Reactivating the economy following the crisis caused by Covid-19

As Covid-19 advances and fortunately Spain alongside other European countries have begun flattening the famous curve of infections, the question everyone is asking is what are we going to do when this economic crisis is over?

To answer this question we need to consider focus at least on two approaches, one at individual organizational level and the other at a system level. Today we will focus on the first one.

What can I do as an organization/company or entrepreneur to overcome the crisis?

We still don´t know the impact of this crisis nor the regulations which will stem from the de-escalation of confinement, however we do know the key factors to begin to function and recover:

Get to know our consumer better

In many forums they talk about a new normal which will form para our lives from now onwards, which will result in consumers acting differently prior to the crisis. Therefore we will need a good consumer behavioural analysis in over to better understand them than ever before.

For example, it is likely that safety will be one of those insights with more gravitas when making consumers are deciding what they are going to purchase, however identifying how and why it is perceived as safe is the key to plan the selling process of your product or service.

Foster Creativity

We already know that this factor is often talked about and more so in times of crisis, however the success of an organization in the current environment is related to going further and the ability not only to problem solve but to get ahead of them and detect new opportunities. A creative technique that can help us is future vision, used a lot in the world of sport and you can see a clear example of this in the film Rush. This way we can anticipate possible scenarios and come up with options A, B or C depending on the case.

Be Speed and Flexible

Normally, when everything runs relatively fine in a company, we become complacent and settle into a sense of safety, establishing dogmas where before there were possibilities or bureaucratizing processes where before there was speed and newness. This is the time to do the complete opposite, if we want to come out of this situation in a best position possible we need to be more flexible and fast than ever before, moving closer towards models that are able to deal with uncertain circumstances, in the same way as a startup.

Show more Support and be more proactive

As we mentioned on more than one occasion, working as a team is key in innovative processes, where the level of uncertainty is very high. To overcome this crisis we are going to need this, we need to count more than ever in supportive teams, that putting the team first before themselves and proactively looking for solutions.

Socializing more than ever

Although we can´t leave the house more that the necessary and we can physically meant up with our colleagues, the accelerated digital transformation which we are currently experiencing has provided us with the opportunity to attend many events and normalize meeting from the comfort of our sofas.

Collaborate in a more open manner

This is the moment to cooperate and do it looking for more open and collaborate models where everyone can win, like co-creation, carrying out discussions with everyone involved in your product or service. This not only will allow us to reach faster to more people but better solutions, of which they will be co-responsible, in addition to building relationship between different people helping to establish new synergies and strengthening areas.

Also from this, it´s important to keep hold of the yellow hat and maintain a passion for what we do, this will be conveyed to the entire organization and will be the spark that ignites the engine.

Cover photo: Munich business school