is happening realistically and have an understanding of where we are heading. Having the correct mindset can help organizations of all shapes and sizes thrive in this difficult climate.

      In my previous book, The Space Between Strategy and Execution, I presented the key pillars for a business` transformation. COVID prompted me to make some changes to the transformation strategy that I introduced in that book. Considering the new challenges that businesses are facing right now, this book presents, among many other issues, a faster strategy development, a more flexible prioritization approach, initiation points for new projects, and speedier reviews that update you on successes or failures.

      Perhaps we still cannot see the light at the end of the COVID tunnel, but that shouldn't prevent us from being creative in our approach to addressing business transformation. As a matter of fact, it should actually push us to be more innovative than ever before and to take a more strategic approach to thinking outside of the box.

      Businesses need to plan and operate within the framework of a complete picture of how it is that COVID is affecting them in real time, what stages they should follow in the long process of recovery, what they can do in each phase to be able to stay in business, and how they feel that they should arrive at the new normal. For these purposes, I have put together a COVID Strategy Framework that consists of a guided journey through the process of COVID Business Transformation that can facilitate navigation through these unprecedented times. 

      It is important to explore how it is that businesses are succeeding in this context and how the pandemic has promoted interesting developments that have led to profitable undertakings. Considering that many companies (large and small) were not positioned to sustain long-term disruptions, we need to identify the impacts of COVID in the long-term and how businesses need to make adjustments to their customer and employee communication strategies.

      You undoubtedly have all kinds of questions of your own that you cannot find the answer for yet, starting with:

      What is my business´ standing right now?

      What are the limitations that apply to my situation and what are the best ways that I can overcome them?

      Do I have the best strategy for dealing with this pandemic and its many effects?

      How can I help my community in these unique times and make them feel heard?

      How can I prepare my business for the new normal?

      What will the new normal look like and how will it operate?

      How can I create a safe environment for my employees and customers alike?

      How can I integrate my employees in the new strategies that I will need to implement to stay in business?

      Will customers interact with my business in the same way after the pandemic as they did before?

      By reading this book, you will learn how dynamic strategic initiatives can help you to respond effectively to these types of questions and have a better understanding of what your organization is capable of at this juncture. 

      My hope is that this book helps you to evolve your perspective in a way that will broaden outlook on your business´ future. Of course, implementing a true transformation will be a tough road but I am sure that the results will speak to the integrity of your particular business and make it all worthwhile.

      Chapter 1: An Overview of COVID's Impact on Businesses

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      The road to success and the road to failure are almost exactly the same.

      - Colin R. Davis

      Overview of COVID's Impact on Businesses

      ADAPTING TO THE NEW NORMAL

      One of the phrases most often repeated during this pandemic has been adapting to the new normal. These are not just words that are being used to describe what is happening and what we are all going through just in the business realm but as a whole society. Moreover, this saying is meant to embody how we, both as individuals and economy-minded people, have had to address the changing societal and economic dynamics in the hopes of moving things forward as smoothly as possible.

      It should be noted, however, that for businesses it has felt more as though they are just trying to survive in a completely new and altered reality.

      ADAPTING VS SURVIVING

      Being able to adapt in light of new obstacles and to pivot a business with the changing times should be viewed as a forward-facing attitude that can lead to a number of expected, and unexpected positive adjustments that should not be downplayed. Quite the contrary, they should be studied carefully.

      Adaptation should be considered as more than just a simple call-to-action during these critical times. It is an important ingredient when aspiring for successful and intelligent long-term planning.

      Surviving, on the other hand, carries with it all kinds of negative connotations that can

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